I’ll Be Your Huckleberry

And so we are long again – I know it sucks but having strong opinions in this tape can cost you dearly. Best to remain nimble and endure a bit of whipsaw until Mrs. Market finally picks a direction.

I must say that the sudden swing in sentiment is a bit surprising and puts the bears back on notice. Yesterday we saw expanding selling pressure all the way into the close. But today we opened with a flat signal (see Zero Lite on the right panel) after which the signal started oscillating in positive territory until now.

Which is why I’m glad that I suggested a long entry on the NQ early in the morning – if you’re a sub then you ought to be sitting pretty right now and it hopefully takes the edge off the ticks lost in today’s stop out on the spoos. And if you weren’t then I suggest you remedy that unfortunate situation post haste 😉

The NLSL at 1631.5 is an important threshold and it’ll remain active for three more sessions. Currently we are trading above the 100-day SMA and apparently that weekly NLSL at 1622 is ready to act as support. I don’t see any bearish mojo today so I have no idea as to whether we ought to expect a retest. I guess in an environment of binary sentiment swings one has to remain prepared and play the swings as best as possible.

I’m not saying that to be cynical as strong emotions and trading the markets usually do not mix very well. It merely strengthens my observation that we need to remain nimble and do our best to remain positioned along the direction of the tape. Fortunately this morning we had the benefit of a support cluster to get positioned. As for right now I would not touch anything and simply wait for further instructions. It’s easy to get caught into the mix and then wind up chasing after the tape.

Yes, we may be forced to switch sides again tomorrow or Friday. But if that is the price to be paid to sit out the current honeypot and ride this thing into resolution then fine – do your worst. I’ll be your huckleberry 😉

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Cheers,