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Friday Morning Briefing
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Friday Morning Briefing

Friday Morning Briefing

by The MoleMay 24, 2013

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.

The bounce many of the manhandled leftover bulls have been waiting for did not materialize, overnight equity futures have degraded back to the lower 100-hour BB mark, which is now sloping downwards. I think there is a soft chance for a bounce here but the odds aren’t great as I don’t see any prospective technical support. At any rate I wouldn’t bother being involved ahead of the long weekend. As the saying goes – better wishing to be in a trade then wishing to be out of one.

AUD/CAD near its 25-hour SMA and there’s a bit of Net-Line context to bolster support. Long here until that 1.03202 NLSL has been taken out. Would not want to be short unless that 100-hour SMA gives way.

Interesting setup developing on cable – the 25-hour is starting to carry price higher and at the same time we have the 100-hour still descending – both will meet up in a few hours. That’s when I’m looking for a breach either way.

Corn back at its 25-hour SMA after ramping hard and squeezing some of the late bears. I think this is a great spot for adding positions as long as the 25-hour holds. IF she breaches then mind that 100-hour as it’ll probably meet you near 655.

 

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About The Author
The Mole
Mole created Evil Speculator amidst the chaos of the financial crisis in early August of 2008. His vision for Evil Speculator is a refuge of reason, hands-on trading knowledge, and inspiration for traders of all ages and stripes. You can follow him and his nefarious schemes at the usual social media waterholes.
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