Wednesday 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.

I’m elated this morning as the presidential race is finally over and I won’t have to put up with all that useless pre-election idiocy for another few years. To celebrate that fact I’m going to make this a freebie. The E-Mini is rapidly approaching a possible short term support level at the 100-hr SMA. I want to be long here with a generous stop as emotions may ride high this morning. A breach below the lower 25-hr BB would probably lead us back to 1400. So I’m ready to flip my position at a moment’s notice (pun intended – hehe – maybe there’s a future in politics for the Mole).

AUD/USD overshooting its own 25-hr and a possible short victim. I’m going to give it until the next hour as this is one long candle down.

CAD/JPY also below its 100-hr – looking like a short but it has overshot in the past. I think I’ll give it a bit more time – of course if she runs away from us that’s the price to pay for prudence. You can just take a short here with a stop above and then flip it – but it may cost you a few pips and commish before it picks a direction.

NZD/USD at the 25-hr SMA and a NLSL which expires shortly. I’m long with a stop below – simple/stupid works well for the Mole.

Corn – the only commodity play today. Back at a major support level an I want to be long as soon as we touch it. It has triggered a ST sell signal and I’m not married to this trade. A drop below the SMA and I’m short.

Have fun and keep it frosty. And whether you are depressed or excited about the election results – expect four more years of market domination from the ole’ Mole 😉


This entry was posted on Wednesday, November 7th, 2012 at 8:45 am. Both comments and pings are currently closed.

  • molecool

    Hey guys – sign up to my google+ feed – right below the post or here:

  • AMCabrera

    proceeds from the short in the aud/jpy have been recycled into the long awaited short at .8300 in the nzd/usd stop will be placed at .8330.Im still keeping an eye on the eur/aud.

  • Paleface

    Almost spit my coke reading your CV!
    You are still the best by the way…

  • Skynard

    Looks like a re-test, full long now /ES. Thanks for the update Mole! Loving these 20 pt runs.

  • molecool

    Ah – nothing like a healthy breakfast to start the day :-)

  • Paleface

    I’m in CET time zone, 14:22 here.

  • saltwaterdog

    I hope you are right but for now respecting the 100hr breach and large hourly macd divergence at the last high… have to keep stops loose today, plenty of madness

  • Skynard

    LOL, now we need to test last night breakout. This is great fun:)

  • wrc1k

    no comment

  • ridingwaves

    speaks volumes..coal is not the place to be right now…

  • I Bergamot

    JBTFD ?
    I’ll wait a little…

  • supervilin

     I’m also hanging out stil, but it looks like a bottom (for now)

  • I Bergamot

     Something wrong with my VIX.

  • ridingwaves

    I’ve been thinking about the vix for some time as it’s acting very strange…it’s kind of like the libor now…I believe they found a way to tame it artificially thru the etns, etfs…

  • I Bergamot

    If silver can hold above today’s low – I will buy, and add above yesterdays high

  • ptosh

    closed 94% of my IWM short pos (starting shorting Mon. & added Tues).  Sold too quickly but didn’t want the profit to slip through my fingers.  Perhaps i’ll sleep better tonight w/o a massive open short pos.   crazy mrkt.  S&P pinned btw. 1430 and 1403

  • Joe_Jones

    Man, I’m glad be short today

  • Darth_Gerb

    I’ve got a bollinger 2.0 extreme around /es 1400.
    let’s see what happens!

  • ridingwaves

    Financial stocks are bearing brunt of this move…maybe they didn’t get there choice..

  • Darth_Gerb

    *DOW -210*

  • bdoone

    VIX +.23 is a WTF moment?????

  • Rightside_ot_trade

    /SB recapturing 25 & 100 hourly MA’s
    above Daily acceleration line
    Hourly buy line at 19.55

  • Curiousmind3861

    Just curious how to interpret the dollar action over night? It broke down and then reversed back above the inside day high…false break down?? or this rise is the false rise??

  • wrc1k

     = a bigger drop in store ? ? ?

  • Darth_Gerb

    some swear by it, I trust it as much as a rattle snake.
    multiple indicators, multiple plans.  due diligence.

  • molecool

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

  • ptosh

     grrrrrr.  left a lot of $ on the table. 

  • molecool

    Prices are never ‘false’ – they are the ultimate denominator. Whether or not it’ll change its mind again – who knows! Don’t waste your time with that – get positioned at a strategic spot and take your chances like we do 😉

  • molecool

    How tall are you?

  • ridingwaves

    12k party hats for sale…used..

  • Schwerepunkt

    PnF PO is 1380. Remember?

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