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Friday Morning Briefing
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Friday Morning Briefing

by The MoleAugust 16, 2013

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.

The spoos have held their ground overnight and we’re now back a few ticks above the still falling 25-hour SMA. That’s short term bullish although due to the lack of context I have a hard time picking an entry here. I suggest you look for an hourly candle pattern – e.g. hammer, inside period, failed shooting star, etc.

Recall that today will determine whether or not we close below the weekly NLSL at 1665.75. A pop higher would be a score for the bulls – at minimum diminishing medium term bearish potential.

The NQ kissing its own 25-hour as I’m typing this – as it’s usually the more bullish of the two I’m looking at this one for early signs as to which way we’re swinging.

Soybeans – I know your favorite contract 😉 Anyway, it’s in a good spot as it’s testing its 25-hour and there’s a NLBL right above. So a breach above the NLBL or a drop below the 25-hour may be good ST entries.

I’m staying out of FX this morning until after 9:55am EDT when any volatility sparked by the Michigan CSI has dispersed. But I have two very nice futures setups for my intrepid subs:

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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.
  • http://evilspeculator.com molecool

    Wow – you guys are chatty this morning! 😉

    New NLBL on NQ – new ST resistance.

  • http://dartht.blogspot.com/ Darth_Gerb

    EUR_USD, and the music plays on.

    http://s21.postimg.org/xv627x2zb/make_this_up.png

  • strider

    Silver breaks 23.05

  • Skynard

    Dollar testing that daily SL.

  • SS_JJ

    Cool!

  • http://dartht.blogspot.com/ Darth_Gerb

    not cool, slow and steady is better.
    go kick that tree again. 😉

  • Dyellowflash

    Ok, taken the majority of my shorts at pre-mkt off the table. Left 2 trackers now at trailing stops breakeven.

  • http://dartht.blogspot.com/ Darth_Gerb
  • Dyellowflash

    english?

  • Skynard

    Here comes the squeeze, long /ES. Looks to be a dollar squeeze as well.

  • http://dartht.blogspot.com/ Darth_Gerb
  • neowave

    Anyone knows how to get 6hour and 12 hour charts corresponding to crazy ivan with oanda metatrader?

  • Dyellowflash

    well… thankfully i aint affected. my trackers r wolves not doggies.

  • fisheggs
  • Dyellowflash

    Up move not supported by zero. I am shorting at will here.

  • SS_JJ

    Actually you’re right. I would prefer seeing a retest of the daily acceleration line without my sell target being hit today

  • SS_JJ

    Stupid green Commies! I bet you pit bulls which are far more deadly are allowed there.

  • Skynard

    Flat line with both hourly pointing up, low participation day. JMO

  • ridingwaves

    Actually, if you need a dog to hunt bear, you shouldn’t be a hunter. Just another way to make things easy for today’s hunter. Similar to hoop netting for Lobster, in the 70’s and 80’s we had to dive at night and use our hands to catch them. Now the so called sportsmen sit on a kayak and drop a baited net….wimps…

  • Dyellowflash

    yeah, troublesome situation. this is probably the final few mins for the mkt to decide up or down for the day. For better or worse I missed a short fill just now.

  • Skynard

    Only a relief/short cover rally, will be on the look out to reverse /ES

  • Darkthirty

    4th wave

  • SS_JJ

    Meh.

  • ridingwaves

    the vix drop seems rather large for today’s action…

  • Skynard

    5 min trendline support holding, will more than likely hold until EOD ramp job. Wait, maybe the market is fresh out of those:)

  • http://dartht.blogspot.com/ Darth_Gerb

    that would be JJ taking bear profits. ;-D

  • Darkthirty

    Whatever language you don’t speak is irrelevant?

  • Darkthirty

    OPEX buggery

  • SS_JJ

    nope, ain’t me 😉

  • Skynard

    1660 hump factor, then lift-off. Triangle above VWAP.

  • http://evilspeculator.com molecool

    I’m calling Carlos Danger here – flat signal = anything can happen.

  • http://dartht.blogspot.com/ Darth_Gerb

    but I thought you were taking profits at EOD?

  • http://dartht.blogspot.com/ Darth_Gerb
  • http://evilspeculator.com molecool

    Equities are an absolute flatline today. Don’t bother people – sit on your short positions until price tells us otherwise. If we close below the 1665.75 mark today then we have a bonafide weekly sell signal :-)

  • http://dartht.blogspot.com/ Darth_Gerb
  • SS_JJ

    I took 1/2 position off the table from Goldcorp (G.TO) at the open at it hit the top 100 d BB:
    http://stockcharts.com/h-sc/ui?s=G.TO&p=D&b=5&g=0&id=p50662092983

    the rest is still not at target. I like the shallow retracement so far today. It makes me want to keep holding long a little longer

  • SS_JJ

    +1

  • http://dartht.blogspot.com/ Darth_Gerb

    *ding* 81.20

    R2 Level, bollingers, bimbos, and brewskis

  • Dyellowflash

    noted boss. as usual, option expiry is stalling the mkt’s move. i am out of all shorts at this dip.

  • saltwaterdog

    Sugar giving the weekly buy line the finger

  • http://dartht.blogspot.com/ Darth_Gerb

    good to have a plan.
    that Full STO may rollover, or it may not.

  • newbfxtrader

    Yep. Keep it simple.

  • Bun Dance Kid

    Thanks Mole. Let the weekend begin… x

  • SS_JJ

    Trend day alert + Blue up arrow = trying my luck with a ES long. Stop 1 handle below today’s low

  • SS_JJ

    Damn!

  • newbfxtrader

    STFR

  • Skynard

    Damn, bulls out of ammo.

  • bdoone

    Breached the 50d sma 1657.39

  • ridingwaves

    and then the comeback…

  • SS_JJ

    It appears so.

  • Darkthirty

    4 of 5 meh?

  • Skynard

    Spotting an hourly div now. See if that plays out here.

  • SS_JJ

    Saw that. I’m waiting for a positive div on the 5 min and hopefully a blue arrow too.

  • Skynard

    Nice, there you have it.

  • SS_JJ

    still not decided.

  • SS_JJ

    Ok, trying another time. Stop at ES 1649. If it does not work out I call it a day

  • SS_JJ

    EW is irrelevant and has no edge in a FED manipulated market.

  • Skynard

    Buy program kicking in, both hourly and 5 min div in play. See what happens.

  • http://evilspeculator.com molecool

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    ¸„ø¤º° B A K E !“°º¤ø„¸

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