Briefing Du Jeudi Matin
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.
Public Service Announcement: Yes, the rumors are true – the Mole will be traveling again. This time I’m heading to Paris for a few days and I am scheduled to return to lovely Valencia Monday night (obligatory French strikes notwithstanding). If you’ve been visting here for a while then you may know what this means: Nearly every time I hit the road there seems to be a market correction (while I don’t have access of course). At least that’s the inside joke around them parts. Now seriously, please stick to your charts and don’t load up on puts based on Mole’s travel schedule
Anyway, my next post will be Monday morning – in the interim you can expect all services to run as normal. If anything significant happens then I’m sure I’ll put up some charts – no worries. So until I’m back in the evil lair I am hoping for a bit more of this sideways tape. Let’s have the VIX drop below 13 while we’re at, shall we? (one can dream)
Cocoa breached yesterday’s long ID threshold. Now back at the 100-hour SMA and that makes another great entry opportunity. Either the long ID trigger was a fake out (and we drop from here) or we pop higher and thus have confirmation.
Cable is refusing to die and is once again kissing its 100-hour SMA. I’m currently still short but have set up my workstation to flip it for a long (with a stop below the SMA) if we breach higher. You may look at the daily panel as well as this may be a last kiss goodbye. So if you missed the first daily setup then you’re in luck as this retests usually resolve very well. Once they pick a direction we usually get continuation (i.e. ~70% of the time). I love retests – some of my favorite entry opportunities.
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This entry was posted on Thursday, January 10th, 2013 at 7:50 am. Both comments and pings are currently closed.