Thursday Morning Briefing

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.

The E-Mini has been waddling sideways all night and is now at its 25-hour SMA. Excellent spot to dip into some short term positions. Long if she holds and short if we breach here. Remember, it’s all about the follow up and a little post spike piggy shake out would not be out of character.

Crude interesting on a short term basis if you glance over to the daily. My eyes are on that diagonal that used to be support and has since turned into resistance. Now there’s method to my madness – if the 25-hour SMA breaches then I’d be tempted to grab some short term long exposure. If that doesn’t happen then we’ll revisit this setup later today.
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Cotton is looking very interesting this morning as it’s bumping against a NLBL and its 100-hour SMA. I’m short here with a stop above the SMA. You know the drill – long on a breach, which may be the better trade as cotton may push back above its daily NLSL.

Copper – long at the lower Bollinger – stop below 3.175, which is the prior candle’s low.

Natgas – short as long we remain below the SMA. But it’s currently looking as it she’ll breach and by the time you read this I may have flipped it for a long.

Bonds – the 30-year is a possible long if it pushes above the 25-hour SMA. Until that happens I’m short with a stop above.

Ditto on the 10-year contract.

Currencies – the AUD/USD stuck a very nice pincer maneuver – long on a breach of the NLBL – short on a failure of the SMA.

A bit more tricky of a setup over on the NZD/USD – I would be long if she pops above the NLBL and short if we see a drop below the soon expiring NLSL near 0.8312.

Have at it but keep it frosty!



This entry was posted on Thursday, January 3rd, 2013 at 8:17 am. Both comments and pings are currently closed.

  • Skynard

    As a reminder, FOMC 1400 hrs.

  • bdoone

    Just the minutes from last meeting released.

  • Skynard

    Ok, will that be volitile?

  • bdoone

    Most likely, with this fidgety headline driven market.

  • Skynard

    Hehehe, can hardly wait:)

  • ridingwaves

    the fed is the very center of volitile ever since the greenspan put..

  • Skynard

    Looking for 1453 support to hold before the push north:)

  • itslance

    You talkin ES or SPX?

  • Skynard

    /ES on the ZL

  • molecool

    Zero signal still very flat – watch the 25-hour SMA right now.

  • molecool

    Subs – please check your email.

  • ronebadger


  • ronebadger

    In the last two days, the VIX lost 35%+… I had to go back to Jan and Oct of 2008 for any 2 day down move like that.  What does that mean?  I don’t know, I did not look in depth into that.  Any comments from the rat gallery?  I gotta go back to work…

  • ridingwaves

    LDK is really paying off…ment’d it 3 weeks ago…still squeezing and now over the 180sma….took 1/2 off…

  • Rightside_ot_trade

    Got it, entries set for both directions in currencies credit
    Long oil

  • Skynard

    Resistance starts at 1464 SPX

  • molecool

    Nice!! Should have pimped here – I must have missed it if you did.

  • ridingwaves

    I did mention them here but I think most traders here are currency-index players….while I’m more of scalper….SGY was another that just screamed buy when I men’d 2 wks ago at 19 and change…

    What’s your take on NG, looking like turn is commencing…

    I’ll post more charts with those calls to back it better, Good trading to you always! 

  • molecool

    Thanks mate.

  • molecool

    Excess volatility of volatility like this is a sign of a market that may be in a long term topping process.

  • molecool

    I mean, look at the Zero Lite yesterday and today. The first two days of the year used to be massive! Not sure if you kids remember but I do. Who’s trading and benefiting from these candles? I’m very cautious here right now. Baby steps.

  • Skynard

    Agree, watching and waiting to pounce:) Thinking of playing the hourly div today @ 1330 hrs. Nice call on APPL by the way, that stock looks deathly.

  • Evil_Gerb

    yes, some tops are rounded, but no guarantee of smoothness.
    the following graphic comes to mind.

  • molecool

    Is it me or are the daily TOS FX charts really screwed up? 

  • AmazingLarry

    I remember looking at that SOB at $.8 thinking “meh, I’m not going to get caught up in that.” Should have known better after riding FSLR for some sweet cheddar. 

  • BobbyLow

    Mine seem to be working OK.

  • ridingwaves

    I have to imagine MR. Margin is really happy about FLSR…he was all over it at 20-21…seems china is getting the squeeze, now watching RENN just because of the money flow back into china symbols…look at YGE, JASO and CSUN as they are double digit gains today..

  • Joe_Jones
  • ridingwaves

    Timmy G is gone at the end of month….hip hip hooray for America…

  • Joe_Jones

    wait to see his replacement before celebrating

  • Skynard

    Flipped /ES, now short

  • ridingwaves

    since he was fed gov. up until 08, he was a big part of this mess..
    He’s been sucking the life/financial blood out of ordinary American citizens for a long time..
    see the similarities..

  • ronebadger

    Yeah, that’s him…

  • molecool

    ¨°º¤  S H A K E   N ¤º°¨ 
    ¸„ø¤º° B A K E !“°º¤ø„¸

    Brace yourselves…

  • Skynard

    RUT overbought in every time frame!

  • Joe_Jones

    He is just an operator of the Cabal, which will be replaced without difficulty by another compliant one. People change, Policy remains the same. You are either sitting at the dinner table or you are the meal. 

  • ridingwaves

    I agree…

  • i Bergamot

     I remember a huge rally when he was appointed to TS in a middle of fin crisis. That was good news back then

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