Considering the precipice our toes are all collectively poised over, it’s bizarre that as I stand here just before the opening bell, the entire market is essentially unchanged.
Over the three-day weekend, there have been three mains on the /ES chart:
- the green area indicates the ever-so-brief spike higher the market enjoyed based on the ostensibly strong jobs report;
- the red area indicates the Sunday plunge that also was ever-so-brief based on yet more threatening words from Mister President;
- the blue arrow shows the misplaced optimism that is anchored to the endless talk of a 45-day ceasefire
Of course, the most bizarre of these events was the middle one, since the President chose the holiest day of the year to launch an obscenity-laced, hated-filled tirade, which we’re all quite certain is bound to be followed by another TACO in moment now.
During all this, the market I’ve been watching most closely has been Bitcoin, which hasn’t been exactly full of clues either. I must say, it is being annoyingly robust, which concerns me more than a little.
I’m really not interested in getting aggressive until some of this smoke clears. Trump’s 48 hour deadline became 5 days became 10 days became 11 days (standing, at the moment, Tuesday night, but you should probably not write than down in pen). It’s all just too absurd to base trading decisions on what the lunatic might tweet (oh, sorry, “Truth”) next.
Thus, I remain relatively conservatively positioned and will simply let me stop-loss orders do the work for me. For the sake of our collective sanity, let’s remember………
