I feel like I am at the MOMA (Museum Of Modern Art), looking at a piece of abstract modern art and get caught in a trance. Then I wake myself up from my hypnotic state, and wonder, “What the H-E- double hockey sticks” is going on in this mess.
I don’t know about the market today, but there are some cross winds in trading that have me looking and pondering the meaning. Maybe I am getting too caught up in my fundamental views (stop….!. Listen to the price action and tools stupid).
It looks like a bunch of random out of whack stuff to me….
Some deep thoughts in my mind:
- The EURCHF is back down – trading to a low of 1.2064. This after the SNB said that they are ready to act… I know they did not but they don’t want to be so obvious. It is the surprise that hurts the most. So why is the market playing with fire?
- The EURUSD should not be higher from the failed TLTRO. What good is that 80 something billion going to do? Weren’t they expecting 100 to 300 Billion?
- I like the GBPUSD higher on the election. SO does every one else. Did it reach its peak? What are the charts saying? I am on the story not the charts…
- I already told you the EURCHF should not be lower – especially if the EURUSD is higher – but it is. EURAUD is rising and EURJPY is rising. These may also be helping the EUR in the process, but EURGBP is down (as it should be). Are the crosses leading the way? Is the tail wagging the dog?
- The US Initial Claims were awesome. Housing was influenced by multi-family. The Philly “Cheese steak” Index was lower but the components were good. Why is the dollar down?
There are times when you need to stand back a bit and ponder the meaning but stay that way until you can safely exit the state. I am getting to that point. Are you?
