Scott’s Weekend Setups

As far as the stock market goes, we are in bounce territory, but whether we bounce from here or a little further down is unknown. We have a long setup, a gap open buy, but to my eyes this does not have enough risk/reward to be a compelling proposition. If we hit the trigger point I do advise banking profit on your shorts though.

In any case there are a few other setups I’m taking myself. Make sure you wait for the triggers though, no jumping in early ;-)

Here’s copper – shooting star short in down trend.


More charts and commentary below for anyone donning a secret decoder ring. If you are interested in becoming a Gold member then don't waste time and sign up here. And if you are a Zero subscriber you get free access to all Gold posts, which gives you double the bang for your buck!

Please login or subscribe here to see the remainder of this post.

Enjoy,

Scott Phillips

Monday Morning Briefing

Welcome to our morning briefing. Here we are reviewing short term setups ahead of the NYSE opening bell. If you are a scalper or swing trader then these setups may be of interest to you. As usual keep in mind that these are short term setups although they could be used as early entries for more longer term positions.

So the GBP/JPY is painting a pretty distinct divergence right now. Not a reason to grab long positions but it’s an early warning sign that we may see a bounce today.

The conditions are favorable for a dead cat bounce at least – here’s the hourly SPX cash. As you can see it’s managed to hold the 100-hour SMA as I previously suggested. The SMA is still rising however and that puts the onus on the bulls to stave off further selling. Even if we see a push higher today however there is still the possibility for it turning into a dead cat bounce. We’ll have to closely monitor the internals today – so keep an eye on the Zero Lite for divergences and early signs of monkey business.

Here’s the hourly spoos in the context of my BBs – we’re somewhere in the mid of nowhere right now. What’s interesting is the tentative rising diagonal it’s producing. We may see a quick stab lower near the open to scare out some of the children – I don’t think the bulls are in real trouble until below ES 1916.

But we have work to do this morning, so let’s get rolling. Here’s crude which looks like a good buy above 107.39. Stop below 107 – and I mean below, don’t tack it right there.

EUR/CAD – attempt to paint a floor and although we may see a retest of that NLSL I want to be long above that 100-hour SMA.

If you weren’t a sub last week then you may be experiencing a pounding pressure in your cranium. May I suggest a dose of Excedrin – Oberyn Martell strongly recommends it.┬áLess invasive (home-grown organic) treatment available below the fold:


More charts and commentary below for anyone donning a secret decoder ring. If you are interested in becoming a Gold member then don't waste time and sign up here. And if you are a Zero subscriber you get free access to all Gold posts, which gives you double the bang for your buck!

Please login or subscribe here to see the remainder of this post.

Cheers,

P.S.: No skulls were crushed during the production of this post.

Embrace The Pain

Welcome to our morning briefing. Here we are reviewing short term setups ahead of the NYSE opening bell. If you are a scalper or swing trader then these setups may be of interest to you. As usual keep in mind that these are short term setups although they could be used as early entries for more longer term positions.

I just looked at my short term equities/forex correlations and things look mixed. The GBP/JPY is pushing up right now…

… while the EUR/JPY is dropping. As you probably can imagine the carry trade game is constantly evolving and this should be a good test as to whether the GBP/JPY remains relevant as we are pushing toward summer. Speaking of which – I can’t believe it’s almost summer, time is literally flying for me lately – way too busy…

The spoos currently butting against both SMAs – no idea as to whether they’ll push above. Too many gyrations lately and I am not very tempted to participate. Besides we have plenty of other (and easier) victims today.

A quick and stark reminder where we are right now – which is smack middle in the whipsaw zone. If we ever push above 1900 or drop below 1840 the resolution will be massive. Until that happens embrace the pain.

As I said we’ve got plenty of goodies this morning – here’s a freebie for you leeches. Platinum looking pretty good as a long near 1474 – stop would be below 1469.

Before I forget it – yes, it’s one of those days again. Yellen is scheduled for 2:00pm EDT and make sure you’re out of pretty much everything before she steps up to deliver her usual cryptic platitudes. FWIW I actually miss the Bernank – love or hate the guy but at least he didn’t come across as if he was completely out of his depth.

More irreverent ravings and juicy setups below the fold – please step into my lair:


More charts and commentary below for anyone donning a secret decoder ring. If you are interested in becoming a Gold member then don't waste time and sign up here. And if you are a Zero subscriber you get free access to all Gold posts, which gives you double the bang for your buck!

Please login or subscribe here to see the remainder of this post.

Good stuff today – unfortunately we have the 2:00pm whopper which only gives us about six hours to play with. Have fun but keep it frosty – this is not the tape you trifle with.

Cheers,





    Zero Indicator


    Darth Mole Alerts

  1. poll

    • What is your average spread on the EUR/USD?



      view results

      Loading ... Loading ...


  2. search warrant


  3. recent misdeeds

    1. Muppet Time!
    2. Hurdles Ahead
    3. Elvis Has Left The Building
    4. Mad Monday Morning Briefing
    5. I Robot
    6. FEAR
    7. Falling Swords
    8. The End Of The Beginning
    9. Not Business As Usual
    10. Time For A Breather




  4. yes we can!



    NinjaTrader
    Kinetick