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At The Edge Of The Abyss
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At The Edge Of The Abyss

At The Edge Of The Abyss

by The MoleJuly 12, 2013

Equities have come a long way in the past three weeks – I’m counting two red candles vs. thirteen green candles (assuming we close higher today). However the bulls are now standing at the very edge of a volume abyss:

As you recall 1674 is where we run out of oxygen – there’s a steep drop of participation going forward and that means the easing pickings are now over. And that also means we should be taking profits here – after all we’ve had a good run since 1614.25 (you did take that long, did ya?)

Anyway, this probably means they’ll start trotting out the usual muppets on MSNBC imploring you to not miss out on this latest bull run up. Now, just do what I do – cover your ears and hit the remote with your elbow – with some luck you’ll wind up at the cartoon channel which I deem to be excellent for trading advice (e.g. Wiley Coyote). Disclosure – I’m a substantial investor in ACME corporation.

The weekly panel is confirming that we’re now facing at least a bit of a drudgery – two stacked weekly NLBLs and the lower one is good through next week. Nothing of interest on the monthly.

Alright – I know it’s Friday evening and all but I’ve got a ton of juicy setups – so get to work you lazy buggers! Gold is looking good here as it’s bumping into its 25-day SMA and we’ve got an inside day period. If you don’t know how to play those then check my handy cheat sheet. Yes, there is method to my madness – or was it the other way around?

Forex is absolutely off the hook today – I’ve been pimping this setup on the GBP/JPY for a few days now and I’m not getting bored of it. Nicely wedged in between two SMAs and the 25-week is offering support thus far.

USD/CHF – inside day near its 100-day SMA – need I say more?

One more freebie – here’s a textbook inside day period on BIDU – I like how that lower trigger lines up with that expired Net-Line Buy Level. Both directions have equal probability here so don’t have an opinion and simply follow price.

Quite a bit more where that came from – please step into my lair:

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I think I’ve done enough damage for this week – now it’s Hefeweizen time!

That’s right – say hello to my little friend. Have a great weekend everyone!

Prost!

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About The Author
The Mole
Mole created Evil Speculator amidst the chaos of the financial crisis in early August of 2008. His vision for Evil Speculator is a refuge of reason, hands-on trading knowledge, and inspiration for traders of all ages and stripes. You can follow him and his nefarious schemes at the usual social media waterholes.
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