After The Burn Comes The Churn

After a big squeeze like yesterday it’s perfectly normal to see a sideways or sluggish session. After all it’s the natural prerogative of any self respecting market maker to instantly manhandle any late comers who weren’t nimble (or smart) enough to accumulate when the getting was good near the prior lows. I hope that doesn’t include any of you guys – after all you were given plenty of warnings right here in our humble lair. Now let’s see where we are on the equities side:

If you went long the spoos then you probably banked one R – it’s time to call it a trade now and exit. I’m not yet tempted to short this thing but I may tomorrow if we produce a shooting star candle tonight. Is that really too much to ask? ;-)

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Way Too Many Setups!

That’s right – you read that right. Way too many setups today! Germany is leading Portugal 4:0 right now and I would rather be watching the game right now. Sometimes I myself cannot fathom the sacrifices I’m willing to make for you guys. In case you have no idea what I’m talking about – you must be either American or living in a cave. Just so happens the rest of the world is watching the world cup (football) right now – call your Latino friend if you have one, he’ll explain it to you.

So let’s get to it – we have a ton of charts to chew through:

The spoos are attempting a run after scaring the children one more time (as predicted this morning). It’s looking good right now but unless that 100-hour gives way nothing happens.

Here’s the SPX cash – as you can see we already triggered an IP-L – we may also paint a hammer today which would be a good long play. Soylent Orange is still in play but we have to see how forceful the run higher will be – assuming it materializes.

I meant to keep this one for the subs but they’ll be spoiled enough today so here we go. Beautiful double hammer on the YM – good support below in form of the 25-day SMA. I prefer this one instead of the spoos.

Platinum – I must be insane giving this one away. BEAUTIFUL shooting start slash inside day right on top of the 100-day SMA. Also lines up nicely with the recent lows. Amazing setup and not one to be missed.

Okay, one more – we have plenty to spare today: NZD/JPY – RTV-L as well as IP-S. Either way looks peachy.

Quite a bit more below for my intrepid subs:


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Did I promise too much? That ought to keep you guys occupied for a while :-)

4:0 Deutschland gegen Portugal. Vielen Dank Hummels und Müller, gut gemacht Jungs!!

Cheers,

Monday Morning Briefing

Welcome to our Monday 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.

Equities still holding strong this morning and a pop above ES 1923.5 probably leads us higher. The 25-hour SMA has now been well established as support and if we breach it it’s possible we gain some traction for a visit of the 100-hour SMA.

Gold – also following the 25-hour but to the downside. Here I want to be short with a stop above 1250. From there a long is possible but I probably wouldn’t take it as the 100-hour is a bit over 5 handles away. I may change my mind if we get a very small trigger candle and an entry pattern I can’t refuse.

GBP/CAD – it’s just overcame its 100-hour for the second time and if it drops just a bit more I am long with a stop below 1.8179.

More below the fold for my intrepid subs – please join me in the 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.

Cheers,





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