Discretionary Trading
Now Reading
Hung Jury
31

Hung Jury

by The MoleOctober 3, 2016

All I want for Christmas is for this range bound market to finally find its quick and painful ending. There, I said it, and I’m sure many of you can empathize. It’s not just that equities are running in circles, almost every symbol I pull up these days is stuck in sideways mode. The number of weekly campaigns I feel comfortable taking (and recommending here) has steadily dropped since the summer. And although that has kept me and hopefully you as well out of a boatload of trouble it’s mentally taxing. Especially if you’re a financial blogger and are expected to keep things interesting and profitable for your readers.

2016-10-03_spoos

Now to our credit we have managed to grab a series of fortuitous entries over the past few weeks but quite frankly not since high school have I worked so hard for so little coin. If there were any lawns to mow here in Valencia I may feel tempted at this point. So it’s probably time to remind ourself of the fact that you can’t ever force the tape to do your bidding. When the going gets tough, the tough do not get going – they hunker down.

2016-10-03_events

Whether or not we’re seeing any type of resolution before Halloween is anyone’s guess as that daily formation could resolve any day or keep on coiling up for a few more weeks. Best we can do is to take entries when the odds are on our side, like we did last Friday. That campaign now is in humble profits and I’ve moved my stop to near break/even ahead of the ISM reports at 10:00am Eastern.

2016-10-03_soybeans

The soybeans futures may be just pretending to build a floor here but I would be foolish to not take out a long position with a stop below the recent spike low. The hourly BBs are squeezed almost to the max and I expect resolution to arrive within the next two sessions.

evil_separator

It's not too late - learn how to consistently bank coin without news, drama, and all the misinformation. If you are interested in becoming a subscriber then don't waste time and sign up here. The Zero indicator service also offers access to all Gold posts, so you actually get double the bang for your buck.

Please login or subscribe here to see the remainder of this post.


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.
Enjoyed this post? Consider a small donation to keep those evil deeds coming!

BTC: 1MwMJifeBU3YziDoLLu8S54Vg4cbnJxvpL
BCH: qqxflhnr0jcfj4nejw75klmpcsfsp68exukcr0a29e
ETH: 0x9D0824b9553346df7EFB6B76DBAd1E2763bE6Ef1
LTC: LUuoD6sDWgbqSgnpo5hceYPnTD9MAvxi6c

  • kim

    hmmm…

  • Mark Shinnick

    still short miners. $ still hanging in there.

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

    weeks of nowhere.
    we’ve been here before.

    [BPSPX] 200 weekly.
    http://stockcharts.com/h-sc/ui?s=%24BPSPX&p=W&yr=2&mn=0&dy=0&id=p25553354469
    -GG

  • Mark Shinnick

    Exited overnight spxu

  • Mark Shinnick

    closed short miners…see what happens 🙂

  • bravenewworld2011

    Tempted to short oil, am I crazy?

  • Mark Shinnick

    Crazy ? Isn’t that assumed logic around here? 🙂 To your point, I’m short from earlier this morning. I don’t trade crude “too often….but when I do” its usually around some sort of turning point. That said, I still have a harder time with it.. apparently don’t have most of those short term variables nailed-down.

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

    Didn’t take /zs cause already have the other grains, but nice one. Corn is doing well also. Everybody still hates gluten.

  • Mark Shinnick

    Except for taste and edibility which sells it, seems like a more-or-less useless food.

  • Mark Shinnick

    Support has come into rates. RE such as SPG seems to be breaking key support. Signs of market cracking-away of this insane QE model so not a time to be napping from Fall onset.

  • ZigZag

    Retail reits are going to be the short of the century – question is when?

  • Mark Shinnick

    I use Simon as the sector’s model. Remarkable guy; met him and his mom during a small party in his house around the time he went public.

  • Mark Shinnick

    Gold’s GLD is pretty much at its target support right here in my lens, just got here today. Situation really adding to the $ suspense.. and the rates suspense…and equities. In other words this is shaping up as a grand mal situation of some sort here….very interesting.

  • topedge

    long GC 1312 Dec

  • https://evilspeculator.com Sir Mole III

    I don’t eat any soy whatsoever. That shit is in anything and it’s pure poison for men.

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

    out at 1314

  • https://evilspeculator.com Sir Mole III

    2 handles is better than a kick in the shin 😉

  • kudra

    closed TZA today from entry Friday for .75% profit. In and out of NUGT today for .58% profit. Slim pickens. GDX has lost $26, can’t seem to get up off the mat, and could be aiming lower (RidingWaves report). Wish i was still holding some of that cheap DUST from last week, though tough to hold gold or miners short over the weekend when geopolitical events can snake bite.

  • Mark Shinnick

    Remember…just reduce exposure to something you can live with when you have a model signal like that.

  • Mark Shinnick
  • https://evilspeculator.com Sir Mole III
  • Mark Shinnick

    Vol-wise, looks likes its toning-down. Monitor XIV > 38 for clues might help a little.

  • OJuice

    Do me next.

  • https://evilspeculator.com Sir Mole III

    Feels like the tape is running on auto-pilot. The only time we see movement at this point is ahead or shortly after Fed or ECB announcements. Then everyone just walks away until the next one.

  • Mark Shinnick

    I guess the bots are just doing their job and having their collective effect; never permitting development of human level perception of short term tradable index opportunity.

  • https://evilspeculator.com Sir Mole III

    ping pong tape

  • OJuice

    High yield doesn’t appear to be pricing in any risk around this Deutsche Bank drama. Maybe there is nothing to price in and its all media hype. But if there is a surprise, I would have to suspect that the potential downside would extremely quick. Bought some Nov SPY 200 Puts at .94 for a little bit of insurance. Very small position.

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

    If it doubt – it’s media hype. Besides we never really know the true story anyway.