Fantabulous Friday Wrap Up
I looked all over my charts and don’t have much to say this weekend. As I pointed out over a week ago – we were scheduled for a small shake out and that’s what we got starting Wednesday. However, we are not in major reversal territory, so I think the current pull down will be short lived.
Zero was in the zone on Friday – I again have added my commentary to the video.
The tape on the EUR/USD was a bit tougher due to massive G7 interventions. I offer what I think are sound interpretations but I don’t think that these signals are typical in any way. Would of course appreciate your POV as well – so please chime in.
The stainless steel rat crew has been pretty quiet as of late and I was wondering why. I prodded about this a few times and the general response I got was that people are bored and sick of the one sided tape. Quite frankly – I am a bit confused about that type of attitude. What’s wrong with a market that keeps going up? Always remember:
Old Turkey was dead right… “Well, you know this is a bull market!”
Volar quotes Livermore and his contemporaries for a reason. The game never changes because people will never change. If you want excitement, bright lights, and hot babes sitting on your lap – go to Vegas. But if you want to bank coin consistently then participate in the tape that is – not the one you would like to see. At the end of the day there are only three outcomes to where the market can swing: up, down, or sideways. Frankly, I don’t care which way she goes as long as I bank coin on a regular basis. And if the tape keeps swinging up for months on end – who am I to complain?
Anyway, I’d really enjoy seeing a teeny bit more participation – especially considering that I just threw out ZeroFX for everyone to put under the microscope. You must have thoughts on the signal – great, confusing, bad, helpful – and maybe a combination thereof. Maybe you guys are seeing things I don’t – so let’s hear it! Any input and/or criticism is welcome.
Alright, three charts for the subs in preparation for Monday:
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 it includes access to all Gold posts, so you actually get double the bang for your buck.
What really cracked me up last week was that the tape pulled back exactly where/when this market leaders/volume ratio predicted. I do however have doubts about a major reversal here and the signal may continue to drop without prices giving up much territory.
First up copper already pushed above an important medium term resistance line. And that is generally bullish for equities as well – unless this time tested correlation suddenly detaches.
And here we have the daily chart on the spoos featuring the current net lines sell level at 1324.5. And that is exactly where we left off on Friday – the Sunday night session is already trading above it, at least as I’m typing this. If we can stay above 1324.5 on the spoos the longs should be good to go this week – a breach may pull us toward 1315.