I don’t wanna talk to a scientist. It’s the gaps, stupid. I Perch Observations #17 I November 8th
No fundamental or macro stories. Just systematic edge, patience, and risk management. I Weather Report covering futures, equity indices, stocks, bonds, commodities, currencies, crypto. I Disclaimers.
Before we get into the chart review, reading the latest price action and Podcast suggestions, I think this quote from Kevin Muir on The Market Huddle is particularly topical:
I saw that the Brent contract has the biggest short position it’s ever had.
I understand that that’s kind of, like, a shitty stat
because the reality is that as markets grow
they’re always the biggest ever.
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I don’t have a fundamental or macro story to tell. My offer is simple: systematic edge, patience, and risk management so subscribers can own charts like this:
Magnets, how do they work? Miracles. Just kidding. It’s the gaps, stupid.
Since The Great Glass Elevator I Perch Observations #15 I’ve been writing about SPY $674 and $665, and in Dude… you’re riding it, dude. Check it out! I Perch Observations #16 I wrote:
I’m honestly surprised the gaps haven’t been filled yet, and now there’s another open gap. That speaks to the strength of this bull market. I still expect a retest of $665 sooner rather than later, but subscribers know that by logging all my trades, I realized how terrible of a discretionary trader I really am, which is why I’m 100% automated.
The teal boxes were already on this chart, and is it any surprise what the price action did when it got there? Let’s zoom in and update the chart we’ve been looking at since Do You Own This Chart? What Our Subscribers Knew Even Before Liberation Day I Perch Observations #14.
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