Tuesday Morning Briefing

We’ve got movement, people – so let’s get busy. Plus I like the timing – seems retail traders have thrown in the towel recently and the big buzz word is the looming ‘fiscal cliff’.  Jeezz – you guys never learn, do you? Which is exactly why I expect big moves ahead – just a matter of getting positioned. But I digress – let’s get to the setups before they’re gone. Remember, these are very short term so by the time you roll out of bed around noon we’re probably taking profits already:

Spoos – at the 100-h SMA after a dip below. I think this is a great spot to get positioned.

AUD/JPY – tickling its hourly NLBL – I’m watching out for a breach.
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AUD/USD kissing the 100-hour plus a NLBL. A breach here could be fun. A reversal – meh – it’s too contained down there.

EUR/CAD – similar configuration – I would however play the downside here if she drops below.

NZD/USD – at NLBL – I’m taking a small long if she holds and add more if we make it above the 100-hour.

Crude – admittedly not my favorite long candidate right now – but it’s at the 100-h SMA. Maybe good until 94.08.

Silver – sitting at NLBL (it’s actually NOT a retest as this one just formed). Good for four more hours and thus a good place to stage long positions.

Gold – not looking as shiny but if silver pushes ahead it may be able to hieve gold above the line of scrimmage.

Have fun – keep it frosty. And heck people – what happened to the comment section? If you have learned anything as a fledgling steel rat then it should be that it’s time to kick ass when most everyone has given up. Of course eventually retail will return. Once we paint new highs – as usual buying the very top 😉

Cheers,