Business as usual - grinding high.
Short set-up broken again.
These markets are strong. Overcoming any thing thrown in its path. Breaking any short set-up before they are even fully developed. For how long. Out side the fed protected world a lot of crazy things are happening. In a tiny island the banks have not opened since 15th March and are not going to open at least until 26th March. That is nearly 10 days of bank closure. These are not normal times. We might hide our head in sand and think a tiny island does not matter but a big dangerous game of geo political poker has been put into play and in which everyone is going to lose. The worlds is changing. I feel it in the water, I feel it in the earth, I smell it it in the air. The set-up remains bullish but my caution level are at extreme high. Today Fed came out with continuation of QE. The market reaction however seems to indicated the the high induced by FOMC promises of unlimited QE is progressively getting weaker. Here is the 5 minute chart of today's day session trading.
I came in the day bullish as per this trade plan. Market opened strongly gap up but started grinding lower establishing a lower low lower high and I expected them to move towards the expected day session low before I enter long. However after establishing day session low, markets essentially traded sideways waiting for Fed. Before Fed I cancelled all orders and decided it would be a no trade day. Markets jumped up and traded within 5 ticks on my expected day session high but it was late in the day to put any trade. As I watch markets are selling off into close and closing near day session low. This is not a bullish sign but I will watch the reaction in pre-open before concluding.
In my stock portfolio I did not do any trades. Strong performance by BBRY boosted the returns.
