Fork In The Road Friday
It’s fork-in-the-road-friday, ladies and leeches. At this time, make sure your seat backs and tray tables are in their full upright position and that your seat belt is correctly fastened. Also, your portable electronic devices must be set to ‘buzz off I’m busy’ mode until further notice. Because when the door closes on these juicy entry opportunities you are either on board or you’ll be left behind.
I’m seeing coiled up inflection points all across various verticals this morning and that means we’ve been sitting on our hands long enough – it’s entry time! The spoos are settling into small sideways range but I don’t expect that to last for long. My plan is to be long on a breach > 2371 .25 or short on a breach < 2696.5. We may actually get both and I’m willing to take both sides if there’s a fake out attempt preceding final resolution.
Bitcoin is still flailing around but the current formation on the ST panel looks enticing enough to risk a long position here with a stop < 9550. I would not yet be ready to take a short after a stop out. Most likely I would have to monitor the situation and perhaps re-entry short on a retest of 9550.
Litecoin is also a long here with a stop < 188. Unless you’re trading a cracker account I suggest you split 1% between BTC and LTC as there is massive correlation risk.
Quick update on our crude campaign: It’s slow going but crude continues to crawl its way higher. If it can overcome its 25-day SMA I think we may see it pining for 66 again.
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So indeed forks in the road all over the place. This is going to be interesting.
Enjoy your weekends!