“Danger for most of us lies not in setting our aim too high & falling short; but in setting our aim too low & achieving our mark.” – Michelangelo
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Game Time
“You should never be in a position where the outcome of one single trade could change your life; neither for the good, nor for the bad. Once you really internalize this – and it’s a lot harder to do than it may seem on the surface of things – then you are ready to start working on consistency and longevity in a professional manner.”
As we discussed in the Weekly Outlook Video, the main focus this week was getting to this ‘mega’ Thursday. naturally, with these kinds of events, there is always the risk of the day ending up to be a disappointment in terms of actual moves but it does look like we should get some action.
Just as a reminder: UK Elections, ECB Rate/Presser and Comey testifies. Here are some of the charts and levels we’ll be focusing on.
As always there is no substitute for real-time/live action; if you are interested in attending a daily morning call into NY with a more detailed live discussion on all the charts and ideas we highlight/review in the outlook video and here on the blog, you should check out our Daily Webinar Group.
Charts & Levels
“We may have ambitions to move in one direction, but Tao will decide otherwise. We may have plans for the future, but Tao will bend time differently… Acceptance does not mean fatalism. It does not mean capitulation to some slaughtering predestination. Those who follow Tao do not believe in being helpless. They believe in acting within the framework of circumstance… Acceptance is a dynamic act. It should not signal inertness, stagnation, or inactivity. One should simply ascertain what the situation requires and then implement what one thinks is best. As long as one’s deeds are in accord with the time and one leaves no sloppy traces, then the action is correct.” – 365 Tao: Daily Meditations
Here are some of the charts we discussed in our latest weekly outlook video.
As always there is no substitute for real-time/live action; if you are interested in attending a daily morning call into NY with a more detailed live discussion on all the charts and ideas we highlight/review in the outlook video and here on the blog, you should check out our Daily Webinar Group.
Exuberance
“If a fisherman does not have a properly repaired net, then his trip is useless. Preparation is the major part of his endeavor. Only when the fisherman keeps his nets intact, keeps his boat repaired, and studies the conditions of fish and water does going out to fish become a mere formality. Then fish fall into his hands as if guided by invisible lines.” – 365 Tao: Daily Meditations
If you haven’t checked them out, you can take a look at the videos we uploaded this week: Morning Call & Weekly Outlook.
So, Dan Bilzerian got long Bitcoin (if you don’t know who he is, just google his Instagram) and Gartman (everyone knows Dennis) turns bullish on tech? Talk about the scent of exuberance starting to fill the room…
We’ve got a lot to discuss today in our live session but the main focus/follow-up will be on: reality bites GBP, the Bitcoin Romance, the magical ‘1000’ number, VIX and how DXY will likely try to confuse less experienced correlation fans (not only on a cross-asset basis but especially inside the fx space).
As always there is no substitute for real-time/live action; if you are interested in attending a daily morning call into NY with a more detailed live discussion on all the charts and ideas we highlight/review in the outlook video and here on the blog, you should check out our Daily Webinar Group.
Food For Thought
“Instinct must be thwarted just as one prunes the branches of a tree so that it will grow better.” – Henri Matisse
If you missed our video updates this week, you can always catch up on our most recetn thinking through these links for the weekly outlook video and/or the mid week morning call.
We’ll keep things simple going into the weekend, just highlighting some of the charts we are keeping an eye on. Don’t forget that today is the last trading day of the month and that we’ll have a lot of data flow to get through. As usual, no change to the way we like to be positioned going into the weekend… btw, we’ll start the charts with the VIX; still no fear 😉
As always there is no substitute for real-time/live action; if you are interested in attending a daily morning call into NY with a more detailed live discussion on all the charts and ideas we highlight/review in the outlook video and here on the blog, you should check out our Daily Webinar Group.
Keep the Faith
“Indecision and procrastination are corrosive habits. Those who wait for every little thing to be perfect before they embark on a project or who dislike the compromise of a partial solution are among the least happy. Ideal circumstances are seldom given to anyone for an undertaking. Instead there is uncertainty in every situation. The wise are those who can wrest great advantage from circumstances opaque to everyone else.” – 365 Tao: Daily Meditations
We updated our latest Weekly Outlook Video, in a fairly lengthy Morning Call yesterday where we managed to cover most of the recent dynamics and the most interesting opportunities on the board.
Nothing much to add to what we have been discussing. Moves in play…
If you are interested in attending a daily morning call into NY with a more detailed live discussion on all the charts and ideas we highlight/review in the outlook video and here on the blog, you should check out our Daily Webinar Group.
Snooze Inside Range
“There is a side of the Moon which we never see, but that hidden half is as potent a factor in causing the ebb and flow of the Earth’s tide as the part of the Moon which is visible.” – Max Heindel
As discussed in our latest Weekly Outlook Video, we’ll have to be patient around these key levels as the charts have a bit of wiggle-room here.
If you are interested in attending a daily morning call into NY with a more detailed live discussion on all the charts and ideas we highlight/review in the outlook video and here on the blog, you should check out our Daily Webinar Group.
Patiently Waiting
“Opportunities are never lost; someone will take the ones you miss.” – Andy Rooney
As we like to say; sometimes the best trade on the board might be the one you are already holding. As discussed in our latest Weekly Outlook Video, we suspect that in terms of the bigger picture / bigger trades, both the longs and shorts have placed their bets and we just have to be patient and wait for the ranges to break in a decisive manner. Until then, short-term players will continue to get chopped up by the velocity of moves inside the ranges that seems to be filled with air-pockets (low liquidity chop).
As frustrating as it may be to not see any real sustained moves, we can’t control the market, only try and take advantage of what it decides to do. No matter how ‘irrational’ action may seem according to what we perceive to be the norm; despite the recent jobs report, US military action in Syria and so on… it is what it is… you can only patiently wait.
Here are some update charts to highlight where we stand:
If you are interested in attending a daily morning call into NY with a more detailed live discussion on all the charts and ideas we highlight/review in the outlook video and here on the blog, you should check out our Daily Webinar Group.
Buy The Dip
“When it is obvious that the goals cannot be reached, don’t adjust the goals, adjust the action steps.” – Confucius
