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Wednesday Morning Briefing
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Wednesday Morning Briefing

Wednesday Morning Briefing

by The MoleMay 22, 2013

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.

Bonds – the ZB has been retesting its 100-hour while the 25-hour SMA is approaching from below. We also have an hourly NLBL to offer potential support. Great long play as long as those three remain below price. I wouldn’t be short until that 25-hour is being taken to the woodshed.

Platinum – still looking a bit soft thee but it’s attempting to conquer its 100-hour SMA. No sense in chasing and we may get another retest here in a few hours which would be a better opportunity to grab a few contracts.

Crude – prices below that NLSL which is a soft setup in my book. Rather those two SMAs are about to meet and that’s probably when things get more interesting. I think it’s fair to be short here until we see price starts pushing above those SMAs. However not my favorite entry position and I probably wait a bit longer to have more context nearby – I hope that makes sense 😉

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Public Service Announcement: As you probably have heard – today’s another FOMC announcement day with a speech scheduled at 10:00am EST. So expect relatively flat tape ahead of that and probably some ST volatility as Bernanke’s scheduled to speak.

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 the usual social media waterholes.
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