Off To The Races
And we are officially ticking in 2017! I trust you enjoyed a memorable holiday season and are now ready to slowly abandon each and every New Year’s resolution you committed yourself to just last week. Personally I’m pretty proud of myself as I survived yet another Christmas without adding a single pound. Plus I spent much of the past 10 days collaborating with Scott and a few others on an improved version of Scalpius. I’ll be sharing more on that that as we’re forward trading the system over the coming two months.
Now this being the first trading session of the year I’m not exactly eager to jump into new positions with both feet. So to properly kick off the year let’s first run through some of our key charts to get a general idea of where we are at.
And here it is – our first chart of the year, which of course is E-mini. It’s sitting pretty right now with prices still above the 25-day SMA but having reversed from the nose bleed highs above the upper 100-day Bollinger. As long as our current LT inflection point of 2236 remains intact this is actually a pretty good base from which to enter long again. However as I said already – let’s give it a session or two to weed out some of that new year reshuffling we’re most likely to see.
Gold continues to look tired and quite frankly there’s nothing to be said here unless it reverts back to 1140 where I may consider a tiny long position if it manages to hold.
Silver hasn’t seen a decent bid in ages and the daily panel (on the left) seems to indicate that it’s losing more and more of its mojo. We traded through an awesome long opportunity near the 17 mark which however turned into a failure. For now I don’t see much of an edge here unless you’re holding short.
Crude however is looking very perky these days after a sideways range that tormented us all last year. The weekly panel is pushing toward a major inflection point near 55 where we’ve got the 100-week SMA plus the upper 25-week Bollinger. The 25-month SMA plus a monthly NLBL at 56.18 are not far away and if it manages to push above all that then we are truly off to the races here and most likely for the rest of this year. This thing has been stuck inside a pressure cooker for a long time and could be trading at 80 this summer. Caveat: crude is very event driven and most likely will respond strongly to whatever happens after January 20th.
Quite a bit more below the fold. If you’re not a sub then start the year off in style and sign up for Evil Speculator Gold right now!
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