Stock market did nothing today or didn’t it?
TSX was up huge today lifted by commodities, but do I get excited here? Nope.
We are in June and I obey seasonality.. ok, ok I TRY to obey seasonality.
June is not a month to be fully invested in the markets in a good year and definitely not a month to be invested in the markets this Mayan cluster-fuck year.
We have 3 important invents scheduled between June 17-19 :
- Greek election… yes again the people of Greece are going to vote for a new Government, but last time I’ve checked Merlin was not on ballots… so no matter who wins they are fucked. Yes, there is no good outcome for Greece or Europe or stock markets …
- We have a meeting in Moscow out of all places where G6+1 (I think this is how they call themselves) will decide what the fuck to do with Iran. Potential outcome? I don’t expect any , but it can create a lot of turbulence, especially in energy market.
- We have election in Egypt… who the fuck cares you say? Oh really… you should – if Muslim brotherhood comes to full power and command of the 6th largest army on the planet and a largest country on the Middle East, watch out.
Excuse my use of “F” word, I don’t feel particularly calm or contempt at this time.
The only plan which makes sense for me is high cash and sometimes scalps (if you are day-trading).
I didn’t say anything about Fed and QE here… why? I believe it when I see it.
Happy trading,
Mr.P