Thursday, July 26, 2012

Two Problems

Well, getting 20 ES points in the matter of hours this morning was a gift from Mr. Draghi. But he was not a part of my outlook. Super Mario beat Helicopter Ben to the punch, and threw a monkey wrench into my chart. So what do we do now? I will be frank and say that I am not really sure. I am a brave trader but not stupid to stand in front of these two most powerful people in the banking world. Between two of them we could have a $ Trillion or so spilled on us next week. Do I think it will happen? No. Do I want to risk a chance? Not really. I will sit tight until FOMC and then decide if I want to deal with ECB on Thursday. Like I said in my previous post - I will "trade smartly". One thing I can tell you: if both of them do nothing next week - step on the "sell" button with your foot.

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