Quite a bit of movement this morning and I’m seeing us touching hourly inflection points across the board. This may turn out to be another interesting day, so let’s drive right in. As usual keep in mind that these are very short term setups, although they could be used as pre-positions into what transpires later today.
Crude is not playing our script and has now reversed back to its 100-hour SMA. I think this makes for a great separation point as it should fail in order to assure more short term weakness. Consider this your Maginot Line if you are already short since yesterday.
Gold if moving fast and has busted through its NLBL and its [...]
Heck, I knew this morning this would be a fun day. I feel like I’m standing on the deck of the Titanic haplessly sipping my last gin & tonic poured over three thousand year old ice I just picked up from the floor. A kingdom for a damn lemon! We’ve got breaches all over the place, people. So be sure to pick out your lifeboat before those pesky women and children show up. Alright let’s head down to the machine room first then we’ll dive right into the setups – there are legion today:
One of my readers sent me this little tidbit today – seems AAPL turned to the dark side today – love that evil price quote!
Well, [...]
I’m thrilled to see ole’ bucky scraping 80 again this morning. Perhaps – and just perhaps – the LT support lines I have shown this weekend may actually live up to their name? I can tell you that I am personally feeling the pinch over here in Spain as my EUR/USD exchange rate has been severely manhandled in the past two months. Anyway, a few short term charts of note this morning:
Cable touching two-pronged support – we have the lower 100-hour BB and a NLBL which is good for two more hours or so. Now when I say ‘support’ I’m referring to the fact that it ought to be holding BUT if it doesn’t we may slide quite a bit [...]
As we remain range bound I am not taking on any new positions today. But this is a good opportunity to talk about one particular setup I have been patiently monitoring. Like hapless prey I follow it at a distance, determined to not strike too early but at the same time keep close enough to not let it get away. With a bit of luck and some election season magic it may just turn into the trade of the year . Ya se verá.
If you have been hanging around here for a while you may have guessed it. I’m talking about crude, which is showing a lot of weakness and has been slowly descending toward its 100-day SMA. Suffice to say that I want to see a breach here, thus 90.2 is [...]