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Late Monday Quickie
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Late Monday Quickie

Late Monday Quickie

by The MoleJanuary 26, 2015

I really don’t have much to add to this morning’s musings. We got a little fake out at the open but equities have been holding the line and our ST campaign is in good shape. However we are still trading below the 2062 inflection point I established early last week – it needs to be conquered and that post haste.

2015-01-26_spoos_update

There’s a typo on the chart – I meant 2062 and we need to close above it – period. Until that happens the bears still have a sliver of a chance to take this dog lower. However, that said – I hate this tape and consider it high risk territory.

2015-01-26_zero

Once again participation (courtesy of the Zero indicator) is non-existent, suggesting this advance is driven by a few major players. I don’t wager to guess which way it’ll lead but what I do know is that intra-day volatility is here to stay with us for a while. Even if this resolves higher and paints new high there is no telling when we turn on a dime again and suddenly dive lower.

Just for the record – I am not talking my own book here. I’m actually long the ES from this morning and still long in my NQ Thor campaign, which I professed last week was emotionally difficult to enter but thus far seems to be paying off.

2015-01-26_soybean_oil_entry

Otherwise I want you to keep an eye on soybean oil – not because it’s delicious but because it’s at a LT inflection point and thus we are looking for opportunities for a snap higher. The best approach IMO is to look for ST entries and build ourselves up from there. I don’t see any right now but let’s put it on our watch list. A drop off the plate is of course a possibility but unfortunately I don’t see a good entry for that right now, perhaps if we correct higher for a LKGB first.

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Cheers,

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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