As we pop higher once again I reminded that very rarely has this familiar trading expression been so true.
This week's 'news/rumor' flow surrounding the EuroZone crisis has been almost farcical.
Every 'wishful' political utterance has been validated, every hard fact ignored, and markets continue to chop at & just below their 'recovery' highs on the belief some Tarp-like 'bazooka' can be found.
In my opinion - whatever is finally cobbled together won't be enough to satisfy the markets 'thank god that's all sorted out' desire. I don't know how it plays out, but in my opinion this is a long way from over.
I believe the art of trading is too manage your risk, respect ongoing price discovery, and take your positions where the potential reward justifies the actual risk.
With humility - all my set-ups look bearish.
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