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Gonna Be A Rough Week
44

Gonna Be A Rough Week

by The MoleSeptember 24, 2018

Like every Monday morning I just checked the events calendar for this week and boy – it is packed to the gills with central banking goodness. Which most likely is going to add additional volatility to an already volatile market phase. On the plus side – horraay – summer is finally over. Yes, I hate summer and all the profuse sweating that comes with it, especially here in the capital of humidity: Valencia.

And of course the tape usually sucks during summer which makes trading and especially blogging about trading a rough endeavor. Fortunately we’ve got at least six months of cold weather ahead of us, which means instead of frolicking around in the sun and getting yourselves into trouble you’ll be stuck at home or at the office bored out of your mind reloading my blog every five minutes. So everyone wins! 😉

Okay, so here’s the event roster for this week. I suggest you tread carefully all the way through Thursday.

Crude is on fire and I’ve advanced my trail to 1R. MFE here is already at 2R, but I’ll wait a little to tighten my stop further as I’m a big proponent of letting my winners run.

The Ozzie Dollar is softening a bit and I’m keeping my trail in place at about -0.5R. Time for this one to get a move on or it’s heading back into the trading range.

EUR/USD also dropping but I have little doubt that it’ll hold that rising 100-hour SMA. For now my trail here remains at break/even.

Despite all the impending drama I am taking out a long position on the E-Mini due to the beautiful stab lower last Friday. Thus far we see soft bullish mojo but of course this position is a bit speculative. So only a 0.3% position size for me on this one.

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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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  • https://evilspeculator.com Sir Mole III

    Hey guys – I’m having problems with my Zero VPS – am in the process of launching it on my backup. Give me 10 minutes please.

  • HD

    Nice oil trade!

  • HD

    200B Trade tariff war thingy kicks in today. Follow up to an idea presented a few weeks ago. Just the optics of the trade war. SSEC bottoming (broke TL)/ US topping.

    https://uploads.disquscdn.com/images/666518517fe4d7e945f32c2f994b8e073780b113114835f42c34ac3976bb6bbe.png

  • Dyellowflash

    I am also short DOW around 26680-90. Still watching up the 5m chart in case its another bear trap. If 5m forms 2 strong Candles near each other or form a series of green candles, i will reduce/TP my shorts by 50%. So far nothing yet.

  • Dyellowflash
  • HD

    SPX here’s that sequence again from last week. It did close 2929 exactly 🙂 2906 on deck, already -17, flat. Ninkasi and fritter on deck.

    HD Mod • 6 days ago
    whipsaw Wednesday on deck. Some levels, 2900, 2929, 2906, 2884. 2906 close would offer some clues. SPX

  • https://evilspeculator.com Sir Mole III

    Starting to look ugly…

  • https://evilspeculator.com Sir Mole III
  • bankwalker

    Sounds like Rosenstein is out … Let’s see how the markets react.

    https://www.youtube.com/watch?v=Wz_DNrKVrQ8

  • Julie 35 – 25 – 36

    SLV long Yes BAC short Yes
    JULIE

  • https://evilspeculator.com Sir Mole III

    The daily drama. I should have just stayed in the 20th century.

  • bankwalker

    RUT broke support …

  • bankwalker

    and quickly recovered …

  • ridingwaves

    American sheeple are easily flocked now……
    The libs are trying the tawana brawley meme with a white women now, less over production, just nothing but accusations….its over the top insanity over here now….even lies have cycles…

  • HD

    Breaking down the institutions and rebuilding them celebrity apprentice style.

  • https://evilspeculator.com Sir Mole III

    It’s not much better over here in Europe. For obvious reasons I don’t want to get into it as I don’t want to pollute the sanctuary I took much care to build over the past decade.

  • bankwalker

    RUT back under support again … DOW also testing …

  • ridingwaves

    got it….make sure when you move back, you pick a place where you can get in a car and drive….not sit in traffic…..I was up in Eastern Washington and enjoyed the open spaces last week….

  • HD

    SPX traded hwb and found sellers too.

  • Julie 35 – 25 – 36

    RW I like MNKD with a bullish close above 1.74. If so targets 2.03 and 2.07
    JULIE

  • Julie 35 – 25 – 36

    MNKD Very strong support 1.61
    JULIE

  • ridingwaves

    biotech is a safe place right now, no tariff issues at all, seasonality is good….lots of M&A activity….one of the picks I told folks to buy long ago at 88 is now at 166…..EW……the hatchet job to 88 was to grab more shares for the big boys…..

  • Julie 35 – 25 – 36

    SPX A bearish close below 2913.53 is well …. bearish
    JULIE

  • Dyellowflash

    still holding on to my shorts from mkt opening. Not to jinx, but nothing bullish on the 5m timeframe yet.

  • BKXtoZERO

    Don’t Jinx me either….

  • Dyellowflash

    i still dont believe mkt will fall nicely like a good chap from here on the dot at weekly double top on the Dow’s Jan 2018 price 26700 and i managed to fill a truck at 26690 today.

  • http://gerb-reloaded.blogspot.com Gold_Gerb
  • http://gerb-reloaded.blogspot.com Gold_Gerb
  • ridingwaves

    solid support at 28.11, bankers love higher rates…..more interest money from the sheep…..

  • HD

    You’re a natural. You’ll be counting waves in no time. 🙂

  • bankwalker

    equity indices don’t seem to want to go down … they had their opportunity.

  • ridingwaves

    someone is buying 10K blocks of AVXL, in at 2.55…..stop at todays low….

  • http://gerb-reloaded.blogspot.com Gold_Gerb

    weekly death cross must be failing to function.
    5 year support base, wowsers.

  • http://gerb-reloaded.blogspot.com Gold_Gerb

    do you think they will pass the profits to the savers?

    me thinks not!

  • ridingwaves

    hate the short ratio (24%) but love the short ratio if any good news……it could triple in a morning easily…..Alzheimers it an untapped market as of today….so this could happen with this symbol, only 20% institutions, float is very viscus

  • http://www.captainboom.com/ captainboom

    Thoughts on CRSP?

  • ridingwaves

    hell no, savers were discarded for speculators in 2009…..

  • http://gerb-reloaded.blogspot.com Gold_Gerb
  • mSquare

    Check out ILMN – making new highs. Expensive as always but think many new highs ahead as no competitors even close…

  • Julie 35 – 25 – 36

    In the money SLV long and BAC short However tight stops MNKD Wow ! Everyone Have A Great Rest Of Day !

  • ridingwaves

    let me look into captn.
    OMER has 42 on PNF, Cramers buddies are playing it now after he highlighted it…..
    IDRA is a unique opportunity as its beat down, the big boys are playing a channel right now from 8-12 to let averages move down for larger thrust…..Melanoma play…might be best in class according to phase 3 out…..Baker brothers are in big here….but its still working off shorts….hard to tell what next move will be…but good entry points at 8 with stop in mid 7s makes sense

  • ridingwaves

    captn did you get more O$%$ in single digits? I think 19 is coming up in next 2 months….possibly higher, accumulation is in play…

  • ridingwaves

    Todays biotech winner is : Amarin Corporation(AMRN)
    Quote Lookup

    12.40+9.41 (+314.72%)
    At close: 4:00PM EDT

    12.58 +0.18 (1.45%)

    old top of 19 might be in play here……could have bought at opening for 9 something and made 25% scalping…I didn’t and saw it there…..

  • http://www.captainboom.com/ captainboom

    I did not. Traveling and busy with summer work. I’m in good shape with the allocation I have now.