Just Put Me Out Of My Misery

You know me – I don’t complain often about the tape. But just like you I am merely human (well, sort of) and there are limits to the amount of mental agony I am able to endure. All summer we’ve been stuck in a game of slow motion ping pong, only to be interrupted by an obligatory shake out terminating at the 25-day SMA early this month. It’s been a veritable ten handle range of pain and I’m starting to feel like Phil the weatherman in Groundhog Day. Suicide is not an option and I’m way beyond embracing the pain. May as well have some with it. 

If you insist on participating here then I strongly recommend you play the swings near the extremes. On the ES futures that means long near 2175 and short near 2185. If you’re a Zero sub (if not remedy the situation here) then wait for signal divergences, there are a ton of examples in the video section in case you need a refresher. Otherwise I am not going to hazard engaging in any directional campaigns as the tape seems to be turning in circles all over the place.

Silver is taking a massive beating and that close below the upper 100-week BB and a weekly NLSL suggests that it’s about to head even lower. Preliminary targets are the 18 mark (100-day SMA) and it may drop as low as 17.75. Don’t try to step underneath a falling sword here – it’s best to get out of the way and wait for this to play out. And if you were short like our resident GoldGerb then do nothing and hold it all the way into the target zone.

One commodity however is heading up and we’ve got an awesome opportunity right now to hop on board:

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