Embrace The Pain

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.

I just looked at my short term equities/forex correlations and things look mixed. The GBP/JPY is pushing up right now…

… while the EUR/JPY is dropping. As you probably can imagine the carry trade game is constantly evolving and this should be a good test as to whether the GBP/JPY remains relevant as we are pushing toward summer. Speaking of which – I can’t believe it’s almost summer, time is literally flying for me lately – way too busy…

The spoos currently butting against both SMAs – no idea as to whether they’ll push above. Too many gyrations lately and I am not very tempted to participate. Besides we have plenty of other (and easier) victims today.

A quick and stark reminder where we are right now – which is smack middle in the whipsaw zone. If we ever push above 1900 or drop below 1840 the resolution will be massive. Until that happens embrace the pain.

As I said we’ve got plenty of goodies this morning – here’s a freebie for you leeches. Platinum looking pretty good as a long near 1474 – stop would be below 1469.

Before I forget it – yes, it’s one of those days again. Yellen is scheduled for 2:00pm EDT and make sure you’re out of pretty much everything before she steps up to deliver her usual cryptic platitudes. FWIW I actually miss the Bernank – love or hate the guy but at least he didn’t come across as if he was completely out of his depth.

More irreverent ravings and juicy setups below the fold – please step into my lair:

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Good stuff today – unfortunately we have the 2:00pm whopper which only gives us about six hours to play with. Have fun but keep it frosty – this is not the tape you trifle with.

Cheers,