Cautiously Optimistic

Not a bad start of the week as the E-Mini long campaign I took out last Friday, courtesy of our trusted Zero indicator, appears to have survived the weekend. Of course equity bulls are far from being out of the woods yet as it’s not the dead cat bounce that matters but the ensuing follow up. So color me cautiously optimistic for now. However once the opening bell tolls it’s time for more aggressive bidding to arrive lest things may take another (rapid) turn southward.

Here’s my entry by the way as I took it last Friday, again courtesy of the Zero which showed us a supportive signal in combination with a clean retest of VWAP. Now it wasn’t a super convincing signal either, just for the record. No strong bullish signal divergence and had it not been for that spike to the 1.0 mark I would probably have given it a miss.

So far so good however and with a bit of luck and duct tape we may be able to pull off this little scalp. In retrospect I should have dropped my stop a bit lower actually, preferably below the spike low near 2647. Let’s see if I get away with it, but it’s not a good idea to keep stops so tight in such a volatile market.

You may have already forgotten about our Bitcoin entry but it is still alive and well. Stop now advances to < 11090. Curiously BTC seems to be the most bullish of the major crypto pairs…

… with the exception of Moreno perhaps. Nice floor pattern and I was actually tempted to go long near 301 but then somehow missed the boat. If there’s a retest of the 100-day I’ll definitely be game.

Natgas is also still in the running – it’s taking its merry time however. Nothing to do here but wait.

Since the Mole loves you here’s a nice gold entry that may come into focus today: Long IF (and only if) gold manages to drop to 1322.50 and then paint a spike low. Stop would be < 1310.

More entries below the fold – please meet me in the lair:

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