Espresso and open interest

Good coffee. Bad liquidity. Useful morning.

Thin books make everything look like a signal. A move that would be noise on a normal Tuesday becomes a narrative by lunchtime, and by evening someone has drawn a line through it. The line is real. The move underneath it was four participants and a holiday calendar.

So the discipline in a quiet week is mostly subtraction: fewer conclusions, smaller size, longer look. I keep a note at the top of the file that says what would this look like if volume were normal? Half the time the answer is: like nothing.

Two hours, one flat white, no trades. Filed under productive.