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 process of repeated mental self examination over time will invariably lead to you becoming a better trader. For example let’s look at the little bounce since in equities since last night. You surely recall me pointing to 1760 as my line in the sand for my long trades which I caught near 1770 yesterday.

I was very happy to wake up seeing the the spoos climb higher slowly but that is exactly the moment when my inner alarm bell started to go off. I must not be married to the long side in the first place – yes, flipping positions near 1760 would be a pain in the ass and I may get whipsawed. But this feeble bounce means absolutely nothing yet unless we push above the 100-hour SMA which has been holding up just famously. So stay on guard – this thing may explode higher or drop like a rock at any moment. My inflection point stands and there’s nothing to add or to do right now.

Fortunately however we have a ton of excellent setups this mornings to distract us from the ongoing equities saga. Crude is approaching double resistance and I want to be short term short here until it pushes above that 100-day SMA.

More below the fold – please step into my lair:

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Cheers,