Let’s Slow It Down
Things are getting a bit messy out there and I have alert signals light up all across my evil lair market console. As you know there are times to strike and there are times to just sit patiently and wait things out. And the tape I’m seeing right now is but engineered to draw in the suckers and drain them of their last drop of blood. It’s a bit like fly swatting – when things are running in circles it’s best to slow down and wait your turn.
The spoos took off over night, stopping me out and putting me in a long position. Of course the crossing of that 100-day SMA had to be done cloak and dagger style – I would have missed a decent entry if I didn’t have the benefit of living over here in Spain. Since the open any remnant enthusiasm has been squeezed out and we are back in slow-mo churn mode.
Several futures contracts like copper, gold, and silver rolled over today, so I’m not going to touch them for a day or two except for a quick scalp of course. Coffee however rolled over last week and the NLBL setup I suggested last night is looking pretty good right now.
I’m also still long bonds but it took some in/out Heidi Klum style – way too much work recently, which is what’s causing me to slow things down. I’m happy with our recent setups but I’m not too eager getting over positioned here.
Sugar also holding that diagonal support line and you had another opportunity to dip in this morning. If you missed it then here’s another way in as we’re now approaching a pretty interesting inflection point.
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This entry was posted on Thursday, November 29th, 2012 at 1:21 pm. Both comments and pings are currently closed.