Hefeweizen Time

It’s been another busy week and the Mole is looking at more coding duties over the weekend in order to get CrazyIvan ready for its beta phase. I know it’s been a long time coming but I’m pretty certain you’ll love what we’ve cooked up for you guys. I didn’t see any setups worth pursuing ahead of July but the Dollar has been climbing and is now back on our radar:

You’ve got to hand it to ole’ bucky – it is persistent, even in the face of Bernanke’s unrelenting printing presses. Somehow it managed to bounce off of its 100-month SMA and we’re not back at the diagonal wall of shame, which for the past five years has remained impenetrable. Of course for us this means we’re back at an inflection point – let’s zoom in a bit:

As you can see the greenback is attempting to overcome weekly resistance at 83.415 – there’s also a monthly NLBL at 83.66. I would definitely be long above the weekly NLBL and add positions above 83.66 – 84 however is the magic number as it keeps getting refused there.

Not much to add on the equities side. Quite frankly I would love to see a little sell off here as this would put us in an RTV Sell setup which has nice odds of driving higher should today’s highs be breached. However the bulls seem to have difficult pushing this thing higher today – judging by my volume profile chart there seems to be a big seller above roughly 1607.25. I don’t expect resolution today – we’ll have to wait for July.

On the long term panel we’ve got the spoos just below a weekly NLSL. It would be positive for the bulls to clear this one today, so let’s see what happens EOD.

And that wraps up this week – which means it’s time to kick up our feet and crack open a cold one. Allow me to offer some suggestions:

That should put you guys in the proper mood. If you’re lucky enough to get your paws on one of those goodies you’ll thank me later. I’m particularly partial to Erdinger and Schneider.

Prost!!