Bulltard Of The Week

Yep, that would be me. If you’re been hanging around in the comment section or caught my tweet yesterday then you know that I grabbed a speculative long position around mid session. Not an easy entry given all that bearishness swirling around but thus far at least I seem to have gotten away with it.

More specifically my entry was near ES 2634.75 with a stop < 2611. It’s not out of the woods just yet but the formation on the hourly panel looks supportive. The next hurdle will be the 100-hour SMA.

I said that this wasn’t an easy entry to take and I wasn’t kidding – just look at that daily panel and then ask yourself if you would be thinking about long positions. It was mainly the signal divergence on the Zero indicator that convinced me to grab a small lottery ticket long. Now let’s see what happens next.

I’m giving this campaign a 35% chance of succeeding at most, but as you all know every so often the crowd is wrong which leads to the majority of participants getting punished. And that in turn leads to outlier moves in the opposite direction.

Whether or not that is the case remains to be seen however. Unless strong continuation higher can manifest itself right after the opening bell I don’t think that the bulls are strong enough to pull the cart out of the mud this time. Gravity is increasingly making itself felt.

Otherwise I’m not doing much right now – yesterday’s post was pretty massive and I hope you had a chance to study it in detail. See you guys later this afternoon.

Shameless Plug

Remember, trading equity futures without the Zero is like bringing a knife to a ray-gun fight. If you are not yet a subscriber then stop wasting time and sign up right now – you will find more details here. I for one would never trade the E-Mini without it and I’m sure many of its loyal subs would agree.