Come To Daddy!

Bad news across the board coming out of Europe and the big news of the day is that Draghi is officially stepping into the shoes of the old Bernank. Meaning he’s got this and no bankster crony shall be left behind. Hey, far be it from me to complain – we’re all smiles at our Mediterranean lair. The Euro has dropped below 1.24 and the ATM around the corner has become my new best friend. Gotta get it while the getting is good.

Now that said – the EUR may be far from finding support. Frankly I don’t see anything stopping the slide at this point and I caution you against looking for a floor right now. The next best support on the monthly is near 1.2 where we’ve got the 100-month Bollinger. That’s right – come to daddy!!!

Obviously if that happens it’ll transpire over weeks, perhaps months. Also remember that a bounce can happen here at any time since the whole story is heavily politicized. But technically speaking don’t be a hero and try to step under a falling sword right now. Currencies have a tendency to trend far beyond your limited imagination. There are easier victims out there – always – just be patient.

Nothing much to add to the situation over in equities. My longs are doing fine and you know what needs to happen next – either we shoot higher here or we’ll heading into a medium term correction. Right now they’re just screwing around. Not a good time to be a member of the weak hand club right now as this is exactly the type of honeypot setup that fakes you out three ways until Sunday. Check out the signal on the Zero indicator. No. Participation. Whatsoever. Typical honeypot tape.

Crude is in an pretty juicy spot right now – short term we have an opportunity to be short until it goes out of fashion around 78.6. I recommend a an entry here below the hourly NLBL at 78.34 – plus minus a few ticks. IF stopped out I will most definitely drop back in with a long position with the expectation of a jump higher toward the 25-day SMA which also coincides with the upper Bollinger on the hourly right now.

That’s all I got for today – see you guys tomorrow!

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Cheers,