Wednesday 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.

I trust you all enjoyed a relaxing time away from the insane asylum. No worries, you really didn’t miss much. Turns out the emperor is still not wearing any clothes but thus far nobody seems to care. So let me welcome you all back to another year of kicking the collective can down the road. As the late George Carlin once put it: When you’re born, you get a ticket to the freak show. When you’re born in America, you get a front-row seat!

I was scrolling through my usual list of early morning victims but must report that I do not see any short term setups I would feel comfortable recommending. Big jumps across all market verticals and thus we have very little context to hang our hats on. Case in point see the E-Mini chart above: Yes, we are inside a little volume hole but there is absolutely no context right now. And to make matters worse the week prior was a complete mess rife with volatility. So I caution you all from making any big bets. If you must take on setups then play it small for a few more days until we get a bit more context and things have normalized.

See you all in a few hours.

Cheers,

This entry was posted on Wednesday, January 2nd, 2013 at 8:15 am. Both comments and pings are currently closed.



  • Skynard

    Out of /SI, what a move!

  • Skynard

    Thanks Mole, this move is looking more like a blow-off now that you look at the big picture.

  • Schwerepunkt

    Because of the holiday, there are huge gaps up/down in the currencies as well. USD.CAD just lost all the ground it gained over the last two weeks in one gap. 

  • http://dartht.blogspot.com/ Evil_Gerb
  • http://dartht.blogspot.com/ Evil_Gerb
  • Skynard

    Regardless, will attempt a short /ES at the upper daily 100 BB. This will open right at resistance, double top area.

  • Skynard

    Just took maximum profit for now. Let’s see if it will hold on the pull back.

  • http://ibergamot.blogspot.com/ i Bergamot

    Boy, am I glad for taking early exit on my shorts on Monday. Sometimes it’s better to be lucky…

  • captainboom

    Bearish PO on AAPL’s P&F went away.  Now a bullish PO of 600.

    http://stockcharts.com/def/servlet/SC.pnf?chart=AAPL,PGULDANRBR%5BPA!E20,2%5D%5BD%5D%5BF1!3!5.0!!2!20%5D&pref=G

  • http://evilspeculator.com molecool

    Yeah, buy the rumor, sell the news kind of thing. Today will be key – if there’s no follow through then pack your vaseline.

  • http://iberianviews.blogspot.com/ catracho

    NDX weekly

  • http://evilspeculator.com molecool

    After all the volatility it’s very tough to make accurate calls for a few days. Those technical guides can’t account for the Fed and congress sponsored man-handling of markets. 

  • http://iberianviews.blogspot.com/ catracho

    see what the pull back looks like..on another bearish blog which shall not be named they are all shorting this..

  • http://ibergamot.blogspot.com/ i Bergamot

    Look for the same to happen to SPX. I think it will flip to bullish PO, or come very close. Also, try to put Simple MA 4 and 9 on your AAPL chart, instead of BBands. Thats what I use on almost all PF charts

  • BobbyLow

    Good job.  

    I think you made your own luck on this one.  :)

  • http://ibergamot.blogspot.com/ i Bergamot

     Not really. I actually broke a rule to exit on target or stop loss only. I scratched little better than breakeven.

  • Skynard

    Nice chart Captain!

  • Skynard

    Wow, look at the hourly ZL:)

  • captainboom

    I’ll take a look at that.  I was trying to emulate the Evil One, and thought he had BBands.  Thanks.

  • BobbyLow

    Happy Days Are Here Again!

    http://www.youtube.com/watch?v=iL0Qt7IF8Q4

  • ronebadger

    Unless someone sets off an A-Bomb somewhere, we “should” get a VIX Step 3 signal today.

  • http://dartht.blogspot.com/ Evil_Gerb

    oh, you just blew this afternoons update.
    report to the Dungeon.

  • http://dartht.blogspot.com/ Evil_Gerb

    back to work….back to the grind.
    Ciao.

  • ridingwaves

    heading to that 100sma even faster than I thought..

  • AMCabrera

    http://content.screencast.com/users/AMCabrera/folders/Jing/media/5952d838-2a32-468d-aad2-44437215e25f/2013-01-02_1009.png
    this is cool. If you were lucky enough to have had longs great I tip my hat to you. 

  • Joe_Jones

    Somebody needs to keep an eye on Captainboom ;-)

  • AMCabrera
  • ronebadger

    Gerb:  You gonna update the T of yours from a few days ago? …you were unsure of direction as I remember.

  • AMCabrera

    http://content.screencast.com/users/AMCabrera/folders/Jing/media/e9d2970f-7424-4074-adf0-f117f4e15a24/2013-01-02_1013.png
    but there is a slight problem with all of this. While longs at 1450 celebrate thinking they were right holding or the ones that are entering now this chart is a very nasty development. SPX rocking eur/gbp yawning.

  • AMCabrera

    last night I only decided to add usd/nok longs in a little while I will add my aud/jpy short as it is very close to 91.90

  • Skynard

    Near a buy on the ZL if that is possible:)

  • AMCabrera

    simply put the pegging that will likely occur will be a horror show.

  • bdoone

    Anybody using IB having chart issues?

  • captainboom

    You called?

  • captainboom

    Yes.  Keeps dropping the data feed.

  • bdoone

    Thanks. got it back.  not a good day for that shit.

  • http://dartht.blogspot.com/ Evil_Gerb

    I posted earlier down below.
    something is very out of Kilter.

    T’s should be placed in bottoms which typically turn into V moves.
    this rocket straight up, is highly unusual.  so, the out of context comments from Mole is highly advised.
    -Gerb

  • Joe_Jones

    hehehe. Looks like you didn’t get that voice mail  saying to stay away from the fissile stuff ;-)

  • http://evilspeculator.com molecool

    Well, thus far we’ve got a ramp & camp.

  • http://evilspeculator.com molecool

    He certainly doesn’t fuck around, does he…

  • Skynard

    Think those bots blew some fuses today:)

  • Joe_Jones

    He could warn us next time… ;-)

  • Joe_Jones

    What’s with the sudden weakness eurusd side?

  • captainboom

    Funny thing is, I operated nuke reactors in the Navy.  No shit.

  • Joe_Jones

    That picture looks like Zeroedge comments section this a.m.

  • Skynard

    Long /SI again @ 31.03

  • newbfxtrader
  • http://ibergamot.blogspot.com/ i Bergamot

    Nazdaq A/D. Highest reading since December 2011. This actually may be very bullish. Reaction off this will be really telling 

  • bdoone

    Weird, all charts ok except EUR.USD? 

  • Joe_Jones

    Trin reading scrapped the bottom at the open. 
    http://stockcharts.com/h-sc/ui?s=$TRIN&p=D&b=5&g=0&id=p88405737782

  • Skynard

    Ding, Ding, Ding! Round 2, see what kind of div if any develops on the ZL here.

  • http://www.facebook.com/STOCKTRADER74 Ralph Scotti

     Thank you Obama, for my SPY 141 calls witch i sold at a 2.77 profit today.

  • Skynard

    Dollar just back tested, here we go!

  • http://dartht.blogspot.com/ Evil_Gerb
  • http://dartht.blogspot.com/ Evil_Gerb

    OEX is at 658, so price is heading to T4.

    http://s14.postimage.org/qm2bdqbyn/New_Year.png

  • Skynard

    Not much participation here, think it picks up:)

  • BobbyLow

    This pair is up almost 500 Pips since 11/13 and facing resistance.  Might be a pause or just No Mo Mo Mo.  :)

  • http://dartht.blogspot.com/ Evil_Gerb

    looks to me like /ES was sold down to the BB(25,2.0) on the daily.

  • http://dartht.blogspot.com/ Evil_Gerb

    must…not…touch… falling. knife.

    [ProYen]
    http://stockcharts.com/h-sc/ui?s=YCL&p=W&yr=3&mn=0&dy=0&id=p89528491677
    PnF Target says 20.

  • ronebadger

    interesting chart  :)

  • http://dartht.blogspot.com/ Evil_Gerb

    I was heavy short in late June, when the July chop came.
    it was a learning experience.

  • AMCabrera

    USD/NOK will be golden if it continues to hold here. Anyhow, how is that equity thingy wingy doing.. 1450 cool.

  • http://dartht.blogspot.com/ Evil_Gerb

    what do you like about the NOK? (in itself, or the pattern, or?)

  • http://dartht.blogspot.com/ Evil_Gerb
  • http://evilspeculator.com molecool

    ¤ø„¸¸„ø¤º°¨¤ø„¸¸„ø¤º°¨ 
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    ¸„ø¤º°¨ P O S T “°º¤ø„¸
    ¸„ø¤º°¨¤ø„¸¸„ø¤º°º¤ø„¸





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