“Uncertainty and expectation are the joys of life. Security is an insipid thing.” - William Cowper.
Obviously, Cowper was not a trader. And yet... how apropos to what we deal with day in and out. It's just your point of view that matters while trading. Note the guy to your left- he's in the zone! He probably didn’t know he could do yoga poses! It's only a matter of how you look at it. We fully expected this little rally last Friday, didn't we? Did we think it would only be a one hit wonder too? Well, maybe. But that would be setting expectations a little bit too high considering the smack down the tape took last week, right? Some of us have been waiting for this cycle for quite awhile now, so maybe that’s the source of the peace some of us were feeling today watching the tape? That leaves us now just trying to stay in our zone and working our charts. We have our map, we know the mission… ohhhhhmmmmm.
Let’s get the economic calendar and earnings out of the way first. Forex traders, please remember you have a BOE decision on Thursday, and although the rates most likely will not be changed, the words in the announcement might matter, so just a heads up for you.
Economic calendar tomorrow includes: MBA Purchase Applications at 7:00, Challenger Job-Cut Report at 7:30, ADP Employment Report at 8:15, Treasury Refunding Announcement at 9:00, 3 & 10 YR Note and 30 YR Bond announcement at 9:00, and your favorite and mine… Petroleum Status Report at 10:30.
Earnings tomorrow (there will be a test) Before the open: BDK, HNT, LAZ, NOV, PFE, FL, SLAB, WU. Post session includes: AKAM, CBG, CSCO, SPF, STLD, V, WLT & YUM. Let’s get to some charts:
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The Fib Time Series was something DDT pointed out this afternoon,
in case you missed it. Now for a Zig Chart.
I’d say this guy can probably navigate a wave or two.
Make some money tonight, FX Team.
