Summer Season Trapping

Not sure what exactly is cooking this morning but I’m seeing setups crawling out of the woodwork. Time to hone our trapping skills! I’ve taken the liberty to post an instructional video that should get you going. I’m not sure how twerking and dub stepping fits into the hunting procedure but being a city boy I gladly yield to the experts.

Before we get to the goodies here’s a quick update on gold, which has been on fire since our well timed entry on June 30th. Now we seem to be painting a little shake out but if you place your trail below 1355 you should be okay for now. A bit of profit taking after a push upward like this is perfectly normal.

I love the NQ this morning, and what’s not to love? We’ve got a pinched Bollinger on the hourly panel, everything is pointing upward, we are pushing against daily resistance. Meanwhile we’ve got bearish news galore on ZeroHedge, your wife is flirting with the mailman, your car got scratched, your teenage daughter is pregnant, and a swarm of locust is feasting itself in your storage closet as I’m writing this. So we go long here of course with a stop below 4380.

Here’s the long term view which should explain my irrational exuberance. Either this thing dies in the craddle once more and we drop like a rock or we finally escape the shackles of this annoying sideways churn zone from hell.

In case you wonder: Yes, this also makes for a great short setup. BUT we need to see price paint a bit of weakness first. PLUS it would have to happen today during the session. I’m not grabbing short positions Friday afternoon ahead of the weekend, that’s for sure.

Of course you can also play the spoos instead – looking equally attractive but there are no inflection points on the daily panel. That makes it easier now but does not give us a downside support zone on the way up.

More setups below the fold. If you’re still a leech then you only have yourself to blame. But there is hope, even for stingy bastards like you. So point your browser here to escape the torment of retail rat purgatory once and for all 

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Now go and have fun but keep it frosty. Anyone who sends me a twerking video of him/herself gets a free week of the Zero. No nudity please