I’ve been trading small size with tight stops. Choppy price action keeps my conviction level low. My bias is that demand destruction has been incredible...with a good chance that it gets worse before it gets better...so I think this is bear market rally...but I have to respect the fact that risk assets won’t break down.
Latest Trading Desk Notes
The Nasdaq 100 surged 9% into Monday’s highs on the back of 6 consecutive up days...but then it wobbled a bit...maybe due to rising US/China tensions...maybe due to fatigue after “too far / too fast”...maybe due to the wake up calls from Druckenmiller and others...or maybe it was just the “pause that refreshes” and the BTD crowd will take this inde
Stock market indices rallied this week...lead by the Nasdaq index which is now up ~4% YTD after being down ~25% YTD at the March lows...volatility metrics keep falling and the open question is, “How will the “re-opening” play out?”