Porcupine Wednesday Morning Briefing

You probably recall the old joke from your childhood: How do porcupines make love? Answer: Very carefully! Actually being a science geek I read up on the matter and reality absolutely trumps fiction on this one. Be this as it may, we’re sticking with the original theme as this is how I feel this morning. In the past few days the tape across board has been rubbing me the wrong way. It’s not the TF double whipsaw specifically – it’s still early but we may see signs of distribution – perhaps accumulation against the trend even. I can’t show you a specific chart that screams trouble but it’s the overall picture that’s giving me the creeps.

Given my current paranoia I’m acting like a spoiled prom queen vetting new suitors when it comes to picking setups. I’m extra picky and I say no at the slightest sign of incongruence. The only chart that speaks to me this morning is platinum – we do have two colliding SMAs and if it breaches that NLBL I’ll dip into a long position. Otherwise I’m not seeing anything I would feel comfortable pimping to my steel rats. In times like these it’s best to lay low and wait for better pickings. Let’s see what the afternoon brings. Patience grasshoppers – patience 😉

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Cheers,