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Friday Morning Briefing

Friday Morning Briefing

by The MoleMarch 21, 2014

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.

The E-Mini has been soldering higher overnight and as I’m typing this is already above our IP-L trigger whilst nibbling on that NLBL that still stands in the way. A push above it would trigger a long.

However if you are a sub then you know that I’m already long as I liked the Russell futures quite a bit better. Smaller range on the previous candle, we were already above the NLBL and the push above 1,197.5 triggered my long. FWIW – the bulls are far from being out of the woods just yet. This entire configuration is highly ambivalent and a reversal here still has good odds. I’m sticking with price but am prepared for possible whipsaw. That’s why I’m only playing 1/2R and plan to add the next 1/2 at the 1R interval (if we get there).

More goodies below the fold…


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About The Author
The Mole
Mole created Evil Speculator amidst the chaos of the financial crisis in early August of 2008. His vision for Evil Speculator is a refuge of reason, hands-on trading knowledge, and inspiration for traders of all ages and stripes. You can follow him and his nefarious schemes at the usual social media waterholes.
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  • Gopher_on_a_stick!

    Does the trend day indicator come with your sub or from somewhere else?

  • bdoone

    ISEE ‘Equity Only’ closed yesterday at 283. Getting on the frothy side.

  • Gold_Gerb
  • molecool

    Comes with any subscription.

  • teslaman

    Regarding the DJI I am long since 16369 (at the 15min 50SMA support)

    Waiting for a leg up to ~16450.

    At that point:

    – the 5min will test the upper part of the 20BOL (which is already out of its 200BOL) :
    – the 10min will test the upper part of the 200BOL :
    – the 15min will also test the upper part of the 200BOL :
    – the 30min will also test the upper part of the 200BOL :

    I will try a speculative short around there. It is an interesting point. However, If we breach it with confidence there is room up to 16500 on the higher time frames (1hour+).

  • Ronebadger

    SPX +.54%
    NDX -.30%
    something funny here…nowhere near correlated

  • Gold_Gerb
  • Sean

    Bought some VIX calls (APR $14) when it dipped below 14 earlier.. appears to be strong support around 13.50… SPX SQN(100) and VolStat show a weakening trend and volatility increasing… VIX SQN(100) rate of change bottomed in Nov, now positive… and zero totally flat-lined as we make new all time highs… looking like volatility is way cheap…

    Edit: also bought some SPY 187.5 puts (expires next week) around the same time for same reasons… small 1/2R position with a stop at 1/4R (though it’s up more than 50% already)

  • Gold_Gerb

    I believe, no… I Know, I can’t stomach meth tooth moves.

    I want to let the regular crew and lurkers know that 40% of my work team in Real-life ™
    was made an offer they couldn’t refuse in the past few weeks. The morale is depressingly low,
    and the work load is crushing. This is not good-bye, just a time to take a leave.
    After being here (forum) daily for four years, it’s going to be brutal breaking the habit.
    But my priority is with my family.

    Always Lurking

  • captainboom

    It’s unfortunate that Real Work™ can get in the way, but c’est la vie. Perhaps you can work on your system á la Scott. We’ll be here when you get back.

  • molecool

    Sounds like things are still rough out there – despite the supposed improvement in economic data. I’ve been there mate – have seen swaths of people being let go back in the dotcom bust and it was very depressing. Plus like you we had to pick up the slack and that made it even worse. If I were you I would put my resume out there and that post haste. Usually things don’t end well once they start letting a lot of folks go – no matter what management or HR tells you. They are paid to lie and to keep the rest of you guys working.

    You will be missed!!! Real bummer to see you leave. Boy it’s going to be quiet here without you mate 🙁

  • molecool

    He won’t have time if he sticks with his job. Developing a system is a full time engagement – not something you can do in your past time. You can try but instead of months it’ll probably take you years.

  • molecool


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    ¸„ø¤º°¨ P O S T “°º¤ø„¸