This market must be sucking the lifeblood out of a lot of traders. It is a good investing market, low volatility, steady uptrends, and minimal stress. For traders looking to capture quick moves in volatile markets, this is agony.
Yesterday we finally got a decent down day, and market rallied off the bottom decently, although I mistimed it. I probably deserved to take a loss because I don't have sufficient trust in this market at these levels. It is always an uphill battle to make money if you do not have conviction on your trades. I did not have conviction when buying ES 1959 yesterday.
It still is a buy the dip market but at these nosebleed levels, it is hard to pull the buy trigger after just a one percent pullback from all time highs. And I don't think its a good shorting market either, so we're stuck in no man's land.
Huge rally in Treasuries and Bunds over the last 2 days. It is surprising, coming off such a big jobs number. Supply and demand fundamentals still favor going long Treasuries, just because of the gravitational force low yields in Europe are having on the US bond market. But I can't get myself to get long Treasuries here, because I see a potential short term trend change in Bunds which will spill over into the Treasury market.
Neutral here on everything, just like Dennis Gartman.
Subscribe to:
Post Comments (Atom)
Posts
No comments:
Post a Comment