So I found myself waking up last night and habitually reached for my iPad to catch up on emails and check my systems. Of course I wound up peeking at my blog as well and then for some reason decided to head over here to the Slope to see what you bears were up to these days. I have to concede that I don’t visit here often as I truly have my hands full with running my own blog, maintaining various automated systems, coding and bug fixing, attending customer support duties – and then there of course are my own trading activities. Not a weekend goes by where I do not spend a minimum of five hours working on various projects behind the scenes or am preparing for the week to come.
That doesn’t leave much time for virtual socializing as I barely manage to catch up with the comment stream over here at the lair. But I always had a soft spot for you Slopers as I used to be one way back in the early days. And for some reason that sentiment appears to be mutual as much to my surprise Tim actually mentioned me in the very post I was reading. And yes in case you wonder, it was a positive plug – deservedly so or not.
Like most non-insane people, there are some things I like about myself and some things I don’t. Over the nearly ten years I’ve been writing this blog, I have tried to be candid (within reason) about my shortcomings and personal frustrations, but there’s one thing in particular which I don’t like that has been very much on my mind: my aversion to learning new things.
A love of learning is a crucial part of growth. It’s not like I enjoy ignorance – far from it – I immerse myself in news and information 365 days a year, and I consider myself deep into the 99th percentile in terms of being informed. This is different from learning something new, however. By the latter I mean such an undertaking as learning a new language, acquiring a new skill or, most relevant here, learning a new approach to trading.
Not quite sure what grease has to do with Greece, but all instruments seem to be on edge today (and it’s Opex). May the good guys win.
Two very interesting zones have emerged as reference points on grease:
Don’t forget the Rig Count scam at 1300 ET.
Originally posted @TradeFlightPlan
Thursday was, I confess, a disappointment. The reason is that the day started off so sensationally well: I was loaded to the teeth with energy-related stocks, including oil itself, and the overnight session had been brutal for oil, with the commodity being down about 5% at the opening bell. I’m cynical enough at this point that I went ahead and covered oil as well as a few of the stocks within minutes of the opening bell, but the recovery that took place in oil (which freakishly commenced when an oil inventory report came out showing just how bloated supplies were) completely took the wind out of my trading sails.
Last weekend, in a segment titled Gold Obsession & Ephemeral States of Mind NFTRH 330 talked about a growing presence that seems to follow Martin Armstrong’s anti ‘gold promoters’ theme. This theme seems to be – coming as it does in a gold bear market – something of a promotion itself; just as the over-the-top inflationist gold bug stuff was during the bull market.
Please understand, dear followers of Marty, I am not at all calling him a promoter. He is the originator of ideas, thoughts and analysis that while not all my cup of tea, is interesting enough that it is linked at NFTRH.com and Biiwii.com. But behind this mindset that is solidifying in the public consciousness, is a growing cadre of gold bugs – some of whom benefited from the notoriety lavished upon them by the likes of Mr. Gold, Jim Sinclair – that seems to be taking things over the top*, as always seems to happen with humans and in markets. Every mental elastic band seems to stretch too far.
February has been a wretched month for the bears (dare I use the plural anymore?). Let’s review where things stand as of Tuesday’s close. We’ve got a NASDAQ Composite which has broken out of a cleanly-defined range: