Chart of the Day

“My lesson from Soros is to start every meeting at my boutique by convincing everyone that we are a bunch of idiots who know nothing and are mistake-prone, but happen to be endowed with the rare privilege of knowing it.” – Nassim Nicholas Taleb

Most will be focused on daily action around the 50DMA across the board as most charts are hovering around key inflection points. Sadly, shorter-term, technicals may need to take a bit of a backseat as action will likely continue to be dictated by headline risk.
As previously discussed, in terms of intraday action, we would continue to keep a very close eye on how credit and oil are trading (with and without headlines).
Our current view and thinking is highlighted in the latest Weekly Outlook Video.
If you are interested in a more structured way of tackling the business of trading, attending a live daily morning call or a more detailed discussion on the charts we post / trade ideas, don’t hesitate to check out our Premium content.
Wishing you a great day ahead.

Chart of the Day

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

No big change to what we discussed in our > latest Weekly Outlook Video.
One of the key charts we will be reviewing, discussing and following today is XLF. As we have been discussing for a while now, Financials are a key piece of the puzzle and a lead indicator.
Key inflection points coming up on ITY and JNK too:
Keep an eye on the Twitter Feed today. Will try to post some updated charts there too.
Note for active 50Scouts members: *make sure you read out latest update* and keep an eye on your inbox for a free pass to Friday’s daily webinar session (make sure to check your spam folder too).
If you are interested in a more structured way of tackling the business of trading, attending a live daily morning call or a more detailed discussion on the charts we post / trade ideas, don’t hesitate to check out our Premium content.
Wishing you a great day ahead.

Music Still Playing

“We are at a wonderful ball where the champagne sparkles in every glass and soft laughter falls upon the summer air. We know at some moment the black horsemen will come shattering through the terrace doors wreaking vengeance and scattering the survivors,” he continued. “Those who leave early are saved, but the ball is so splendid no one wants to leave while there is still time. So everybody keeps asking — what time is it? But none of the clocks have hands.” – George Goodman (aka Adam Smith), “The Money Game”
Here are two charts not a lot of people are discussing but that we feel you should be keeping an eye on:

In case you missed it, here is our Latest Outlook Video for the week ahead.
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.
P.S. Shout-out to Macro Man, a great blog we have been following since the start, who reminder us of the beautiful passage out of “The Money Game” for today’s TOTD.