Now Reading
Wednesday Morning Briefing
47

Wednesday Morning Briefing

by The MoleJuly 9, 2014

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.

Nothing really interesting going on across my watch lists this morning. As suspected equities have held the line overnight and the ES is currently attempting to breach an hourly NLBL 1962. As you recall a push above 1965 probably puts us back on course for more upside. I have decided to use a gradual approach to manage yesterday’s short campaign. This means reducing short positions on an hourly close above 1962 and taking more off as we push higher.

On an off chance that there’s a another lunch lower I’ll add more short positions below 1960 but I think the odds for the bears have been greatly reduced overnight. As usual there is no selling pressure and this still feels like a regular post holiday correction. FWIW I wasn’t really too concerned with earning an R or two – rather as usual I am looking for entries into longer term moves to the down and of course upside.

Today’s event schedule:

As you can see we have FOMC minutes scheduled for 2:00pm – as usual this ought to be good for stop runs in both directions.

And here’s the spike controller for you Forex traders. Have fun but keep it frosty.

It’s not too late – learn how to consistently bank coin without news, drama, and all the misinformation. If you are interested in becoming a subscriber then don’t waste time and sign up here. The Zero indicator service also offers access to all Gold posts, so you actually get double the bang for your buck.

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.
  • ridingwaves

    futures flat, open thrust. Fed days are usually green since they are the market..vix knockdown just for Janet….

  • AcoBrasil

    Bought back my ARNA position that I sold a couple of months ago. Big overreaction to CEO share sale. Looks ripe for a bounce.

  • Skynard

    /DX buy between hourly lower BB and daily SL.

  • Skynard

    Attempted /ZW long again. Tested lows

  • Skynard

    Full short now on the /YM

  • Darkthirty

    ! !

  • SS_JJ

    I don’t know what you see, but until the support on 5 min is breached I’ll personally sit out the short trade for now.

  • ridingwaves

    they did knock it down hard..I bought some..thanks for reminder…it looks like sales was planned per SEC.

  • http://gerb-reloaded.blogspot.com/ Gold_Gerb

    Muddy waters, short term MA’s colliding with long terms.

    http://s12.postimg.org/6k5gli8nx/muddy_waters.png

    -Gerb

  • Skynard

    Just ran stops, good long at this point.

  • Skynard

    Wow factor, have a look.

  • Skynard

    Just in time for FOMC.

  • Darkthirty

    Do Ts work on short time frames?

  • http://gerb-reloaded.blogspot.com/ Gold_Gerb

    if price is range bound, yes. 51% of the time.
    😉

  • http://evilspeculator.com molecool

    50.1%

  • http://gerb-reloaded.blogspot.com/ Gold_Gerb

    {sigh}
    Germans..

  • ridingwaves

    its the only reason market is green today…

  • badflightrisk

    NUGT triple top break out today.

  • http://gerb-reloaded.blogspot.com/ Gold_Gerb

    any bond dealers in the house? probably not.

    http://s1.postimg.org/hj6c9uvpb/junk.png

  • Darkthirty

    that’s pretty good odds in this crapshoot

  • Skynard

    LOL:)

  • Skynard

    /CL on multi week sell

  • AcoBrasil

    Sure. I would like to hold this stake for a longer term investment – we’ll see how it goes.
    I picked up a couple of lagging techs lately also (NVDA and NOK). So far so good. Still sitting on a large wad of cash.

  • SS_JJ
  • ridingwaves

    this up move reeks of scaring weak shorts out of position before the minutes released….a fed day for sure…No participation on moves north, no volume….something smells…

  • http://evilspeculator.com molecool

    I honestly would not know how to read it. As of now it’s simply a low participation melt higher – the slow drip. Whether or not this is followed up by downside we do not know. A few people on the inside do but we mere mortal rats do not. Unfortunately in a Fed driven market we will also have to deal with volatility swings during the announcement. And those may fake out first before they pick their final direction. As you can see it’s a veritable rabbit hole and you simply can’t go down that path. I’ve scaled out a little but am still holding enough to have fun if it drops lower. Otherwise my stop has been set at b/e. That’s the best we can do. Don’t get psyched into playing these guessing games – they usually blow up in your face.

  • ridingwaves

    It felt good to get that out and your spot on again. I still have a sizable chuck positioned for bigger move down, stops in place, ..didn’t take into account fed minutes today which is always a bunch of Tom Jones Fuckery, throwing panties everywhere…I hate the fed…

  • Skynard

    Here is AUD run, , .9380 with employment data tonight.

  • ridingwaves

    what a charade….market is so bot driven, watched a bunch of 10-100 shares trading SPY to push it up while big blocks are being sold….bots trading between each other algo…

  • http://gerb-reloaded.blogspot.com/ Gold_Gerb

    NUGT, out at $49.60
    half position. 1R.

  • SS_JJ

    already? It has the potential of running a bit higher, as in the top 100 d BB
    http://stockcharts.com/h-sc/ui?s=NUGT&p=D&b=5&g=0&id=p24650942803

  • http://gerb-reloaded.blogspot.com/ Gold_Gerb

    yes it does.
    However, in hindsight it was a bad entry for me, my stop was too wide, and I held onto it too long, and it was only a half position 1%.
    so I’m taking this moment to exit and not push IMHO, a bad thing. (FOMC effect)
    if my entry was several days earlier, yes, Maybe now would be the time to add.
    YMMV.
    -Gerb

  • SS_JJ

    That’s why I hate trading NUGT for longer than a day. Too much stress thinking the trade may go against you on a gap down the next day.

  • mugabe

    V short term:

    $spx short term bullish: clear succession of higher lows (and higher highs)
    http://scharts.co/1lUANyu

    $rut is a different kettle of fish; below declining ma and rsi under 50. anemic bounce and resistance overhead:

    http://scharts.co/1lUBbwS

  • http://evilspeculator.com molecool

    We all do but they are part of our reality – bitching is counter productive.

  • SS_JJ

    Argentina vs Germany: it’s going to be epic!

  • mugabe
  • Skynard

    Flipped to long/100 hour, quite a ride.

  • phylum

    Interesting chart regarding Ivan’s OP/IP challenge

  • mugabe

    in other words, full short

  • tradem4alpha

    European indicies down over 1% again today; don’t know why some are adamant in shorting the strongest indicies (S&P, Nasdaq etc); Nasdaq100 didn’t even touch yet the 5 EMA on the weekly chart…so just a pullback in the uptrend…sure if you are short from 3910-3920 then very good.
    Closed shorts on the DAX…at support on the weekly chart (20 EMA)…waiting for some kind of consolidation on the 15 minute chart…maybe another busted breakout develops.

  • mugabe

    Agree with your comments about shorting the strongest indices.

    European equities vs US equities: long term- bottoming. Short term- downtrend.

    http://scharts.co/1lWqJoJ

  • Skynard

    Hehehe, yep:)

  • http://evilspeculator.com molecool

    We were lucky in getting an early entry on the ST side on Monday. Based on some momo measures I decided to keep them running – so far so good.

  • Skynard

    Flipped /YM to long prior to open.

  • Skynard

    Chart

  • 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„¸