Bear Spanking

Every once in a while we snag that perfect entry and I would lie if claimed that it’s not hugely satisfying. Equities are now in full squeeze mode and after a continued push higher overnight it’s due time to convert a portion of my paper profits into cold hard cash. The remainder stays in the game in expectation of a much more pronounced bear spanking.

My trailing stop is near 2053, a respectable distance away permitting sufficient room for the obligatory late Friday monkey business. This has third wave written all over it – cough cough 😉

Bonds – stopped out at break/even overnight. Can’t win ’em all.

AUD/CHF – attaboy! Also taking partial profits here and will start to trail the rest below that spike low and NLSL on the hourly.

Soybeans got stopped out at b/e overnight but corn is still in the running – such a trooper. If it can make it through today without stop out then I think this campaign has good odds. Actually this is a great entry opportunity with a stop below 372.

My crude campaign will most likely get taken to the woodshed. However if it breaches that support line on the daily and then recovers I would try again. If stopped out once more I would go short as we most likely would revisit the prior lows near 38. Hey, can someone tell me why gasoline is still so bloody expensive? Consumers have been gipped for almost a year now – refinery cost my shiny metal butt!

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Cheers,