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.

Although the tape is ‘feeling’ bearish we are still racking up higher lows and higher highs. Our new technical crutch – the diagonal trend line as shown on our volume profile chart – is proving to be valuable as it’s now coinciding with the underbelly of our two short term Bollinger bands. I think roughly 1459.5 is today’s inflection point.

Gold starting to lose momentum again – I’m looking for a touch of ~1672.5 where I would be long until about 1671. From there a retest of the 100-hour gets me into a short position. Of course as usual you can play this on your own terms employing your own stop logic. I’m just pointing the way here.

Ole’ bucky showing signs of life – oh how I wish it would last. Nevertheless I’m thinking long here on a retest of the 100-hour. Unfortunately it’s still dropping thus I would have to hold my original stop with discipline. Fortunately the 25-hour is starting to rise so it’s also possible it’ll lift above the 100-hour before we see a retest (which I would be surprised not to get). So keep this in mind and use that one should the ole’ greenback manage to hold momentum  for a few more hours. Of course we should be short if we see a breach below both ST SMAs.

The future is now – so don’t bring a knife to a raygun fight. If you are interested in becoming a subscriber then don’t waste time and sign up here. A Zero subscription comes with full access to all Gold posts, so you actually get double the bang for your buck.

Cheers,

This entry was posted on Wednesday, January 16th, 2013 at 8:18 am. Both comments and pings are currently closed.


  • bdoone

    Hate to correct the boss but: ‘roughly 1548.5 is today’s inflection point.’ s/b 1458.50?

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

    OpX Wednesday, so be on your tippy toes.

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

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

     I first noticed Steel and Coal in summer 2012, when they started to
    surprisingly outperform. The idea was that presidential candidate was a
    friend of coal industry and there will be a favorable regulations.

    Whatever it was, the guy lost, but SLX and KOL outperformed since November 2012 bottom. See chart.
    It is even more important, because of steep downtrend in both since 2011
    top. Prices had been consolidating for 8-9 months. Steel already broke
    out and I expect continuation.

    Having said that, my stops are very close. These etf’s are not in
    confirmed uptrend and can correct 10% easily, while still looking crazy
    bullish. In case I stop out I can try SLX again at 45-46ish.

  • bdoone

    Anybody who uses IB having trouble with TICK price and/or chart?  My price is blank ad my 1minute chart not updating, but I can do it manually.  WTF?

  • http://evilspeculator.com molecool

    Thanks mate – fixed.

  • captainboom

    IB changed subscription on NYSE TICK data.  Did you update?  My NASDAQ TICK is running fine.

  • Darkthirty

    Seems to happen when the market is going to make a fast move, stalled data feeds from most sources

  • captainboom

    Sounds like a conspiracy theory. Nah…. “they” would never do that. ;-)

  • bdoone

    Thanks.  Running ok now, just kicked in.  When was update? overnite?

  • Darkthirty

    I use stockcharts = TOS =yahoo they all do it

  • Skynard

    AAPL back testing broken trend line, down we go after that has completed. daily div looks like a bust:)

  • captainboom

    Couple of weeks ago.

  • bdoone

    Yes, thanks.  Prob just a glitch this morn.

  • Darkthirty

    yahoo is showing yesterdays chart now

  • Skynard

    closed the gap, 5 min

  • bdoone

    Glitch back, TICK stuck again.  Going into Cust. Service Chat.
    Anybody having issue w/IB TICK-NYSE?

  • ridingwaves

    Stopped out on Tvix…these guys are good…

  • bdoone

    I added TICK-NASDAQ and that seems to be running fine and updating every second while TICK-NYSE stuck. strange

  • Schwerepunkt

    No problem here with IB TICK-NYSE.

  • Skynard

    Full short now /ES

  • bdoone

    Thanks.  Looks to be working now.  Has your TICK chart pretty much been between -300 & +300 for the past 1/2hr?

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

     Vomit Comet flying over Whipsaw Valley.
    Perfect

  • Skynard

    VIX looks ready to exlode right now:)

  • itslance

    Actual futures contracts or SPY puts?

  • http://evilspeculator.com molecool

    13.3 – not getting your point…

  • http://evilspeculator.com molecool

    Told you to stay away from this crap.

  • http://evilspeculator.com molecool

    IB is a piece of crap – get rid of it. If you want good data buy it from IQFeed.

  • http://evilspeculator.com molecool

    You can’t rely on IB’s TICK data. It’s averaged and not accurate. You guys need to start paying for a decent data source – I suggest IQFeed. Tell them ES sent you and they’ll treat you right. (no commission for me in this in case you wonder)

  • ridingwaves

    Yes you did….hits top of head with force!

  • Joe_Jones

    LMAO! :D

  • bdoone

    Thanks for heads up…prob was my end.  I restarted IB and all is good.  I’ll look into IQFeed but have had very very few issues w/IB the past few years.

  • http://evilspeculator.com molecool

    You are not getting my point. Most likely you are looking at low quality data. If you do anything TICK related you need to start looking at good quality data.

  • itslance

    If we drop below 13, I assume the play is to back the truck up on anything long vega, correct?

  • http://evilspeculator.com molecool

    Yeah, most people only learn the hard way – heheheee (I’m probably one of them)

  • Skynard

    Daily chart, just went long 13.2

  • http://evilspeculator.com molecool

    VIX at 13.2 – can we get to 12.9 today?

  • Joe_Jones

    Yup. Market has been experiencing Zero gravity for a while

  • Joe_Jones

    Groundhog day

  • Joe_Jones

    Mole, you changed the hourly chart to the daily chart on the zero?

  • Joe_Jones

    Jeez, look at the zero. Bots have been playing Pong with themselves. Maybe I should start making some bullish comments so we can get some movement (in the opposite direction) ;-)

  • Skynard

    Wow, thought something looked different:)

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

    I just looked at the SPX 5 day, 5 min.
    wow, it is groundhog day.
    sell in the open, zigzag higher all day. rinse repeat.

  • Darkthirty

    Beige book @ 1400, stall till then?

  • Joe_Jones

    Kinda miss the 60 min though. It would be nice to see both daily and hourly zeros on the left side and leave the 5 min screen as is.

  • Skynard

    Hehe, don’t think we make it to 13. Maybe the next rally does.

  • Joe_Jones

    Maybe Sky should drop a line of code to his cousins saying that there is no volume and therefore no demand above ;-)

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

    First area of support for FB. Lets see if it holds here. More support below

  • Skynard

    Hehe, done! transmission sent! This attempt at yesterdays high gives me even more confidence:)

  • Skynard

    Very similar action today to yesterday on a smaller range, this is good for bears. Says that energy is running low:)

  • Skynard

    Kind of like the daily for larger timeframes, nise div on the daily:)

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

    pleasant as that sounds me ears.
    it’s a trap. bulls taking a rest IMHO.

    http://stockcharts.com/h-sc/ui?s=$SPX&p=D&yr=0&mn=2&dy=0&id=p17874443383

  • Skynard

    That is actually quite bearish IMO, rally should sustain above that level. It’s a fake:)

  • Joe_Jones

    looks like your message was well received.;-)
    Let us see what happens after 2 pm EST

  • http://dartht.blogspot.com/ Darth_Gerb
  • bdoone

    Agree: SPX (1471) above Dec. highs(1448) while RSI is even/slightly below what it was in Dec.  Divergence sneaking in maybe.
    Also, these dead markets leave much to much time for mental masturbation.

  • Skynard

    That is always an interesting time since some futures markets close.

  • Joe_Jones

    You should check out the div on the daily zero ;-)

  • Rightside_ot_trade

    Wstching if it can breach zero
    I’m keeping things neutral, stocks only. some longs still in place and Moles setups yestrday, new long BHI Short FB
    Stalking EZPW NKE short

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

    FB is reacting well to first area of support -  38.2% Fib of 12/28 low. Good
    Just watching

  • Darkthirty

    here we go

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

    when did Stockcharts get (monthly) Pivots?
    woohoo.
    1473.99 (EDIT: that’s the ceiling i’ve been looking for)

    http://stockcharts.com/h-sc/ui?s=$SPX&p=D&yr=0&mn=5&dy=0&id=p74840562670

  • Skynard

    Talk about over heated, check out TRANS.

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

    BigPic
    [OEX]http://s8.postimage.org/cu75xopsj/gerb.png

  • http://evilspeculator.com molecool

    ¤ø„¸¸„ø¤º°¨¤ø„¸¸„ø¤º°¨ 
    ¨°º¤ø„¸F R E S H „ø¤º°¨ 
    ¸„ø¤º°¨ M E A T“°º¤ø„¸
    ¸„ø¤º°¨¤ø„¸¸„ø¤º°º¤ø„¸





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