Come To Daddy

Equity futures have been sliding lower all night and at this point it looks like we’re going to revisit the ES 2020 cluster unless we’re seeing some instant buying near the open. As I pointed out yesterday – I’m pretty excited about the fact that we are finally seeing a meaningful correction.

2014-12-09_spoos_briefing

The one problem with a relentless advance devoid of minor corrections is that you won’t find any technical context once the tape gets to the point of correcting to the downside. As the saying goes – nothing in life is free. So I’m pretty cautious about suggesting support levels here – the next possible candidate is the ES 2020 mark, and if that doesn’t hold we’re talking about a more serious wipe out. But let’s not get ahead of ourselves.

come_to_daddy

In the end it’s always about controlling and and leveraging fear – the former relates to your own fear and the latter to that of others. Obviously the continuation of yesterday’s surprise drop lower is a great opportunity to thoroughly trim the fat and produce new buying opportunities. Until however we see clear signs of buying interest (or major support levels are being touched) we should stay on the sidelines and simply observe. Leave the bottom calling to the same people who called one top after the other on the way up. Most importantly – don’t attempt to step underneath a falling sword.

2014-12-09_soybean_briefing

On the short term side soybean futures are looking like a possible play as the 25-hour SMA seems to be offering support. My nefarious plan is to be long here with a stop right underneath the SMA (and two NLSLs).

2014-12-09_crude_breifing

Crude also looking promising here – I know, it’s scary to be thinking about buying down here. But that was a nice push higher and I’m going to throw in 1/2 R here with a stop underneath 63. Let’s see if she bites.

 

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Friday 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.

2014-12-05_EURUSD_briefing

After yesterday’s surprise spiker higher the EUR/USD  is still clinging to its 100-hour but may just fall away today. However, if it manages to crawl back above the 100-hour I’ll be long with a stop below the NLBL at 1.237. Short positions are possible here but it’s possible that we’ll just gyrate around directionless for a while, so I’ll give that one a miss.

2014-12-05_ZB_briefing

Bonds – the 30-year is done re-testing the 100-hour (well, barely) and on a push above the NLBL I’ll throw 1/2 R to the bond market wolves. Stop below 141’20.


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You have been briefed – now have fun but keep it frosty. See you guys later this afternoon.

Cheers,

Painful Ping Pong

I’m not exactly enjoying the current market phase and most likely neither are you. The painful ping pong we are forced to endure for the past few sessions is to some degree courtesy of the Dollar needing to correct. However there’s an apparent lack of sellers since Draghi’s recent jawboning has confirmed the perception of the ECB as remaining dovish. So I guess we’ll gyrate around sideways for a while.

2014-11-17_dollar_update

Just looking at the action of the past week is making me nauseous – clearly this is not a good time to be trading Forex. So I suggest we don’t force the issue and wait until this thing plays out. The Santa Rally is nigh – we can be patient and we all have been through worse.

2014-11-17_spoos_update

Similar situation on the equities side and I would suggest the same here. I did propose an experimental inside day period entry on the spoos last Friday and that blew up in our face. I did take a short (as I’m still long) but have little appetite for adding positions here (13R is enough – even for this manic market megalomaniac).

2014-11-17_natgas_update

Update on natgas – grabbed 1/2R here last week and we’re off to the races. That’s quite a jump higher and it’s why I only recommended half a unit here – no wonder we call it the widow maker. I’m not going to touch this campaign until it either banks me 2R or my stop at break/even is being touched. If she really picks up the pace I may extend my target – I’ll keep you posted.

I have two juicy setups waiting in the bullpen but need to keep those for my intrepid subs:


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Cheers,




    Zero Indicator


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