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 trust you all enjoyed a relaxing time away from the insane asylum. No worries, you really didn’t miss much. Turns out the emperor is still not wearing any clothes but thus far nobody seems to care. So let me welcome you all back to another year of kicking the collective can down the road. As the late George Carlin once put it: When you’re born, you get a ticket to the freak show. When you’re born in America, you get a front-row seat!
I was scrolling through my usual list of early morning victims but must report that I do not see any short term setups I would feel comfortable recommending. Big jumps across all market verticals and thus we have very little context to hang our hats on. Case in point see the E-Mini chart above: Yes, we are inside a little volume hole but there is absolutely no context right now. And to make matters worse the week prior was a complete mess rife with volatility. So I caution you all from making any big bets. If you must take on setups then play it small for a few more days until we get a bit more context and things have normalized.
See you all in a few hours.
This entry was posted on Wednesday, January 2nd, 2013 at 8:15 am. Both comments and pings are currently closed.