Let’s Rub It In A Little
Okay, so it’s summer and everyone is bitching about how there’s no edge in the tape – especially some of those lazy ass Ozzies who shall remain unnamed. Well, let me prove you otherwise and also take this opportunity to rub it in a little. Heck maybe I can even convince you to part with a mere $29.-/month to stop the slow drip drip drain on your portfolio 😉
Yesterday I postulated (to the subs) that the spoos may either hold steady or drop toward the equivalent of SPX 1300 and then bounce back from there. It happened overnight and a lot faster than I thought but that’s exactly what happened.
Bonds: Once the 30-year futures pushed above the 25-day MA without a retest a touch of my 127 target proceeded as suggested.
The NLBL gave us two targets – one at 1526 and we are now at T2 (mislabeled on the chart) at 1560+. Again, the push above my trusted 25-d SMA sealed the deal on a push higher. But bear in mind that without price context (i.e. the Net-Lines Buy Level) that MA would only have limited meaning. Folks who only use MAs for entry decisions quickly learn that lesson – one way or the other.
Last but not least – Corn futures. I suggested a long entry at 600 when everyone ran in circles with their hair on fire. Look where we are now. I think I am going to add Corn and perhaps Sugar to our daily Net-Lines inventory.
Finally, a little freebie for everyone: Crude bounced at the NLSL and although we may see a little retest this suggests we are pushing toward the 100 mark. That NLBL is near the first target range, so if you take this NLSL rejection as a long entry (some play it that way) then I would be out there.
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