If one were to glance at the headlines this morning, they would assume the market was in a free-fall.
Liquidity moves markets!Follow the money. Find the profits!
That would be an understandable reaction. When I hit the sack last night, the ES was down something like 35 points. Everything was red. All eyes were on China, as it prepared to unleash the Kraken on Hong Kong. And yet, in our perpetually-captured market………..
Indeed, at the moment the “Futures Slide” headline hit the wires, the ES was already up 7 points. And it isn’t because there was a cure announced, or a new $10 trillion “stimulus” program, or that China said it was only joking. It just came from……………nowhere. (Although probably in the vicinity of the Eccles Building).
As impossible as it seems that the Fed could ever, would ever, might ever lose control of this “market” of ours, I continue to keep my eyes on the big picture, which is quite plainly vulnerable.
My trading, however, is decidedly light these days (in fact, my main concern went I went to sleep last night was whether I was too light; these fears have now dissipated). I am 93% committed in 39 positions, and I have no intention of ramping up until I can witness some kind of core breakdown. These little overnight teases don’t cut the mustard.
The good news for Slopers is that my time and attention is instead devoted to product development. Lots of dynamite stuff coming down the pipe, folks! Stay tuned.
Wall Street Examiner Disclosure:Lee Adler, The Wall Street Examiner reposts third party content with the permission of the publisher. I curate posts here on the basis of whether they represent an interesting and logical point of view, that may or may not agree with my own views. Some of the content includes the original publisher's promotional messages. I may receive promotional consideration on a contingent basis, when paid subscriptions result. The opinions expressed in these reposts are not those of the Wall Street Examiner or Lee Adler, unless authored by me, under my byline. No endorsement of third party content is either expressed or implied by posting the content. Do your own due diligence when considering the offerings of information providers.