Greetings from Orlando where, as is almost always the case, my family is frolicking and having carefree fun while I’m dealing with stock market nonsense. It’s my preference, actually, but I can’t help gaze out the window jealously from time to time, since most of the world isn’t dealing with complete sell-outs with Tsipras stabbing his countrymen in the back and bending over to the EU hoodlums. Harry Potter rides sound a lot more entertaining.
I had mentioned the gap being filled. Strictly speaking, that isn’t true yet (unless you count the collective rectum of Greek citizenry). On an intraday basis, which is what I use, the gap is at 2095.50 (shown below on the ES chart as the horizontal red line). For a few weeks, we were stuck in the Greek Equilibrium, let’s call it, and now we’ve escaped.
I came into the morning relatively light, and my bias toward energy and precious metals shorts is taking a lot of the sting away (MWE notwithstanding, which I was short, and which gapped higher). I intend to start re-entering good positions now, though, and increasing my risk in the face of this capitulation.
Can we all agree to stop talking about this idiotic Mediterranean country until they actually default for real in a few months? Thanks.