Guessing Games, Gambling and Greek Debt
Some days have fewer edges than others and today is one of those days. The market is in neutral territory with the 2-period RSI of our Country Fund Universe at 45.41 and 46.68 for our Main ETF Universe. In looking at a number of other indicators I study each morning, they’re all statistically showing the same thing.
Today, like each day for the past few weeks, is going to move with Europe. You can see that the market wants to go higher (small positive rumors are triggering larger intra-day moves) and any type of resolution will likely lift prices higher quickly. But that’s fully a guessing game and a game only gamblers play. We’re going to wait patiently for the edges to appear and trade them accordingly.
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Larry Connors is founder of TradingMarkets.com