Wednesday Morning Update

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.

Pretty slim pickings this mornings. FX has been boring me to tears in the past two days and not much exciting either on the commodities front. However, there’s gold which just retested its 25-hour SMA and is now wedged below a brand spanking new hourly NLBL. I guess you know what I’m thinking – long on a breach of the NLBL and short if she gets forced below the SMA. The only caveat with the downside is the 100-hour looming below – thus a long breach would be my preferred setup.

Cheers,

This entry was posted on Wednesday, January 9th, 2013 at 8:23 am. Both comments and pings are currently closed.



  • Joe_Jones

    slim indeed. Market has gone nowhere fast overnight.

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

    well it seems like 3/4 days of not really giving much back on the equity side after a strong move up puts odds in favour of continuation up..plus a lot of bears have been getting excited over the last few days!

  • Ronebadger

    USD cranking right now

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

    The Head & Shoulders on /ES notion I was mentioning yesterday will be busted if 1457 taken and kept.
    Only about a month ago I noted similar H&S completed
    on 12/14/12, but didn’t go to target and after initial break turned and
    went higher, only to collapse lower by end of December. What a
    cluster-fuck.

  • Joe_Jones

    Mole, when do you expect to travel next?

  • http://evilspeculator.com molecool

    LOL – you crack me up. Actually I’m leaving for Paris tomorrow – only gone for a few days. NO joke :-) )

  • Ronebadger

    Fasten your seat belts all you SS Rats!

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

     QID
    thank you
    (joke)

  • Skynard

    Tested last nights high by the looks. Still remaining short. Like the dollar strength:)

  • Joe_Jones

    Glad to hear it… ;-)

  • http://www.facebook.com/profile.php?id=100001131611045 Exar Kun

    Shorted Gold @1664, now out already. Shorted ES as well, currently slightly in the red. Zero has been up at 1-1.5 for many hrs but mkt start didnt move, so either its going down soon to relieve some pressure or up by a large margin.

  • Skynard

    That is a div 5 min, now full short pos /ES.

  • itslance

    Might want to see if mole can start his trip a day early ;)

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

    that is one way to get out of the dog house.

    http://www.brettsebens.com/wp-content/uploads/2010/06/jcpenney2.jpg

  • Skynard

    Lol, my trust in the ZL is good enough. Don’t think the market will hold these gains.

  • itslance

    Went short LVS

  • Joe_Jones

    if VWAP fails and ZL goes negative, I’ll dip one toe into VXX for the day only.

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

    Did Mole say he was traveling tomorrow?
    Did I mention a T for today?
    (ok, it’s so bizarre – but hey, let’s throw it out there, and see if works)

    http://s8.postimage.org/w3iiieun9/es_t.png

  • itslance

    Whoops….looks like I got in a little early. Stopped out but opening a new short position.

  • Joe_Jones

    Nice.

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

    Look at that FB go. Up 4%.
    go-go

  • bdoone

    VIX on a slow climb. This 2pt ES pop higher in last few minutes matched by a .04 move higher, to unchanged, in VIX.

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

    Ready to rumble!

  • Skynard

    ZL crawling like a snake, not sure how to get a read. Guess it showing lack of participation in the rally. Bear flag 5 min though:)

  • bdoone

    Any thoughts on TICK?  If you were to just look at TICK you’d think we were in a TU day: TICK>0 82% of the day and SMA’s>0 all day; yet we are only 1pt above the ES opening! 

  • RacerXX

    @Mole: have fun in gay paree

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

    May be i am overzealous or something, but everything takes toooooo long. An hour ago I had orders for SDS, QID, but now it looks corrective and I’ll take a pass.
    I’m 50% invested, all long. Feel like going for a walk.
    The side that moves first will loose, IMO 

  • Joe_Jones

    toe in

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

    “There is the plain fool who does the wrong thing at all times anywhere, but there is the Wall Street fool who thinks he must trade all the time.”

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

     love that book, although the story is a complete BS

  • Skynard

    Wow, /OJ extremely volitile today. WTF!

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

    oh come on, why the bitterness?
    the broken trader had to sell a book in the 40′s.
    got to spice it up.  /sarc

  • Pervergence

    Been short awhile on this…….been good to me

  • BobbyLow

    I don’t know if perhaps some of the story line is BS or not. But what I do know is that the bulk of what was said about trading and how the system worked many decades before computers and instant communication is still true today.  

    And that to me is Amazing.  

  • http://evilspeculator.com molecool

    Favor – can some of you TOS users send a complaint to them about the broken FX charts? Their daily data has been screwed up for weeks and it makes charting impossible. I have been complaining but they don’t seem to care.

  • http://www.facebook.com/gerhard.maritz.5 Gerhard Maritz

     Now that is a green lantern ring ;-)

  • itslance

    What book is that from?

  • Rightside_ot_trade

    i’ve done the same several times,asked if it has been escalated to senior management claimed it had. seems like a lot of entry level people there

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

    actually I’m not sure.

    http://en.wikipedia.org/wiki/Reminiscences_of_a_Stock_Operator

    he had a publishing in 23 but then another in 40. (How To Trade In Stocks)
    I just grouped them together, I’m not a librarian!
    ;-)

  • captainboom

    Reminiscences of a Stock Operator by Edwin LeFevre.  Ostensibly it’s about Jesse Livermore.  A good read.

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

     1923 is LeFevre about Jesse Livermore.
    1940 Livermore’s own book. Both excellent.
    Check out various conspiracies theories about him only AFTER you read those books.

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

     I couldn’t agree more.

  • captainboom

    Mole, just noticed the header tag on the web page still reads Monday Morning Briefing.  i.e. It doesn’t match the title of the post.

  • itslance

    Thanks captainboom

  • itslance

    Will do.  Thanks!

  • ridingwaves

    greetings from Kona, long NG on bottom bb outside, playing tomorrows report…tight stop…vacation madness…

  • Joe_Jones

    The whole foot now

  • http://evilspeculator.com molecool

    ¤ø„¸¸„ø¤º°¨¤ø„¸¸„ø¤º°¨ 
    ¨°º¤  S H A K E   N ¤º°¨ 
    ¸„ø¤º° B A K E !“°º¤ø„¸
    ¸„ø¤º°¨¤ø„¸¸„ø¤º°º¤ø„¸

  • http://evilspeculator.com molecool

    Not a big deal but I fixed it. Thanks!

  • http://evilspeculator.com molecool

    Since Sosnoff sold it to TDA it’s been getting worse and worse. During his tenor they would have NEVER let a data problem go unaddressed for over two weeks. I mean that’s not acceptable these days. How are we supposed to produce accurate charts?

    I do have NinjaTrader but don’t want to buy another feed as I am using one already for Geronimo and such. But I’m pretty tempted as this is getting ridiculous – may have to plunk down another 130 per month for a second feed.

  • dma0

    I think it’s because of a sudden frost that could be happening down in the South. It’s been talked about for a while, a certain configuration of the stratosphere that has occurred in Jan ’85. It’s called the McFarland Signature. Abnormal heating of the upper layers could destabilize the polar vortex, the one keeping the cold in the Arctic. If it’s wobbly it comes down to us :)





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