We’ve got movement people! As I’m typing this the spoos are attempting to pull a fast one on anyone positioned short before the open and we may see an attempt to push into the ‘end zone’ (e.g. anything above 2080). For now the ES 2060 mark is a key inflection point which, if broken, will most likely lead higher and break the current long term resistance I presented yesterday.
Today is going to be a big day for equities. As it’s the last session of the month, the candle we paint today will be on record and add another piece to the puzzle that we have slowly been putting together over the past few months. But let’s backtrack for a moment and pick this one up later. This morning I came across a brief interview with Art Cashin which gave me much pause. Disclaimer: I usually don’t watch MSNBC or any financial news but had followed a pertinent link in my online UBS account out of sheer curiosity. So Bob Pisani kind of throws this softball at Art saying that nothing really seems to be able to break or slow down this market. And I was actually a [...]
You may have noticed the lack of setups in the past week or so and I can assure you that it’s not for a lack of trying. However at the current time good directional entries seem to be few and far between. Fortunately we are in the mid of earning season and that may open up some opportunities for some nifty neutral volatility plays. If I take any I’ll be sure to share them here of course. In the interim I prefer to bide my time and wait for better odds to present themselves.
I’m running a bit short on time this morning as I spent a good portion of it figuring out a tricky math problem I needed to solve for my one of my new short term momo indicators (i.e. a Laplace bubble). Big kudos to the Gold Gerb who didn’t hand me the solution on a platter but at least pointed me into the right direction (for which he was richly rewarded). Albeit a bit rusty in the calculus department I was able to take it from there and figure out how to process my input successfully. Of course in hindsight the solution is rather trivial, and actually confirmed one of my early ideas, but just in trading hindsight is 20/20. And in the end only results count.