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Wednesday Morning Briefing
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Wednesday Morning Briefing

by The MoleJune 26, 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.

I’m running a bit behind due to some coding/refactoring duties earlier this morning. Thus in the interest of relevance ahead of the NYSE open I’ll provide these charts with minimal commentary. The spoos are now trading above both their short term SMAs – definite attempt to paint a floor here. Let’s see if buyers can push this thing toward 1600.

AUD/NZD reverted back to its 100-hour SMA – good inflection point.

Copper kissing both ST SMAs now – time to pick a side now.

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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.
  • http://ibergamot.blogspot.com/ i Bergamot

    Palladium is in interesting spot in relations to Bolinger Bands, also didn’t make a lower low.

    Providing it will accommodate a tight stop, I’ll try to go long this strongest segment of weakest group.
    I always like to have a small portion of portfolio in these contrarian bets. Low probability of high payoff, or so it seems…

  • Schwerepunkt

    Well, 1600 SPX not offering resistance at the moment. We’re now above the 100-day and the 25-day is around 1623.

  • DarthTrader

    I’m seeing a strong confluence at the 1602-3 area on the /ES

    38.2% of the sell off from May highs, 161.8% of the ABC up from the lows and 100% of the ABC started Early Tues morning all pointing to same area

    Good Place to bank coin . . .

  • http://ibergamot.blogspot.com/ i Bergamot

    I think resistance is a bit higher
    1610-1620 SPX

  • Skynard

    Counting on a gap fill.

  • Schwerepunkt

    Resistance is futile. You will be assimilated.

  • Dyellowflash

    ZL is terribly non-reactive to the 20 points ramp. Shorted a tracker at 14897 since we are at my top of the VWAP.

  • Ronebadger

    you have mentioned “tracker” before…please define

  • Dyellowflash

    Hi, my tracker defined numerically = 1 lot (about 2k usd worth), defined practically = may not be my preferred direction for the day, usu for scalping or for me to get a sense of mkt volatility/movt by observing how it behaves. I had 2 trackers on at 14897 and have taken one off at 20 pips (14877). The other one is at break-even trailing stop now.

  • Skynard

    Will not attempt to short this bitch until that gap fills or a suitable div plays out. That would mark a suitable retrace.

  • Ronebadger

    where’s your gap? around 1620/25 ES?

  • Dyellowflash

    No worries, exited at that final dip (so far), and sidelined waiting.

  • Skynard

    Yes, SPX 28-29 area.

  • Skynard

    Long /ES 91, thought we would see some retrace before the open.

  • Dyellowflash

    Long YM too at 14858 – that was the low of the opening 1m bar.

  • SS_JJ

    Gerb, looks like you may have to change your handle to “RoastedGerb”
    http://lasvegas.cbslocal.com/2013/06/25/temperatures-to-reach-almost-120-degrees-in-west-this-week/

  • SS_JJ

    POMO time

  • Skynard

    Dollar going ape shit.

  • Dyellowflash

    Had a good double fill at the last dip. Let’s see if it can cross the day’s high or otherwise… 😉

  • SS_JJ

    Honk if you feel really clueless about this tape. (like me)

  • Pervergence

    Closed my GC from last night :)

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

    L.a. Last few days, sandiego tonight. mUwawaha. I’m no idiot.

  • Ronebadger

    Clueless, that’s the idea…

    oh yes … “HONK!”

  • DarthTrader

    Market seems clear to me it is in a bullish retracement. All overnite excesses get retraced in the morning action usually, but the bullish trend is continuing. ABC when completed stop the action, another retrace ensues, then onward and upward

  • strider

    I’ve had trouble with it accomodating the tight stop at times.

  • SS_JJ

    It does “feel” bullish indeed. If we were in a “turd of a turd”, the bottom should have collapsed already. Bucky’s strength puzzles me though.
    Right now, I am hedged both sides with a slightly higher long risk position. I guess I’m a bit influenced by the 4th of July seasonality, End of the Quarter squaring of positions, upcoming POMOs, and the possibility of having a Step 3 VIX buy signal by EOD.
    Anyway, what do I know? 😉

  • Skynard

    Signal maintaining above the Zero again today. Looks like a good squeeze:)

  • DarthTrader

    We got Action

  • Dyellowflash

    hmm.. chart pattern looks strangely “compressed”. I am going to TP and sleep early. GL!

  • http://evilspeculator.com molecool

    I ? the Mole signals :-)

  • Pervergence

    Looking for a retest of the lows in GC….reshorted

  • Skynard

    One concern is that bearish rising wedge on the hourly.

  • http://ibergamot.blogspot.com/ i Bergamot

    needless to say, this plan was shot-to-shit
    just move on to next idea

  • Skynard

    AUD bull flsag 5 min

  • Skynard

    Saved me when going long this morning and after seeing it stuck with the trade:)

  • Skynard

    Hanging tight today, think it runs up the bears a$$:)

  • Bun Dance Kid

    Given the ZL’s relative weakness and the hourly’s lack of confirmation of today’s high, does this sound a warning bell for the bull case?

  • SS_JJ

    the tape (ES) is in a volume hole now, so participation is expected to be light. The hourly chart looks like an algo driven ramp to me. As far as I recall it most of the ramp jobs in 2013 were done by algos with little participation (weakly positive or flat ZL). So personally I don’t see this as a warning bell for the bull case at all.

  • Bun Dance Kid

    Thanks. Appreciate the response. I’ll keep the L plates on :-)

  • Pervergence

    Ol Bucky is relentless

  • Skynard

    No kidding, Geeez! Just shorted that Bitch on the re-test.

  • http://evilspeculator.com molecool

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