The market digested CPI today and went up hard, then it went down hard, then it came back to finish about where it started. So we are back to the same theme. Success in thie trading arena ,the job description is not really “trader” it is “waiter”. The market isn’t going to bend or move until it’s ready. If you have had success in other areas of life by “pushing forward” or “making things happen”, trading the market is the exact antithesis of that philosophy. We are where we were at the beginning of the week. We are where we were 5 weeks ago.
We are where we were 8 months ago. The best news about this frustrating lack of direction is it always precedes a trend. Better news still, the strength and duration of the next trend is highly correlated to length of the preceding consolidation. Our job here is not to be lured into “doing something”. Eventually the market will show its hand and then there will be more opportunity. My lean is still lower, but as I said in the weekend video, (check that out here) that case is weaker the longer it doesn’t happen.