Friday Morning Briefing

Welcome to our morning briefing. Here we are reviewing short term setups ahead of the NYSE opening bell. If you are a scalper or swing trader then these setups may be of interest to you. As usual keep in mind that these are short term setups although they could be used as early entries for more longer term positions.

And this is why we take VIX buy signals seriously, boys and girls. And in an environment flush with eternal QE cash the buy signals have been particularly profitable over the past few years. As always the Mole was on the case and I hope none of you guys just got whipsawed.

Major moves across the board just now. It’s time to take profits on some of yesterday’s setups. Let’s review. Bonds were on their ST Maginot line plus pushing resistance on the daily. The short entry happened earlier tonight which I missed but there was another opportunity earlier this morning when it failed both SMAs. I had no idea I’d be taking profits two hours later. It’s better to be lucky than good 😉

Gold – similar story – gold was doomed as soon as it dropped through the 100-hour late yesterday. Really got lucky on that one as it way overshot my target range of 1706.

The one I didn’t report on yesterday is cable. I did mention it as a reversal candidate on the 31st but that doesn’t count – we run a clean ship here. Anyway, IF you managed to get in at the 100-hour then get out now.

Major move on the CAD/JPY. Like the disciplined rat that I am I took profits on it yesterday. Well, it’s always better to wish being in a trade than wishing to be out of one. But look at this candle – that’s just nuts.

The spoos are not far behind – we are now officially above that volume hole. Great news for the bulls and the bears better suit up for yet another cold winter.

AUD/JPY – another monster candle – just shown here for posterity.

A quick setup on copper – now below the 100-hour and may just drop through this NLSL. Short candidate at this point with a stop above the SMA.

Cheers,