Back From Whence You Came

The short term panel on the E-Mini is starting to look pretty messy and we’ve retraced some of the progress made yesterday. Which means our E-mini campaign effectively has returned from whence it came. Volatility galore and although equities continue to rack up one record high after the other the tape hasn’t exactly been running on easy street, if you bother to peek below the hood.

The hourly Zero signal over the past few weeks has been barely positive and most recently began to degrade. I can’t help but wonder if we may be looking at distribution here.

If the E-mini is unable to get out of the gate and that soon then a fast drop lower could most definitely be in the cards.

Which is why I would once again remind everyone that downside protection continues to be sold at bottom barrel prices. It’s okay if you’re not an option trader, just grab some March or June SPY puts near or at the money. If you feel like a bit frisky then add a few OTM puts as well but as you know theta burn can be a royal bitch.

Crude managed to get its groove on and I am now moving my stop to break even as we’ve breached 1R MFE.

The USD/CAD is also still in the running and my trail advances to below 1.242. As you know I intent to let this one run all the way if it is so inclined.

The USD/JPY is currently tinkering with its daily NLBL and as I like the hourly configuration I grabbed a 0.25% position with a stop below 111.50. I think a break out has potential here but judging by the past two attempts it’s possible that it’ll get stomped on again.

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Apologies for the tardiness and brevity of today’s post. I somehow kept running into one technical issue after another and simply ran out of time. One of those days weeks I guess…