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Monday Morning Briefing
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Monday Morning Briefing

by The MoleOctober 7, 2013

Welcome to our morning briefing. Here we are reviewing short term setups ahead of the NYSE opening bell. If you are a scalper or swing trader then these setups may be of interest to you. As usual keep in mind that these are short term setups although they could be used as early entries for more longer term positions.

The short term panel does not offer us anything of value this morning and I would like to re-emphasize the overall situation so that you don’t get lured into getting chopped to pieces. Technically speaking we are in a bonafide downtrend – I have highlighted a clear series of lower spike highs and spike lows. Until that changes we should expect that 100-day SMA to be tested. However, I don’t sense any real momentum behind this correction and as it stands the bears have but zero mojo in this game (and probably few dogs in the fight). Emotion (i.e. fear) has driven us lower over the past  two weeks but given what’s at stake – meaning a potential U.S. bond default – we have held up surprisingly well.

It would be a mistake to make lofty directional predictions here as the event risk is obviously huge. And that in a way is the point – we have little technical context and anything could happen anytime. Does this sound like a recipe for success to you? I didn’t think so. Let’s just stay away until we see a more promising technical setup we can sink our teeth into.

Copper for instance has been producing a nice converging and playing the swings is encouraged. If you can catch a price pattern entry to the upside right now. The RTV-L on the map right now has triggered but has pulled back. Perhaps a chance to get in with a very speculative (i.e. small) position. Interestingly the 100-hour on this chart has been completely ignored, and for now so should we.

More below for my intrepid subs:

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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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