Investors and especially the media love round numbers in finance. They are considered important milestones at which retail suckers get lured in just to be pointed directly to the express elevator down to the woodshed. Everyone is excited as the SPX managed to hieve its inflated carcass over the 1500 mark. And not only that – the Dow Jones is but a bagel throw away from climbing over 14,000.
What does that mean to us? Absolutely nothing – they are but numbers in our decimal system and if we we’d be counting in octal the SPX would be at 2734 – in hex it’s at 5DC. So why am I bothering to tell you all that? Well, grasshopper – so when you read about it in the financial news tomorrow you mentally assign the proper value to this piece of information. Which is exactly zero (0) – by the way being identical in binary, octal, decimal, and hexadecimal 😉
Great early morning entry in the spoos today. I hope you caught that one and it’s now time to cash in your ill-gotten gains. If you missed out on this one you only have yourself to blame. We do this stuff every day here at Evil Speculator – try to keep up, will ya?
Nothing else to be said about equities right now – this thing has to run its course and we are waiting for the viagra to work itself out of the system. In the interim we’re having fun playing the swings near support zones. Evil is as evil does.
The Dollar couldn’t hold its support line (as usual) and breached yesterday’s inside day trigger to the downside. We may get a last kiss goodbye here so be prepared for that – if you snoozed the entry then this may be your last chance. I seriously have to start charging you guys in Euros – or food stamps maybe.
Copper – great bounce here at support. If you were a sub yesterday then you remember that I was pretty excited about this setup, glad it’s working its way higher. By the way – nice ID trigger as well. Not out of the woodwork yet by any measure but it’s a good start. Our stop is below the diagonal (as it was yesterday).
Soybeans – also good entry yesterday via the short term panel. Yes it was speculative but sometimes it’s better to be lucky than good. I’ve got my stop below the diagonal – let’s see if it can make it up to the 100-day.
AUD/USD – I pointed this one out this morning. Looks like the Rommel’s Pinser maneuver failed and the Aussies managed to break through the 100-hour SMA. So far so good as that was our long entry. By the way that NLBL is probably not accurate due to TOS not getting its act together. I could suggest to all of you guys to send them some angry emails but that wouldn’t be nice, would it. So please – do NOT send them angry emails. That would be so wrong.
Setups – yes, of course I managed to scrape a few new goodies together – please step into my lair:
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Cable – also messed up on the daily chart. But it may be attempting to produce a floor. I would wait for another touch of the 100-hour SMA where it’s great to get positioned. Short while it remains below and long on a breach.
CAD/JPY – very excited about this one. Not sure what I’d call this one (again it’s not an official inverse H&S), but whatever happens at the neckline – I want in! Hard to see due to TOS data incompetence but we’ve got an inside day as well today.
Corn – it’s really getting interesting and I’ve seen some chatter about corn breaking out. Which is why I of course expect a little reversal at the 100-day. Let’s look out for that and on a breach I’d join the longs of course.
Bonds – the ZB is painting an inside day. I would take either direction – could easily turn into continuation to the downside.
Let’s wrap up the day with precious metals – gold may be painting a last kiss goodbye, not sure yet. The 100-hour will be our final judge and it’s where I’ll structure my entries.
Silver currently painting an inside day – may change by the close of course. Unlike over in gold the 25-day is sitting below the candle as opposed to above. Tough call! To make things easier for me I’ll take the ID entry tomorrow if it holds today.
This entry was posted on Tuesday, January 29th, 2013 at 2:20 pm. Both comments and pings are currently closed.