Welcome to our morning briefing. Here we are reviewing short term setups ahead of the NYSE opening bell. If you are a scalper or swing trader then these setups may be of interest to you. As usual keep in mind that these are short term setups although they could be used as early entries for more longer term positions.
Bring your crash helmets today – we’re going to practice some high altitude drops. In the case of the spoos we may actually try a HALO – not for the faint hearted. By the way that video shows some pretty high jumps – I remember dropping out of 12,000 feet and it seemed quite a bit lower.
Seriously though – the E-Mini may be reaching terminal velocity unless the magic buyers step in again. I’m pretty pumped about those puts/shorts I have been holding since near 1400. Took some of them off the table yesterday but have enough skin in the game to finance another fun weekend.
No new setups today – this is not the time to get positioned, this is the time to sit and let your positions ride. Here’s the USD/CAD which has been ripping higher. You guys recall that I went long this thing at par, right? Please keep it up as my exchange rate over here in Europe needs a boost as well.
AUD/JPY – still a pretty good correlation to equities it seems despite some reshuffling in the carry trade. As I suggested yesterday – watch the 25-hour SMAs – and those two tests yesterday and early today were just golden.
Don’t be jealous – join the team! And if you have been sitting out all the fun then remember what I said a few weeks ago. The quiet times are the ones when you work the hardest. It’s when you get positioned to take advantage of opportunities that present themselves as things pick up momentum. I’ve seen many of regulars sit this one out – can’t say that I didn’t warn everyone 😉
It’s not too late – learn how to consistently bank coin without news, drama, and all the misinformation. If you are interested in becoming a subscriber then don’t waste time and sign up here. The Zero indicator feed also offers access to all Gold posts, so you actually get double the bang for your buck.
This entry was posted on Friday, November 9th, 2012 at 9:28 am. Both comments and pings are currently closed.