Daily Alert – Friday 4th June 2021: Lazy, hazy markets barely move

Mark NugentDaily Alert, June 2021

Daily Alert – Friday 4th June 2021: Lazy, hazy markets barely move

The sun is shining, and the markets are acting like it is mid-August and the hazy, lazy days of summer are upon us. Equity indices have barely stirred all week. GOLD has wobbled down and then up and is now awfully close to the Sunday open. The US 10-year yield is contained within a very tight channel. The three currencies for which I have a strong view all do the opposite: USD up and EUR and GBP down, but moves are slight. The JPY grinds down as per its trend and everything else goes sideways.

The one shining light is WTI. It looks likely to close tonight on a high not seen since October 2018. The actual breakout up through resistance occurred on Tuesday. I took the buy signal, and we are currently around 1x risk in the money.

I continued the weekly chart trading experiment, adding WTI to my GBP, EUR and USD trades. I upped the risk on each trade to 2 percent to compensate for the huge stop loss which I kept at 1x weekly ATR. I will go into detail in Monday’s member’s Trading Plan video, but the headline is that I should escape the week with a small profit. So far so good (and zero effort).

There is no hindsight trade-of-the-week. Well, maybe the WTI long which I took, but it is hardly stellar. Maybe I am being harsh and need to remind myself that 1 percent in a week is not too shabby.

Right. Time for some rosé in the back garden.

Have a great weekend and I’ll see you on Monday.

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