“Without numbers, there are no odds and no probabilities; without odds and probabilities, the only way to deal with risk is to appeal to the gods and the fates. Without numbers, risk is wholly a matter of gut.” – Peter L. Bernstein
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Wednesday Update
“What this power is I cannot say; all I know is that it exists and it becomes available only when a man is in that state of mind in which he knows exactly what he wants and is fully determined not to quit until he finds it.” – Alexander Graham Bell
As participants tackle the last full trading day of the week, all eyes are going to be on the FOMC Meeting Minutes. Clearly, holiday week trading can be tricky and the market is doing a good job making things hard to read with traditional correlation being out of whack. This is nothing new, we’ll just have to wait and be patient.
As we have been discussing, ZBs are still stuck and waiting for the next real catalyst:
And equities continue the grind higher (eyes on how ES trades from a closing basis around the 2600 mark):
URA has finally started to move and is attempting a sustained breakout from the 12.70/11.30 support zone. It has taken some time but the news flow is finally starting to support our longer-term theme of Uranium prices turning up and moving back in line with the cyclical economics:
