The first half of today’s session was a bit of a yawner – as expected. The fact that Banana Ben’s Q&A session got postponed by two hours didn’t really help matters. The signal on the Zero however was crystal clear – let’s watch:
As you can see – the zero mark was never rally in question – the morning jitters were nothing but a setup for the final blast higher.
Cheers,
Mole
As we are creeping above SPX 1350 it’s yet again time to sink our teeth into some of my infamous low-carb-high-protein chart medley:
Let’s start short term. As we painted new highs today tomorrow’s net-lines sell level will advance to 1327.25. As long as we hover above that the longs should be okay. If we drop below that mark then we may see some follow through – which would be that little retail schmucks shake out I have been proposing.
Again, I have adopted the net-lines concept from Chris Carolan – friend of the blog and one of my favorite financial analysts.
Since some folks asked me about Mr. VIX – so I [...]
Without much further ado – here’s today’s Zero wrap up:
Enjoy!
Mole
If you have been long since 1300 then it’s time to take profits.
It’s been a good ride but the upside risk is now becoming substantial and I would not recommend taking on long positions. I have two charts that make my point but before we get there let me rub in this timely call I made for anyone paying attention last night:
Had you followed my call and gone short Silver yesterday or even this morning you would have banked some nice coin by now. I don’t think that move is done but I took partial profits. Again – Gold members heard it first – so sign up!
Sadly, based on the eerie silence I have received I am pretty [...]