There's not much to report this morning in the way of anything standing out of place.
Overnight China's PMI missed and that was apparently a signal to the robots to buy as bad news is good news and this morning Germany and the Eurozone had a surprise PMI beat which was also bought, this time good news was good news, several hours later everything just came down in ES & Index futures.
I'm sure there's a lesson in there somewhere, maybe something about bad data in China will eventually mean Chinese QE because the only two letters newbie traders know are Q and E. As for the European beat, well I suppose that means improving economy and QE.
Actually I'm being facetious, I really don't think it means anything, I think people spend way too much time trying to affix reasons to otherwise random price movement that is not truly directional, I just call it dangerous.
In any case, as you can see on the chart above, the market isn't screaming anything at the moment intraday, but we've all seen the intermediate and long term charts so I don't worry too much about the chart above that's really not telling us anything yet, I think we already have the highest probability grip on where it's going. Now to take advantage of that while we can.
No comments:
Post a Comment