Got home from a great weekend in the early hours of this morning. Indian Summer is one of my favorites, and I certainly enjoyed it the the fullest. The last thing I did before turning out the lights was check the futures, which were up huge. By 10 am this morning (I joyously slept in) we were back at the same spot.
We're bumping up against the 200 week moving average and price is showing us that the market is well aware of it. Based on volatility levels, it also seems well aware that we've come very far, very fast. I'm buying yet more volatility here.
Friday was the perfect day to bug out early. The market chose to consolidate, which kept the odds to the upside. As much as I feel the market is riding the euphoria of stimulus rather than fundamentals, I was glad to see it hit the 200 week MA. For the last week or so you could've faded me each time I mentioned it. Each time I mentioned it in a tweet, the market corrected hard. No worries. I always try to keep many scenarios in play and respect the market as having the final say.
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