Don’t Be Late!
Fun fact about the featured video: Saga used to be my favorite band as a youngster and I wound up attending that very concert back in 1991. Took me a long train ride to get there and after the show I ended up sleeping at the train station as there were no return trains until early next morning. Now if you’re under 25 years old and are breaking out in hives when being exposed to 1980s style synth pop then you may want to point your browser here for some similarly themed eye bleach. But when it comes to actionable information it is message is that matters, not the messenger. And we do have technical progression on the equities side that requires our attention:
You may actually still be in the long campaign we took out on Thursday. If you got trailed out then here may be a good opportunity to jump back in. I myself took out a long position earlier this morning with a stop below 2123. This entry is actually looking way too gorgeous to be true, so color me a tad skeptical. It’s like Adriana Lima (or Zac Efron for the ladies) calls you out of the blue and professes that she can’t imagine living on without meeting you in person. That daily configuration is almost textbook and could resolve in either direction. The hourly BBs are squeezed tight and what comes next will most likely be explosive. There is no predicting the direction BUT what we can do is to participate based on the most recent evidence. I’m not sensing a particular trap right here right now so for now – long it is.
The NQ is clearly leading the recent advance and is now approaching the last hurdle which is the daily NLBL at 4832.5. A pop above that and we should see some fireworks.
If you are a sub then you know I posted about silver twice last week (Thursday and Friday) – as a long entry of course. I hope you weren’t too stingy with your stop because there she goes! If you’re long here then congrats and I suggest you place your stop a wee bit below the 100-hour SMA, preferably below 19.0. If you didn’t take it because you weren’t a sub then may want to remedy the situation post haste. Finally if you are a sub and snoozed then report to the lair for a lashing.
By the way I really don’t say this often but last Friday’s entry on soybeans should be added to the trading dictionary under ‘perfect entry’. Any subs who participated are highly encouraged to take partial profits here and trail the rest below 1970 as I anticipate a bit of whipsaw here below those daily Net-Line Buy Levels. Oh you weren’t a sub? How regrettable…
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