Another late post. It's the change of seasons, and I find I need more sleep each year during the change from autumn to early winter, usually like clockwork from October 15 until just before Thanksgiving. Don't know why, just do.
There is a change of guard at the ECB. Jean-Claude Trichet is gone and Mario Draghi is now President. Interesting that we've now got a fellow from Italy running the central bank and over at the IMF, we've got a lady from France. Kind of suggests to me where the problems lie.
This weekend is also the change of time. We'll fall back an hour, so don't forget to set your clocks back and get some extra sleep this weekend. I know I will.
Today it looks like we'll finally fill that 1253.30 gap on the S&P. The market still has loads of political risk in it due to the up and down emotions tied to the Greek referendum will they or won't they coin flip. Again, I don't really care either way. (Actually, I'd like to see the Greek citizens repeat what the citizens of Iceland did and say Up Yours to the EU bureaucrats.) I only want to find the big levels where the big players play. All else is noise.
Don't try to watch every tick. Try to watch the ticks that count.
I want to put on new shorts after this gap fill. It remains to be seen if this is the correct play, but it's what I'm trying to position for at this time.
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