As equities continue to gyrate over respective medium term support levels I do not feel particularly tempted to get sucked into placing any haphazard directional plays. Precious metals are not making it easy for us either but appear to be more promising as there remains significant upside potential.
Equities are actually looking productive for a change, as we have major indices in sync retesting medium and long term support. That’s a respectable long opportunity although I am already inversely exposed and must let that one resolve first before embarking on any new campaigns. Which is an iron rule I very rarely violate and only if I see very compelling reasons to do so. When in doubt stick with the script, especially in whipsaw tape. Not because you will always bank more coin but you will lose a lot less by not getting lured into abrasive campaigns which push your buttons and further lead to excuses to re-establish bad trading habits. System purity almost always trumps [...]
Friday the 13th has always been a lucky day for me – I kid you not. It’s Saturday the 14th that you’ve got to watch our for. Why you ask? Come on – it’s Evil Speculator 101! Because you finally relax and let your guard down, which is exactly what Jason has been waiting for! Anyway, spending the weekend at Camp Crystal Lake shouldn’t be a big deal to anyone trading the spoos these days. Calling these swings ugly would be a compliment as the clean up crew at the CME has been pulling double shifts steam blasting entrails and dismembered body parts out of the trading pits.
Happy Monday everyone. I’ve got my eyes on gold this morning which touched hourly support on Friday and has been pushing sideways since the Sunday open. The daily panel is looking extremely tantalizing as gold futures have been painting a sideways pennant with a diagonal support line which is currently backed up by a stack of daily Net-Line Buy Levels.