Wait For VWAP!

A few of the hardcore rats and yours evil truly watched the Zero like a hawk this morning and thus managed to squeeze in a few longs near 2076. I take it most of you guys weren’t that adventurous (and most aren’t Zero subs) so here’s your next best chance to grab some long exposure:

Alright, here’s the script on how to play this: First you most definitely wait for a VWAP retest. Don’t chase it and wait until you see the white in their eyes. Most likely they’ll have some fun with it and attempt to scare the children a little with dip below VWAP. If you see price recover there or kind of hang around until near the end of the session, then a handful of long exposure may be good medicine.

BTW, this entry is by no means guaranteed. The bulls will have to run hard here in order to avoid a slip off the proverbial plate. We’ve seen an accumulation of quite a bit of technical damage over the past few months. That said – IF there will be a bounce then the odds here are as good as they’ll be for a long while.

EUR/JPY update – I grabbed some adventurous longs near the 100-hour SMA yesterday and so far it’s looking very productive. Today we got a retest of my original entry but it seems to be holding.

Gold – awesome awesome long term entry here today and I can’t believe I’m giving this one away. I’m long right now with a stop at 1174. Below that I’ll be short as I consider that its current Maginot line.

Two more juicy ones below the fold – subs only:

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It’s now 2:44pm Eastern and it doesn’t seem like you guys are going to get your VWAP test before the close. Which is why I post a morning update! Make sure you catch it next time! Hope to see you in the morning 😉

UPDATE 4:30pm Eastern: Looks like I was dead wrong about not getting the VWAP test. May actually die in its cradle right here. Well, let’s see what the close brings….

Cheers,