Homey Don’t Play Dat

I am running in circles this morning and only have a few minutes to spare. But as usual it’s not the volume of the content, it’s the quality. Let me demonstrate – two charts are worth highlighting this morning:

One is our short term correlation between the GBPJPY and the spoos. Although I was mired in fixing technical issues yesterday I made sure that you guys were aware of the little bear trap that was being set on the equity side. That’s right – Homey Don’t Play Dat!

And if you were a Zero sub then the signal near the bottom was pretty pronounced. Once again the bears have failed to pull the tape below critical inflection points – different day same tape. Anyway, let’s fast forward to right now.

That massive hammer has us with a long trigger today at ES 1871.75 – we’re right on it as I type this. Our stop would be a very generous amount away below 1844 – that ought to keep us enough buffer during the impending FOMC madness.

Speaking of event risk – I’m staying out of the EUR this morning as ‘ze Germans are releasing all kinds of economic data. If you are a CrazyIvan sub perhaps cut your exposure in half.

In case you read this in a cave and didn’t get the Homey reference – let me elucidate ya….

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Cheers,