Now Reading
All Quiet On The Western Front
36

All Quiet On The Western Front

by The MoleMarch 4, 2013

It’s pretty been pretty slow today and one can’t help but wonder if it’s the proverbial quiet before the storm. Interestingly we seem to be a bit ambiguous across the board with equities apparently attempting to gather enough mojo to punch through that volume vacuum looming above:

As you can see the spoos are still pinned below that little diagonal which it keeps bumping into. There were attempts to drop lower but buyers keep showing up. I think as of now we are still bullish but if we close below that diagonal today then odds start shifting over the bears. I suggest you watch that 100-hour SMA – it’s rising and thus if the bears want a shot at this it’ll have to be overcome first. Don’t count out the bulls just yet – things are literally hanging in the balance here. Not a bad spot to get positioned as soon as the tape gives us a sign.

Dow futures are painting an inside day – very interesting given the previous candle spaghetti. If you look at the action of the past few weeks it’s clear that things have hit a snag. The bulls have to get going now or gravity will take over. Those Fed sponsored buying spikes can only bail you out this often.

Gold still sitting on that daily NLSL – watch that one!

The Dollar painting an inside day – small range – just the way we like it.

And not to be left out – EUR/USD – also donning a very juicy inside day. If you are uncertain about the rules then please check our cheat sheet.

And yet another inside day on copper – I very much like the context here. Could go either way but I would prefer a little short squeeze at this point.

 

It’s not too late – learn how to consistently bank coin without news, drama, and all the misinformation. If you are interested in becoming a subscriber then don’t waste time and sign up here. The Zero indicator service also offers access to all Gold posts, so you actually get double the bang for your buck.

Cheers,


About The Author
The Mole
Mole created Evil Speculator amidst the chaos of the financial crisis in early August of 2008. His vision for Evil Speculator is a refuge of reason, hands-on trading knowledge, and inspiration for traders of all ages and stripes. You can follow him and his nefarious schemes at the usual social media waterholes.
Enjoyed this post? Consider a small donation to keep those evil deeds coming!

BTC: 1MwMJifeBU3YziDoLLu8S54Vg4cbnJxvpL
BCH: qqxflhnr0jcfj4nejw75klmpcsfsp68exukcr0a29e
ETH: 0x9D0824b9553346df7EFB6B76DBAd1E2763bE6Ef1
LTC: LUuoD6sDWgbqSgnpo5hceYPnTD9MAvxi6c

  • http://dartht.blogspot.com/ Darth_Gerb

    a like for the DOW futures chart.
    if Spoos can’t move, check DOW for defensive sector hints.
    -DG

  • Skynard

    Hehe, ready for the dump. Seems like a dollar consolidation day:)

  • JB

    Quiet before the squeeze ..  I’ll jump the bull bandwagon if we get below 1498 .. 

  • Pervergence

    Miniscule div on ZL

  • Pervergence

    GC breaking down

  • Skynard

    Donk!

  • Pervergence

    Here comes the diag. resist on ES

  • Pervergence

    Gold breached daily NLSL

  • http://dartht.blogspot.com/ Darth_Gerb

    I got a laugh out of this one today

    Gold down 4 bucks, but amazing carnage in some mining shares  NUGT is digging a new mine shaft itself.

  • Skynard

    OK, last trade of the day, at resistance this time:)

  • Skynard

    Well , it does not look like the hourly is confiming this mave at all.

  • Rightside_ot_trade

    Feeble bounce but
    maybe the hourly is forming a Fakeout
    and new buy line at 75.4 from that BB squeeze
    this morning

  • AmazingLarry

    Another nice squeeze in /KC. 

  • Skynard

    Put on the full short now. Strong backdraft:)

  • Rightside_ot_trade

    NFLX shorts may have managed to get the other boot off their throat, not bad considering they’ve been halved since beginning of the year
    Tomorrow may tell if Daily 25 and sell line are breached, numerous lows around 175

  • https://evilspeculator.com molecool

    I just switched over to a new version of aMember – if you can’t log in please email me right away. Thanks!

  • newbfxtrader

    Hmmm watch the FX side. Eur holding above 1.3 Gbp above 1.5 aussie trying to reclaim 1.02 …..

  • Skynard

    Holding over tonight, see if we get some fire works. My bias got me after watching last night’s action me thinks.

  • Joe_Jones

    check out today’s drop in HL: 
    http://stockcharts.com/h-sc/ui?s=HL&p=D&b=5&g=0&id=p20296317298
    Ouch! I pity knife catchers.

  • Skynard

    It’s a fake me thinks, AUD failed at the 100 hourly, GBP hugging it and EUR went nowhere. This seems like the spree before the real move.

  • BobbyLow

    I’m still short Oil and Basic Materials.  Energy Companies themselves via $DJUSEN  just might be showing signs of a little weakness.   But the Financials via $DJUSFN have been and still are on a relentless tear.  If these last two break down then there goes your /ES and subsequently the S&P.  

    JMNSHO

    BTW, the reason why I posted that piece about low short interest this morning is that if there are not a lot of shorts out there then who is there to cover and help drive price upward.  I know everybody knows this but it still doesn’t change the fact that it’s pretty tough to have a massive short squeeze with out a massive number of shorts out there to squeeze.   🙂

  • Skynard

    Well, at this point retail are all in. The tape has been brutal past few weeks and it can definitely move higher. Think this week or next will be a strong move down. Just when you think it’s safe the mm’s pull the rug out:)

  • JB

    I’m on the opposite side of this trade..  I think the sequester got the weak longs shaken out and pulled in new shorts..   The squeeze could be impressive .. 

  • http://dartht.blogspot.com/ Darth_Gerb

    Bullish Percent..
    anybody remember October 2012, where price was whipsaw around for a few weeks before November let the air out?….I’m just saying.

    http://stockcharts.com/h-sc/ui?s=$BPSPX&p=D&yr=0&mn=7&dy=0&id=p83933948468

  • http://dartht.blogspot.com/ Darth_Gerb

    excellent, exxxcellent.
    GDX PnF target is 35.  
    Everything is proceeding as I have foreseen

  • Skynard

    Whip saw alley, Check!

  • BobbyLow

    That’s for sure, especially in the “just when you think it’s safe. . .”  part.   🙂

  • http://dartht.blogspot.com/ Darth_Gerb

    You just got to love those JPM whales, right?

    T – time.  double T!

    http://s17.postimage.org/wvywyr0ot/temp1.png

  • badflightrisk

    What have you foreseen for GDX after it hits the target? 
    The children are running for the woods.

  • Joe_Jones

    huge volume on it too. Shows capitulation IMO. We are getting close to a buy

  • Darkthirty

    Zerohedge posted the POMOs for March

  • Joe_Jones
  • http://dartht.blogspot.com/ Darth_Gerb
  • Skynard

    Took the dollar long at the 100 hourly.

  • Skynard

    Last stand for this trade.

  • https://evilspeculator.com molecool

    I did it a few days ago…