Market Update
The outlined Trend Channel we have been posting over the last couple of weeks is still intact. The circle marks the shake out before we got the final short capitulation today. There are many big “smart” guys getting run over today, especially in Europe. In this complex world, it’s best to keep it simple. Stay tuned for our full chart review later.
Thank you very much for your great work!
The market is so crazy, so we should be humble and not biased/stubborn to survive this market.
All the best
So true, Peter. Many who have been dogmatically bearish have been severely demoralized and I hate to think of those who have bet heavily on an outlier, when one in fact may not come. The assumptions and intransigence of portfolio path dependency could be the end for those unable to appreciate all arguments. The irony is that many consider themselves “contrarian”, when being contrarian is simply premised on detecting when underlying premises have become untrue. At the most obvious level, the short side over the near term has become unprofitable and falsified; good luck to anyone who would hold through these sorts of squeezes.
there is the Bull side, the Bear side, or the Right side…avoid all directional biases