Don’t Call Us – We’ll Call You!

So I made it to all the way to Los Angeles safe and sound and that was pretty much the only good thing I can report about it. To say that I hate flying these days would be a gross understatement. There was a time when catching a plane to a distant place was an adventure to be looked forward to. But no more as airlines in close collaboration with airport security have managed to completely suck all the fun (and dignity) out of it. I also recall a time when stewardesses (yes, I still use that term) were friendly, helpful, and attractive goddesses of the sky. In contrast the troglodytes roaming the isles these days are considered top notch if they don’t spill coffee all over your lap. The only exception I can think of is flying in Asia – those guys still know how to make you feel welcome. No wonder both Korea Air and Singapore Airlines continue to rank highest in the world every year.

On side note – as I was taking a little stroll here in Hollywood last night I ran into a new addition to the Hollywood walk of fame. What can I say – I’m touched and I’m happy that Hollywood has not completely forgotten the old Mole 😉

But as the saying goes over here: you’re only as good as your last film – or in my case your last chart. So let’s get on with it! The spoos have been painting a nice diagonal and are now attempting to sneak past this officially expired NLBL. Once again any calls of doom and gloom were at minimum premature as the support cluster I highlighted last week held up nicely. Is this the best the bears can muster up? I give this a D for effort.

Let’s swing by the nursery – the Dollar continues begging for punishment. As you recall I suggested a short here on  Monday and if you paid attention you got another chance yesterday while I was being violated in the Iberia Air torture chamber.

Cable – please tell me anyone took that SMA touch yesterday. I was putting it on our hotlist on Tuesday and yesterday was a perfect opportunity to get positioned. BTW, I would scale out a bit right now but keep a few lottery tickets in the running.

USD/CHF –  our first entry was on Monday and you guys got another chance yesterday. I’m happy to see that resistance held up and we made some nice downside progress. I would hold this one for now….

Gold – just keep riding the wave – that upper BB has been very good to us.

Coffee – nasty turn today and we are close to pulling the plug. Too bad as we were very close to target just yesterday. Had I been around I probably would have suggested taking some profits but I know what you’re thinking – woulda coulda – talk is cheap Mole-ester! Anyway, I think support needs to hold here and if it doesn’t then we’re outta here and may flip it for a short. FWIW – not my favorite contract right now.

Similar situation on bonds – a lot of resting of the SMA and then a steep drop today. Hard to catch this one so I’ll just watch it for now. Unfortunately we did not move a bit higher for a diagonal line touch (not on this chart but you can probably visualize it).

Corn – I told you guys to watch this one and get long on a Maginot Line touch. Who listened and got long yesterday? Another reason I hate long distance flights – I miss good setups!

Soybeans – may be a last kiss goodbye – may be a breach. I would watch that 100-hour SMA and follow its lead.

Jet lagged or not – there are setups to be had – please step into my Hollywood Ersatz Lair:
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USD/CAD – great touch of double support, which means we can try a long position right here. I will flip it on a drop through the daily SMA but for now it’s worth a long shot – pun intended.

CAD/JPY – bullish as hell and we just breached a daily NLBL. I have mixed feelings about the compressed Bollingers but the 25-hour SMA seems to be a good guide thus far.

The main reason I want to give this one a shot is the monthly chart – we are sitting on weekly support (thus far) and may just breach the 25-month SMA. Could be a good one and thus worth a little exposure with nicely managed risk.

AUD/USD – could be a last kiss goodbye on the daily and again the 100-hour should be where the rubber meets the road. If we push through hourly and daily resistance flip it for a long. Either way this one has a lot of potential.

The monthly once again captured my attention. There’s weekly support that’s being threatened (we have until tomorrow) and monthly support is nearby. So is monthly resistance, which has been holding up since July (or six months given that we have been below that level since April. I see some short term and long term potential here – take your pick.

Cheers,