Kicking The Ball Around

Absolutely no participation today which was pretty clear about an hour or so into the session. We are still near the bullish inflection point with no resolution in sight. And I’m still in my OTM SPY puts but also long the NQ via Thor – so I need a big move here to be flashing some green.


Here’s today’s tape courtesy of the Zero indicator – extremely small signal range here today as well as yesterday. The hourly panel reflects just that and the current formation is a bit ambivalent. But the take away message here is to not fall in love with a direction or an opinion. Limited participation like this encourages monkey business – i.e. intra-day volatility and stop runs.


Meanwhile I have been trying to stay productive on the forex and futures side – AUD/JPY was one of this morning’s setups and I still think it could bust higher here. On the daily you’ll see that there’s a seller below 93. If it can work its way higher than I think it’s good until 94+.


Coffee is attempting to find a foothold here near 159 – I took an experimental 1/4R long here with a stop below 158.8.

A few more setups below the fold – please join me in the lair:

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Busy Tuesday 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.


It seems ES 2040 is now established as a short term support zone and we should use it if there’s a retest today. Thor actually went long the NQ this morning and although I’m a bit worried about the small candle range (stop below yesterday’s low at 4201.25) it’s looking okay right now.


We have a ton of futures setups this morning – AUD/JPY is our only one in forex. Frankly I love this one as it has excellent context on the daily panel. Long here above the NLBL with a stop below 92.4, or below 92.2 if you want to play it more conservatively.


On to the futures – platinum looks like a good short here with a stop above 1220. Above it I want to be long with a stop below 1217.

More charts and commentary below for anyone donning a secret decoder ring. If you are interested in becoming a Gold member then don't waste time and sign up here. And if you are a Zero subscriber you get free access to all Gold posts, which gives you double the bang for your buck!

Please login or subscribe here to see the remainder of this post.

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


Wrapping Up The Week

Wow, that was quite a week! Just a few days ago the bullish case was standing on very wobbly legs. But once again the bulls managed to take advantage of inaction near an important inflection point at 1980. Four days later we’re over seventy handles higher, having already breached the bull’s Rubicon at ES 2055.


Are the bulls now completely out of the woods? Heck if I know – but thus far the short term panel is holding up to a little late Friday shake out. We have the 25-hour right beneath us and if that one gives then odds suggest the 100-hour will offer support.


I’m really kicking myself for skipping gold this morning. I looked at it and actually had painted that diagonal in the morning. But I wanted to give it another day and missed this gorgeous slide lower. Well, you can’t get ‘em all as they say and there’s no sense in crying after lost opportunities. I now have my eyes on the 100-day SMA which just may offer some support next week. So no setup just yet but it’s on our watch list for sure.


The one setup I posted for the subs this morning was AUDJPY and we actually managed to get a very nice entry here. Now look at the daily panel and you probably already know what I’m going to propose. Move your stop near break even and let’s see if we can’t convert this sucker into a daily campaign. However be advised that we most likely are going to see a retest of the NLBL. That’s why I said ‘near’ break-even – we need to give this one a little space.


And now it’s time to crack open my traditional Friday evening Hefeweizen – I more than deserve it if I may say so. By the way, can someone enlighten me what it is with you Americans all starting to brew your own beer? I just chatted with a fellow expat at the gym and he told me that he’s brewing his own beer because he hates the Spanish flavors. Honestly I actually like them – they’re not bad, perhaps a bit light for my taste but it’s probably cultural. But that’s beside the point – you can pick up pretty much any German brew in this town, so why would anyone bother with brewing his/her own beer? You think you can beat over 1000 years of experience in your silly make-shift alchemist’s den?

Here’s a YT clip of the Hacker Pschorr beer tent in München during the Oktoberfest. Yes, that’s a tent ladies and leeches and you probably have seen less sophisticated permanent structures over in Las Vegas. Just to give you an idea how serious Germans are about the art of beer brewing.

Look people, we’ve got an entire country of anal retentive perfectionists devoted to building excellent cars and brewing the most delectable and purest assortment of beers on the planet. I say – leave the beer brewing up to ze Germanz, jaa? Besides, as you know, we better off keeping those Krauts busy! Who knows what they may think up next if the Chinese start pushing them out of the automobile market and you damn yanks start brewing your own beer. So in the name of world peace I beseech you to pick up a few bottles of German brew this weekend! ;-)

It’s not too late – learn how to consistently bank coin without news, drama, and all the misinformation. If you are interested in becoming a subscriber then don’t waste time and sign up here. The Zero indicator service also offers access to all Gold posts, so you actually get double the bang for your buck.


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