Bag & Tag Time!
This morning the Convict taught you how to trap a bear and I hope you guys paid attention. The basic idea was that the RTV-S in play had decent odds of failing and as soon as yesterday’s highs were breached jumping into a counter setup was an appropriate strategy ahead of your RTV-S buy back being triggered.
Well, ladies and leeches – it’s bag and tag time as crude just busted out of the gate at max velocity. The bears have no idea what just hit them. As ole’ Tyson once said – everyone has a plan until they get punched in the face.
Quite frankly taking partial profits here is permissible as we are far outside the hourly Bollingers. But that doesn’t mean this puppy won’t have legs after an obligatory pull-back. Boo-ya!! Nice one, Scott.
EUR/USD update – if you wonder why it keeps getting smacked down right now look no further than the weekly NLBL at 1.31499. But make no mistake – this thing has bullish mojo to spare. It’s trading above both its daily SMAs and above both weekly SMAs. Only a pullback below 1.3 would make me consider bearish positions. I think it’s looking pretty dim for my EUR/USD exchange rate over here in Europe. Damn you Bernanke!
Here’s a freebie as I’m in a good mood this evening. AAPL at its 100-day SMA but it’s also kissing its 25-week SMA. Major inflection point for our once so glamorous tech company (thanks for nothing Tim S. M. Cock) and I want to be long above 433. There is some weekly resistance at 449 but let’s get there first and then we’ll see.
But wait – there is more! Please step into my badly furnished lair:
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