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I made a couple of trades today – the first in AUTH as a long bouncing off of significant support (and finished the day with tweezer bottom). Should we see a bounce tomorrow, AUTH should see a nice bounce come with it.
Here's the Trade Setup in Authentec (AUTH).
The first thing to say today is that there is a possible bounce brewing on both ES and EURUSD, though both are still close to yesterday’s lows at the moment. On EURUSD there is clear positive divergence on the 60min RSI and what looks like an attempt to establish a new rising support trendline from the lows, though that might not last long:
So far things are going as anticipated. No major surprise yet. The 1300 line held in SPX and the gap in SPY has not yet been tested. It is as if the last 15 trading seasons did not happen. Why last 15, we are back to where we were on January 31st of this year. All the euphoria of March now seems like a distant dream. The moods are as gloomy as it can get and yet folks are so conditioned with the Bernanke tonic that there is no real fear or panic in the market.
Newspapers were one of the first monolith business models to feel the squeeze in this new age of media consumption. Then like only a disruptive business model can, free content slammed into anything fit or not fit to print. It’s hard to beat free at any price is it not? But as Bob Dylan famously twanged, “Times they are a-changin’ “
At first take you might say well of course this is old news, but I submit as everyone is currently running in the direction of giving away their content for free, there’s a strong yet subtle change in the wind. And that change is the possible demise or end of “free” as we now know it.
I've pondered in the past how much we really know ourselves, or each other. Real-life heroes, for instance, seem to me to be born that way, and fate provided an opportunity for them to do something extraordinary that most people wouldn't do. The person who leaps between the subway tracks and puts his body over a child who fell down there wasn't necessarily trained to do such a thing. I don't think there's anything specific to their gender, ethnicity, racial background, or anything else that drives them to behave heroically. In that split-second, where most people's desire for self-preservation would have held them back, some individuals choose to do something with what we might describe as a very bad risk to reward ratio.
