“As long as the music is playing, you’ve got to get up and dance.” – Chuck Prince
A lot of charts are at key pivotal levels as the market digests the ‘not so clear’ Phase 1 document. However, as we have discussed in the past, all these things don’t really matter as the path of least resistance remains a grind higher.
Despite the ever shallower dips that continue to get bought aggressively, it does look like, at times, markets are really just looking for a good excuse to sell. We’ll have to just be patient and as always, trade price and the levels.
As we highlighted in the weekly outlook, all thing being equal, we continue to look for this Phase 1 ramp + OpEx drift to offer the opportunity to take advantage of some tactical short-plays as we move into the 3 day weekend and MLK week. All in all, things seem to be playing out as expected, especially if you also factor in action in FX and the Metals complex.
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