Friday 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.

Not much movement on the equities front overnight. At this point the spoos are still pushing around in our limbo zone. Anything below the 25-hour probably leads us lower, above the 100-hour I’m closing out and am back into longs. Also worth noting is the weekly panel (the daily is useless right now) which shows us pinned right above the weekly NLBL. Remember that the trigger of the RTV Sell was Wednesday and if we don’t push lower (and below the weekly NLSL) in the coming session then the odds of a successful resolution of this RTV Sell entry are drastically reduced. It is what it is – if a sell off is in the works then it’s got to pick up pace – also remember the lack of signal on the Zero Lite yesterday – all bad medicine for the bears.

Something that caught my attention this morning is that I’m seeing volatility compression across the board – on the futures and the FX front that is. Very interesting and it suggests that a big move is in the works. Here’s the EUR/NZD which may be painting a last kiss goodbye – I’m short right now but would be long above the 25-hour. Very nice setup – don’t miss this one.

Here’s crude – very same picture (i.e. volatility squeeze) which is also present on gold and silver – obviously a result of the volatility explosion earlier in the week. I don’t see a clear/concise entry right here (unless you like the 25-hour SMA) but would suggest you keep your eye on crude and the metals.

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By the way – the Boston bombers have been identified – two were killed apparently and there’s a manhunt being launched to apprehend whoever is left (sorry details are soft right now). That’s excellent but after following the amateur videos posted in the past few days here’s a message to the knucklehead who filmed the early morning shoot out in Watertown last night as well as the guy who caught the Waco fertilizer explosion two days ago:

Remember kids – vertical videos hurt people. Well, maybe not – but they do hurt my eyes…

Cheers,