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Come To Daddy
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Come To Daddy

by The MoleDecember 9, 2014

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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Cheers,

 


About The Author
The Mole
Mole created Evil Speculator amidst the chaos of the financial crisis in early August of 2008. His vision for Evil Speculator is a refuge of reason, hands-on trading knowledge, and inspiration for traders of all ages and stripes. You can follow him and his nefarious schemes at various social media waterholes below.
  • BobbyLow

    And a fine mornin to all in the Evil Lair. :)

  • http://gerb-reloaded.blogspot.com/ Gold_Gerb
  • BattleZone

    Mornin BobbyLow. Good hunting today!

  • http://gerb-reloaded.blogspot.com/ Gold_Gerb
  • BattleZone

    Well, I sold the open, then flipped long at break-even, bought at 2038. Gap-close is like 20 handles wayyy up there in the mist… worth a chip shot. First hurdle is 2042.

  • BattleZone

    Megaphone on the ES hourly. Nice cusp at support, with a promising bottom-tail. Also worth selling if it fails, I would say.

  • BobbyLow

    GBP/JPY doing its thang! :)

  • BattleZone

    Zero hourly setting up a nice divergence.

  • pacpac

    Nice call man

  • Skynard

    Scaring the children Mole? /ZL could pan out.

  • ridingwaves

    thinking natural gas is consolidating down here and most if not all down move is over…
    Buy AKAO and CEMP at market for ride up…

  • ridingwaves

    ahh yes….JNK did show it’s little red head…

  • strider

    EURGBP for the subs doing good, too.

  • Objectively_Bias

    I don’t see anything to support significantly more downside. If I get another oversold buy signal I’m going to load up. Not quite there yet though…

  • BattleZone

    I sold 2045, will be happy to be long again if I get stopped.

  • Objectively_Bias

    Good looking divergence on $TICK, reversal might be about to start. I’m going Long here .5R

  • BattleZone

    ES confluence of levels here at 2041-42… today’s vpoc, vwap, downchannel upper, upward trendline support, and 15-min opening range. If Bulls defend it successfully, maybe they can hand it off to the lunchtime buy-bots to walk us up for closure.

  • http://evilspeculator.com molecool

    Disgusting!

  • BobbyLow

    “It’s all about the Benjamins”.

  • Objectively_Bias

    2055 is my target for this campaign. I will adjust to a trailing stop when/if we get there.

  • Skynard

    Got short at res, DEC SPY puts

  • BattleZone

    I lightened up 1/3 at 2049, as half-gap is around 2050, plus it was a big bounce level last Monday (see hourly Zero for example). Will layer out at yesterday’s low 2054… and then let my last 1/3 run, hopefully until the gap close at 2059.

    Though it will be tempting to get short at 2054 if we get there.

  • Objectively_Bias

    Nice trade, so far so good! Let’s hope this runs a few more handles.

  • BattleZone

    Screw it. Short 2054, tight stop. Cheap lottery ticket.

  • BattleZone

    Yeah, really great rip there. Congrats, we hit your target!

  • Objectively_Bias

    This is looking like an up trend day. VWAP hasn’t been remotely challenged in the last 2 hrs…

  • http://gerb-reloaded.blogspot.com/ Gold_Gerb

    I’ll gladly take the 20’s & 50’s if you don’t want them.
    😉

    http://4.bp.blogspot.com/-nGMS_IxOY-I/UklmYmY9nmI/AAAAAAAAV10/FZxyqnrXDkA/s640/walter-white-money.jpg

    -GG

  • BattleZone

    Hell, we can’t even get down to the *upper* 2-dev vwap. Bailed my short for -.50 .
    EDIT: Resumed long at 54.50. Targetting closure at 59ish.

  • http://gerb-reloaded.blogspot.com/ Gold_Gerb
  • http://evilspeculator.com molecool

    Looks like she may take off without us – heck, that was fast.

  • Skynard

    Filled the gap, no guessing but look at the other markets. Maybe a 2K test before our XMas rally is in order.

  • BattleZone

    Yeah I’m real bearish up here. Am short again from 2054.50 and holding on, we gotta get under yesterday’s lows to even get started.

  • SirDagonet
  • ridingwaves

    Bio sector is on fire.. R’s all over the place today….

  • Skynard

    More than likely will have to wait for CNY CPI tonight.

  • BobbyLow

    And the article says that the guy doesn’t have a drinking problem?

    ““It scared us and fear is a motivating factor,” said Johnson, a
    36-year-old managing partner of Old Colony Furniture, who now has a
    stash of about 50 bottles of bourbon. The collection, he says, grew out
    of an urge to make sure there would never be a time “I wanted bourbon
    and couldn’t get it.” After a while, he says, the habit “took on a life
    of its own.”

  • http://gerb-reloaded.blogspot.com/ Gold_Gerb
  • Skynard

    Damn, what has the RUSS all worked up?

  • BattleZone

    ES trendline support held, and so did yesterday’s lows. We broke above the downchannel of last hour, and are now retesting it. I’m long until we fail the trendline. It’s entirely possible we just keep squeezing until the cash close; alternatively if this breakout fails I’d look for the vwap by eod.

  • SirDagonet

    wasn’t there an issue with some team in the Olympics or world cup soccer not being allowed to have Nutrella?

  • ridingwaves

    Bio sector is on fire, so many R’s so little time….

  • Skynard

    Lol, nice job!

  • http://evilspeculator.com molecool

    ¤ø„¸¸„ø¤º°¨¤ø„¸¸„ø¤º°¨

    ¨°º¤ø„¸F R E S H „ø¤º°¨

    ¸„ø¤º°¨ M E A T“°º¤ø„¸

    ¸„ø¤º°¨¤ø„¸¸„ø¤º°º¤ø„¸

  • http://evilspeculator.com molecool

    A.k.a. an alcoholic?

  • http://evilspeculator.com molecool

    No, this is when you SHORT bourbon – jeezes, folks – haven’t you learned anything?

  • ridingwaves

    I think you played SYN before, very soon it will take off, started initial accumulation…
    AKAO and CEMP are on fire…CEMP is buyout candidate at 30…currently 18…
    AKAO should see that same area
    IDRA is just making me R’s a move to 6 is imminent after the MM’s try to get in…

  • BobbyLow

    Yep.

  • BattleZone

    Closed ES long at 2059.50. Gap closed, baby! That was seriously fun.

    Have a good night everyone!