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Wednesday Morning Briefing
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Wednesday Morning Briefing

by The MoleOctober 24, 2012

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.

With only five minutes to go until the opening bell I’d better hurry. This is going to be a freebie, so leeches all over rejoice! The E-Mini is sitting above he 25-hour and is wrestling a NLBL right now. A pop higher would probably draw in more buyers in the coming hours.

Crude couldn’t close a bid holding a fistful of pardons in a women’s prison. The 25-hour remains to be the wall that can’t be breached – hold short as long as we continue lower.

The greenback has reached its own 25-hour SMA. A bounce here would be nice for my exchange rate but my Spanish ATM hates me.

Gold – looking a bit like the E-Mini here, meaning positively inclined to accept bids at its very convenience. I’m long here with a stop below the SMA.

Gandalf is pretty determined to drop copper into melting pot looming below. As long as the 25-hour is holding up I wouldn’t dare to get in the way. This has been a very nice trade throughout the past few sessions, so why change what ain’t broken? Ride your stop lower a few ticks above the SMA.

Bonds – touching support but I would love to see a drop to the 100-hour SMA.

The 10-year has fallen on support again – let’s see if it holds. As long as it does it’s a good ST long setup.

Corn – bumping against the 100-hour but it’s climbing. Not sure what trade to suggest here – perhaps we can start using the 25-hour on a bounce?

Wheat – at the 100-hour – same idea. Be long until it breaches – my stop is below the SMA.

AUD/JPY – pushing into resistance. May be a good short but I want to see another candle or two.

EUR/CAD – may be putting up a little floor here – let’s wait for a NLBL breach.

USD/CAD not holding at the 100-hour. It’s a short now and my stop is above the NLBL.

Last but not least the EUR/USD which is looking feisty today. If it can push above the 25-hour then we may have a good long here (inverse to our Dollar setup, I know). That NLBL just expired – lucky bugger.

Cheers,


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 various social media waterholes below.
  • ds2

    Hey Rats – been quiet for a while (work).  Daily Zero looks stale – no?

  • ronebadger

    Mole – We’re getting spoiled here, with all these rapid fire briefings.  I’m liking it!!!

  • fisheggs

    Check out wheat!

  • ronebadger

    I don’t know…… 5min and 15min SPX look like bear flags….we’ll see (soon)

  • Curiousmind3861

    what happens if VIX is lower today but still outside the upper BB? Would that mean back to step 1 of the VIX signal? sorry for the newbie question. I checked the cheat sheet, and just thought should make sure if I am understanding it correctly…

  • bdoone

    I believe so, yes: must close inside, therefore back to step 1.

  • ronebadger

    dboone is correct

  • Schwerepunkt

    Carney lit a fire under USD.CAD. 

  • Curiousmind3861

    was wondering what happened to it? Yesterday he poured cold water on USDCAD longs and today….what’s up with this guy??

  • Skynard

    /NQ & RUT leading the way:)

  • Schwerepunkt

    He’s being realistic about Canadian household debts, which are very high. Can’t really raise rates if debt levels are unsustainable without bursting a bubble and nobody wants that. So, the likelihood of a rate hike are now diminished.

  • Tronacate

    s GC……from yesterday…….holding for the P&F target

  • raised_by_wolves

    I successfully used Fearless’ trend trading on the SLV/GLD chart trading SLV options. The ratio gap filled perfectly.

    http://content.screencast.com/users/raised_by_wolves/folders/Jing/media/e0a1f0cd-cf2a-4eea-8312-016e48940b1d/00003842.png

  • Fearless

    “I don’t go long the day of Defcon. I go long the day after Defcon if there is not another Defcon alert.”

    It’s mid-day, there hasn’t been another Defcon alert. I will go long 5 minutes before close if Defcon doesn’t trigger.

  • wrc1k

    The ZL is living up to it’s name today.

  • http://evilspeculator.com molecool

    What he said.

  • http://evilspeculator.com molecool

    yeah, but no comments today so I may slow it down a little

  • I Bergamot

    Care to place a trade?
    Long or short?

  • I Bergamot

     Please, keep us posted.
    I’m waiting for ES 1418

  • raised_by_wolves

    Thanks for keeping us informed, Fearless. 

  • Curiousmind3861

    Exactly, I was thinking to myself what BS he was bluffing yesterday when he “hinted” at rate hike when every other countries are lowering rates. So I went extra long USDCAD yesterday, suffered some pain this morning, but now I am green..

  • itcomesupinwaves

     You need to pay attention to important reports in the currencies you trade:

    http://www.forexfactory.com/calendar.php#closed

  • http://evilspeculator.com molecool

    Everyone asleep? Should I take the rest of the day off?

  • wrc1k

     zzzzzzzz

  • raised_by_wolves

    What are you talking about? I’m wide awake, and I haven’t even had my coffee yet.

  • Skynard

    /CL taken to the wood shed also:)

  • itcomesupinwaves

    These patterns tend to correct violently.

  • http://dartht.blogspot.com/ Darth_Gerb

    Don’t try it.  the coffee is weak

  • http://dartht.blogspot.com/ Darth_Gerb

    45min have passed.
    /es 10 min candles, helluva shakeout.

  • http://evilspeculator.com molecool

    Yup, many of you guys were asleep last week when it was time to get positioned.

  • newbfxtrader

    Thx Fearless keep us informed.

  • stovis

    nobody wants that gold or silver

  • Pug

    I don’t comment at all – have nothing to offer other than to report my trades which I don’t think is that helpful. But each morning since you started your briefings I have made money with at least one of your setups. Keep em coming, Mole. Your morning and afternoon (CDT) setups are teaching me how to look for trades.

  • http://dartht.blogspot.com/ Darth_Gerb

    ..at that price.

  • ridingwaves

    I’ve been buying this dip like a troop of soldiers in a bordello…thank you…

  • http://dartht.blogspot.com/ Darth_Gerb

    then you might, or might not like this FibFan.
    http://s17.postimage.org/qxeku8xbx/temp1.png
    -Gerb

  • I Bergamot

    DX short looks really inviting now. But to take it right in front of Fed? My palms are swetting

  • I Bergamot

     I was buying different stocks on Friday and yesterday. Didn’t get to miners yet. Still don’t see a solid bottom in Silver

  • ridingwaves

    thanks GG, the massive h&s on gold and the gray mare has been the reason for scaling in…Hell its almost text book h&s. I figured 1693 for gold bottom…wish they would just hit it…

    more and more it looks like the mm’s are trying to get more Mitt votes with voter stock market ears…they will need commodities roaring for next push up on spx…

  • I Bergamot

     If they push on oil it will affect gasoline. Not good either way

  • ridingwaves

    my inflation hedge on gas is VW Jetta TDI, I’m getting 40-50mpg…It’s great driving by gas stations giving the saudi’s the bird…

  • I Bergamot

     lol

  • http://evilspeculator.com molecool

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

    Yeah, I’m tired too – try to keep up…