However this morning our TGT short is getting traction off of WMT's earnings as the margin squeeze is a self evident truth and one the Fed is not facing up to very well.
Our thesis of the market not having discounted the importance of events in the middle east and how "This is the start, not the end" which I said many times after Mubarak stepped down, is paying off as the market which first gave us the upside head fake out of the ascending wedges as expected, has now blown past all support around the wedges and is down over 1% right off the open. Apparently today's POMO will show us something regarding the Fed's intensions in a quiet way.
As I've said many times, you can't get lost in the lines and our oil trade is proof positive of that. Apparently our hypothesis regarding what would happen with the pullback in oil has come to fruition. Now, it's just managing the trade.
I'll be back with more as there is plenty to cover today and new ideas to trade.
5 years ago
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