Ready For Action
I really had to drag my butt in front of my monitor this morning. Didn’t feel like trading and I for sure didn’t feel like I had it in me to do a post. But as the saying goes: No rest for the wicked. For I was quickly reminded of a sentiment I felt many times after convincing myself to brave lousy weather and hit the gym. For one I was glad that I went and most importantly I probably would have missed a kick ass session.
So let’s dive right in with an update on our silver campaign. Which barely triggered an entry near 16 yesterday, and I’m glad it did as it’s now time to advance our stop to break/even. I concede that it’s a bit early to do that but in this particular case we have a situation where silver is just about to either reach escape velocity or will most likely be stomped on again. Given the ongoing series of higher lows and higher highs it’s really time for this one to get out the gate.
Soybean Oil – yes, a bit of an exotic contract but I have enjoyed trading it in the past as it’s got a habit of jumping off like a 1964 GTO on nitro. Our evil mission of the day is to wait for a long entry near 35.4 and then put a stop somewhere below the 35 mark. And just like like the GTO she’ll either crash and burn or everything else in the vicinity is going to eat dust.
Sticking with American classics theme – here’s Doctor Pepper (created in 1880 – did you know?) which is painting a rather refreshing series of HHs and LLs on the daily panel. The current shake out may just be a last kiss goodbye before it peels rubber and heads higher. So here I plan to be long on a recovery above the NLBL at 90.76 with a stop below 89.
Seasonality is looking a bit flat here which means we may have to be patient. But it’s not pointing down either and the starting in spring it’s got a habit of burning the shorts. Friendly reminder, you can click on the chart to get to the live version at Financhill which has cool tools and statistics.
More setups below the fold – please grab your secret decoder ring and join me in the lair:
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