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Casual Friday
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Casual Friday

by The MoleNovember 10, 2017

It’s been a pretty event filled and exhausting week for me which I’m more than ready to kick up my feet and call it casual Friday. But not so fast – equities once again are on the rebound after yet another shake out dip lower, and that opens up a potential entry opportunity. Yes, I know you’re ready to call it a week yourself but let’s at least take a peek, shall we?

2017-11-9_zero

The Zero actually signaled pretty bearish yesterday but then it painted a super juicy bullish divergence followed by a late session ramp higher (click on this link if you want to know how to trade those). Overnight we corrected a little lower but since I like the formation here I’m prepared to throw a few basis points at a Friday lottery ticket:

2017-11-10_spoos_entry

And there you have it. Long here with a stop below yesterday’s spike low. If you take a look at the daily panel (on the right) then you’ll note that the dip lower actually touched the 25-day SMA. Doesn’t mean a bounce is baked in of course but at least it’s got decent odds.

Caveat: It’s very late in this rally and if we bounce here then we better be nimble. I may even close out before the bell if we don’t see movement (to the upside!) after about mid day. In case you’re wondering – yes, it’s permissible to be short here and that may actually turn out to be the proper direction. It’s just not a deal I can take right now as the daily trend has not yet been broken.

 


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.
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