And That Is Why We Follow The Charts
Last evening I proposed that the ongoing shake out was merely an attempt to scare the children. Seems like my bold claims weren’t that far off the mark as our support lines held up just famously. And that, my dear ladies and leeches, is why we follow the charts.
And further earning my keep here I also proposed a nice long opportunity on the E-Mini this morning. I hope you took it as it’s now time to take partial profits. Actually since I took this snapshot it’s been pushing higher and is almost at target – time to cash out. You are welcome! Evil is as evil does
Strangely enough – the recent gyrations on the VIX have us now two steps into a, believe it or not, bonafide VIX Buy Signal. That’s relative to equities by the way – meaning if we get one more lower close tomorrow odds suggest that equities will be heading higher in the course of the coming week. A bit of a head scratcher, this – but the rules are the rules. My condolences to all you hobby bears.
Also worth noting - as I’m writing this we are technically painting an inside day on the E-Mini.
Dollar update – once again our chart was treating us well. You subs may recall the ‘last kiss goodbye’ I was proposing on the DX and thus far that’s exactly what’s playing out. However there is a NLBL right above and if we would breach it in the coming three days then we do have a technical buy signal. Again, mind the two daily SMAs above which would most likely provide additional resistance.
Another example of why we fade the news and follow our charts. Gold has been painting this interesting little diagonal with the 25-day at its center over the past few weeks. Although there really isn’t much edge in playing this configuration on a daily basis I suggested to you (i.e. my subs) that playing the swings was definitely worth it. I hope you paid attention and banked some coin today.
Sugar triggered its lower inside day trigger. Good entry and you ought to be short now.
Let’s sling some stock symbols today – in my never ending quest for market domination I managed to run into a few keepers:
More charts and non-biased commentary below for anyone donning a secret decoder ring. If you are interested in becoming a Gold member then don’t waste time and sign up here. And if you are a Zero or Geronimo subscriber it includes access to all Gold posts, so you actually get double the bang for your buck.
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This entry was posted on Tuesday, February 5th, 2013 at 2:13 pm. Both comments and pings are currently closed.