Short Term Entry Opportunity

This is an Evil Speculator Entry Alert – meaning we have a limited time to get exposed as price is hanging in the balance near an important inflection point. Yesterday night I was talking about lower highs and lower lows – that pattern seems to be in the process of being broken:


That hourly NLBL at 2099 is up for grabs right now and I want to be long in about a minute or two when it finalizes – hopefully above it. My stop will be below 2096 – if stopped out I’ll be short with a stop above 2099 – easy peasy lemon squeezy.

I’ll keep digging around for more ST setups but wanted to set this one off as quickly as possible as it’s time sensitive.

UPDATE 1: Alright guys – I did dig up something very juicy on the futures front, please step into the lair:

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UPDATE 2: Okay, here’s a little freebie for you leeches:


Soybeans – long above that hourly NLBL at 997.5 – stop below that 25-day SMA.

Alright, we got a bit of event risk in a few minutes:


I hope Draghi pulls out all the stops – I need that Euro at m…ing par!


Great time to be an American! That’s right, you guys were just born there – the Mole had to EARN it! ;-)


Lower Highs And Lower Lows

I’m going to have to be brief tonight as I’m running late and I have a mountain of chores stacked on my desk. So let’s dispense with the formalities and let me try to get you up to speed on what’s going on and where we may be heading. More weakness in equities and right now the hourly panels are our best guides:


Forget about all the lines and indicators – that’s beside the point right now. What really matters here is PRICE and the spoos are painting lower highs and lower lows. As long as we don’t breach ES 2100 we are heading lower.


Selling pressure is definitely for real – observe the rather interesting UVOL/DVOL ratio spikes mid session. There’s a bit of panic selling right there – or perhaps it’s more distribution. Someone thought they may have had more time?


The Zero signal is for real – compare the signal range today with what we had to put up with over the past week or two. And the big spikes are to the downside – definitely noted.


As you know I prefer the context on the NQ right now – I think NQ 4452.5 is the first and 4458 is the second line of defense for the bears. Also note that we sliced through the daily NLSL at 4427 but thus far it’s holding. If we close below it today or tomorrow we are going to 4350ish.


AUD/CAD update – I got pretty lucky there as I was about to grab a long position on a drop to 0.89. Fortunately the tape started to run away from me and I pulled it just in time. Better to be lucky than good – at least every once in a while ;-)

I probably should have looked at the daily panel this morning – that’s a stack of NLBLs right there and the odds for a breach were perhaps a bit low.


Gold update – nice entry there this morning and I’ve moved my stop to the break-even point. I’m holding this as it may continue lower.


My favorite chart today – NG – I also snug in there and for once it actually behaved and didn’t throw me out of the saddle. So far so good. I love the daily and weekly context here – unfortunately I’m less enthused about all those daily NLBLs above but I’ll deal with that if/when we get there.


Crude - got stopped out and then managed to jump back in on the way up. Only caught 1/4R however but I’ll take it and will built my position if it decided to finally abandon this range.

That’s all I got for today – I hope you guys grabbed one or two of this morning’s entries. If nothing else I would enjoy a bit more participation in the comment section. Alright, dinner’s waiting and Mrs. Evil is getting impatient – I have been advised to hurry the heck up. See you guys tomorrow!

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Wednesday Morning Briefing

Welcome to our morning briefing. Here we are reviewing short term setups ahead of the NYSE opening bell. If you are a scalper or swing trader then these setups may be of interest to you. As usual keep in mind that these are short term setups although they could be used as early entries for more longer term positions.


Equities continued to exhibit weakness overnight and we’re trading near we started yesterday morning. I actually prefer the context on the NQ right now as we’ve got a solid NLSL on the daily that thus far has managed to stick.


The hourly panel shows a very nice slowly rising diagonal below the 100-hour SMA and the 25-hour is about to cross over. This is not looking good but there is a very brief opportunity to be long here with a stop below 4438. Below that diagonal we are looking at a slide lower, especially if we breach through 4430. As usual this isn’t going to be easy but I plan to be long right here with my stop and then flip for a short position below 4434. Yes, definite whipsaw potential which is why I’m only attributing 1/2R.


Crude – waiting for a drop toward 50.6 – then long with a stop below 50.4.

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Event risk: We got the bank of Canada announcing their interest rate decision – so if you’re trading any CAD related pairs be nimble or better wait it out unless you are already in a solid campaign. We also have the U.S. February ISM numbers on the roster – always good for a little shake out.


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