First up, if you haven’t gone out and voted already: Stop reading right now and head down to your local voting location to exercise your constitutionally guaranteed right as a U.S. citizen. No ifs or buts – frankly I don’t want to hear it and nobody really cares. Also please ignore any reports of incorrectly functioning voting booths. After all we wouldn’t want to see another voting accident, would we?
Alright with that out of the way let’s talk equities which are starting to look uppity. Although I would have preferred a touch of the 100-hour SMA I decided to take on an early speculative position with a stop < 2700. I can’t be sure that’s wide enough to endure today’s gyrations but a drop through that probably draws us much lower anyway.
Momo is looking supportive across equities as breadth seems to be in recovery mode after a massive drop in late summer into early fall. Usually pushes > the lower BB suggest short term BTFD opportunities. It doesn’t work all the time but it works often enough to offer an edge to the consummate market megalomaniac.
I shared my IVTS tale with you the other day, thus I’m elated to see that it is starting to drop < the 1.0 mark. Which of course means that VIXEN should start triggering again shortly (pun intended).
Gold has made a surprising comeback and is now getting close to bracing its prior spike highs on the hourly. As much as I hate to admit it but that daily panel looks bullish as frack so if she blows she’ll blow big.
What’s even more surprising is that the inversely correlated USD/JPY has drooped lower but thus far is holding at about 0.5R after touching an MFE of 1R. I’m keeping my stop at break/even here and let those two duke it out.
And my previously most favorite chart has now turned into my least favorite of the day: The Dollar of course which unfortunately reversed and bestowed me with a stop out at break/even. Annoying as I have an inkling it’s going to bust higher after tonight’s election results. I would bitch about it more but as I mentioned further above – nobody cares 😉
Public Service Announcement
Once per year the king of Spain is being hosted here in Valencia and it always happens literally in the ancient public building right in front of me. They already brought in massive generators and various trucks, media coverage galore, the entire street is turning into a massive circus. I kid you not, the Spanish secret service knocked at our door a few days ago checking our passports and taking notes just to make sure I wasn’t some type of subversive.
I’m digging the beard action and before you ladies all start swooning – sorry, he’s already taken. Anyway what this means for me is that, given all the commotion, I’ll be forced to get the hell out of dodge and spent most of my afternoon somewhere else, most likely at the gym. Which means no post tomorrow guys unless of course the wrong party wins and the market tanks 😉