LET DOWN - I was hoping the Fed Minutes would inspire some fresh volatility and open new trading opportunities. Unfortunately, it wasn't to be and nothing set up on the currency side. Unsurprisingly, the Minutes revealed a more cautious Fed, with many members preferring to keep rates lower for longer. In the end, the Dollar sold off a bit, while equities were once again taken with the idea free money could be sticking around for longer. While stocks didn't surge on the news, we also didn't see any form of a material pullback. I had said I would start looking to exit my short SPX500 position if there was no follow through by mid-week, and with Wednesday behind us, I am going to look to exit today if we don't get that desired follow through.
MISSED IT! - I suppose the most bearish of sign for stocks would be to see the market sell off even in the face of a dovish Minutes, omething like that could mark a turning point. It will be interesting to see if that turning point is right now. Regrettably, I missed the opportunity to establish a long XAUUSD position on the pre-Minutes dip below $1200. The market dropped to test the critical trend-line support I talked about the other day, before bouncing sharply back above $1210. At the time of the dip below $1200, I was somewhere I couldn't be trading and the trade was missed. Looking ahead, the calendar is quite boring for the remainder of the week, and it will likely translate into another couple of days of Greek headlines. I am personally exhausted watching the headlines and will try not to look as much as possible. It's one thing if the headlines were producing volatility, but this hasn't been the case. So I say....good riddance.