Bullish Defense Perimeter
As we are officially embedded with the bear brigade it’s now time to scope out the bull’s long term defense perimeter. Since Sergeant Gold Gerb suffers from chronic insomnia he was uniquely qualified to make his way into enemy territory overnight and report back to us. Not only was he able to collect extensive intelligence, he even managed to take out a nest of stop runners single handedly with nothing but a sharpened spoon. Now here’s some of what he uncovered:
Alright, this week you guys were handed not one but two prime opportunities to jump on the transport heading South here . If you snoozed both times then don’t bother with the paltry excuses and proceed directly to headquarters for a court martial. It’s not that I wasn’t clear when handing out my instructions.
Of course the battle is far from a winning one as the bulls enjoy have established several defense perimeters which I expect will take overwhelming force to overcome. I’ve already called for air support and additional troops to back us up, but was given a denial of both, so we may be heading into another Benghazi here. What we are dealing with is the 25-day SMA near ES 2115 which will need to be taken out first, which is bolstered by the 25-week SMA in the same range. If overcome we’ll still have to deal with a monthtly Net-Lines stronghold at ES 2089. If that one gives by any chance then we’re good to go until about 2025.
Curb Your Enthusiasm
Clearly this may just be bear trap #2987 and I wouldn’t be surprised if the Fed is prepared to say or do anything to stave off a larger slide ahead of the November 8 presidential election. This seems to be the de facto mindset in several bearish watering holes I decided to visit last night. Which means the bus is pretty empty here and may just have a chance to speed off. Obviously wasting any time on mentally masturbating about what may happen is a complete waste of time. Despite this being one of the toughest trading years in recent memory we have done exceedingly well by simply trading the tape directly in front of us. So let’s keep that up, shall we?
Two juicy new setups below the fold for my intrepid subs:
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