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Jobless Claims Entry Opportunity
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Jobless Claims Entry Opportunity

by The MoleOctober 19, 2017

At Evil Speculator we’re always hiring, not in the sense that we’re employing anyone, but no matter where you live, how old (or young) or whatever your skin color may be, everyone is free to participate. Just with any other acquired skill, e.g. playing the piano, walk on a rope, program a computer, etc.) the best way to become a trader is to actually trade a real account on a regular and consistent basis. Of course not everyone has the makings of a top notch trader but given enough time, effort, and most importantly discipline I am confident that you will gradually see your performance improve.

For everyone else there’s either academia, to start a business, or last and most definitely least to exchange your time for money at some more or less mind numbing day job. Speaking of which, the new initial jobless claims are in and apparently the official numbers (like them or not) show us at 222k, way below the expected 240k. Back in the old days this would have provided a big boost to equities but unfortunately we are now living in upside-down-inside-out world:

2017-10-19_spoos_entry

Big drop lower already in the previous hours – did someone get those numbers early? Anyway, I’m taking a long position right here with a stop below 2541.75. Caveat: don’t chase the bounce too high, I’m sure that it’ll gyrate around here a for a bit, thus affording you a decent entry opportunity. Position size is going to be 0.5% only as this qualifies as ambulance chasing, so we’re taking on a bit more volatility risk in exchange for a potential squeeze higher.

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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.
  • HD

    HD • 19 hours ago
    Sept open to high was 44 points (2474-2518), Oct now open to high 44 points (2520-2564). Tomorrow is 30 year anniversary. Notable minor 5 = .618 of minor 1 is in play. I would expect a min 10 handle hit.

    How about a 20 point hit!

  • http://evilspeculator.com Sir Mole III

    Hey guys – I’m having a pretty busy day today, so please apologize the brevity of this post. Will chime in later this afternoon – keep it clean and frosty!

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

    /ZB worked out, waiting for todays NG report. Crude and NQ short feeling better.

  • http://www.reddragonleo.com Red Dragon Leo
  • HD

    that’s what she said!

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

    some of those ma’s you have are quite damning.
    if price can’t get back above them, well – you know..

  • StockTalker

    Added to /NG, stop 2.80

  • StockTalker

    Was glad you showed up Red:)

  • http://www.reddragonleo.com Red Dragon Leo

    I was bored… LOL

  • StockTalker

    Fire breathing dragon?

  • http://www.reddragonleo.com Red Dragon Leo

    Nah… gentle calm relaxed dragon.

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

    The 1987 crash happened 30 years ago, today.

    This conversion of 30 years to seconds has been calculated by multiplying 30 years by 31,536,000 and the result is 946,080,000 seconds.

  • StockTalker

    Time to play then?

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

    “plan your trades, trade your plans.”
    anything else, go to a Casino.
    😉

  • Mark Shinnick

    This guy speaks about key differences between those days and now. Basically, there is no similar upside opportunity in the economy as existed back then.
    https://youtu.be/FsWuWcgZmEA

  • StockTalker

    Always!!!

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

    Welcome to the 4th Turning.

  • Mark Shinnick

    Yeah. The shame of all this is the handover of all the natural cycles to the CB’s. This really has been a Depression for several years now, our lost decade, with many more persons harmed over a longer period than if the natural shorter cycles had been trusted to do their magic.

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

    ..enjoyed the video. lots of squawking and screaming.
    If they put any more uplighting on Maria, she’ll burst into flame.
    😉

  • Julie

    POR triangulating ….. Probably heading lower OUT with a very small loss. If wrong not wrong long Plenty of dry powder SPX bouncing up to the lower trend line of the broken rising wedge and looking for a bearish kiss goodbye. A drop below today’s low 2547.92 will add to short probe.
    JULIE

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

    a daily, inside inside inside candle. no edge.

    like Luke said to wedge:

    http://s2.quickmeme.com/img/9d/9d36da79193cd67018c6fb2b33f6c10756af1b6f9615e30724ef9e8d94c99a22.jpg

  • http://evilspeculator.com Sir Mole III

    I’m back – how’s my crew?

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

    quiet.

  • Julie

    Hi Mole as GG says quiet ,,,, Thanks Mole !
    JULIE

  • StockTalker

    NG short squeeze coming

  • Mark Shinnick

    Quite invites the BTFD status quo to again feel comfortable. Some short term objectives indeed have been met, yet, there appear deeper downside objectives still to be met, as usual may have to wait to another day but stay puckered.

  • http://evilspeculator.com Sir Mole III

    Okay, can we have a gap fill now please?

  • Julie

    Stalktalker UNG Today’s high 6.36 and 5 ema 6.35 Looks like a 3rd test of the August low
    JULIE

  • Julie

    Mole dipsters came in on the daily 13 ema SPX
    JULIE

  • StockTalker

    Ya, looks to be a shakeout, back in long.

  • Julie

    Here Ya Stalktalker
    JULIE

  • Ronebadger

    Or, a LKGB

  • StockTalker

    2.80

  • StockTalker

    Added to shorts and treasuries, now get some:)

  • Julie

    I want a failed backtest and bearish kiss goodbye of the broken lower trend line of the small rising wedge SHEEESH ! JULIE https://uploads.disquscdn.com/images/d31b05ae1853a47b7773df67c829b7d25fb6289617e6e56fa9dd4130c974fff0.jpg

  • Julie

    See the bounce today off the daily 13 ema
    JULIE

  • HD

    Friday: existing home sales, and a speech by FED chair Yellen after the market closes.

  • http://evilspeculator.com Sir Mole III

    No participation after the first slice down – pretty much anything can happen here:

    https://uploads.disquscdn.com/images/590ae84c4c9931ad92b5b0ceb06ac12171c4f33b87d3f8be806e4c9697ae4c3e.png

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

    you might get it.
    but that RSI is at 72.
    should be below 70.
    EDIT: AND you’ve just tested two support ma’s.

    https://www.youtube.com/watch?v=yPS9MpRLCd0

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

    could the big dawgs be in the backrooms, telling their ’87 stories?

    while the amateurs hold their breath?

  • http://evilspeculator.com Sir Mole III

    I’m moving my stop to break/even now.

  • Mark Shinnick

    That was really something to behold; wave-after-wave of failure in ever-sloping inability to snap back. All the recency bias of years became unglued.

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

    I was clueless. Into my first year at a real job, the Market was an old man’s game.

    https://www.youtube.com/watch?v=EY9QFtk9QTU

  • HD

    SPX is 59 points above 13 EMA weekly, has been support for the entire wave. There is some -D daily too if you’re into indicators.

  • Julie

    Thanks HD
    JULIE

  • StockTalker

    NG, WTF

  • evilasevildoes

    seasonal

  • StockTalker

    Definitely getting ready to make a move. Although think we may have 1 more move down by my count. S @ 2.905

  • Mark Shinnick

    So far, I imagine this bounce will be a repudiation of 30y ago…because this time, things really are different. Well, they really are different, but not quite in that way :/

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

    somebody bought at 2.78,
    and now dumping from 2.90.
    {yawn}
    https://finviz.com/futures_charts.ashx?t=NG&p=m5

  • OJuice

    This has much more potential IMO. We are on the cusp of seasonal strength and today was a pretty solid reversal off what appears to be daily support.

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

    I misread your comment then.

  • http://evilspeculator.com Sir Mole III

    Way above my pay grade – I just trade the tape in front of me 😉

  • http://evilspeculator.com Sir Mole III

    I can’t believe they still haven’t changed the graphics 😉

  • http://evilspeculator.com Sir Mole III

    Works for me!

  • Wave_surfer

    Fascinating and wild.
    4 people attacking one because he challenged the emotions of their tribe and they could not let the words stand, so they desperately grab at any words they could throw at him to get him to stop.

  • http://evilspeculator.com Sir Mole III
  • OJuice

    If I traded /ES I would have been right there with you. Haven’t touched the thing in months though.

  • StockTalker

    2 yr action right now, not sure why.

  • http://evilspeculator.com Sir Mole III