New Inflection Point

Apologies for the sporadic posts recently but I have been bogged down with various technical and administrative issues in recent days which command way too much of my attention. Suffice to say I’m running low on patience, anti-depressants, and duct tape.

However the tape waits for no man (or woman) and it’s time for us to pay attention again. If you are still long then I suggest you do nothing and put your stop below 1966.25, which in my mind is our bullish/bearish inflection point. If we drop below that then we most likely do a retest of the 100-hour SMA which has ascended to ES 1930. Whether or not we’d be long there depends on the velocity of the tape and what the level of participation we’ll see on the Zero.

Gold looks like it’s ripe for a play. The idea here is to wait for the current ST ramp to run out of energy and produce a spike high (i.e. new high followed by a candle with a lower high), then grab some short positions and put your stop above the spike high. This play has good odds until around 1160 – higher than that and we may start a massive short squeeze. So watch the tape and don’t get married to either the short or long side.

A few more symbols below the fold:

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A few wild gyrations are guaranteed around 1:00pm today when Super Mario is scheduled to feed the market a new dose of hopium. I really need him to tongue lash the EUR back into submission. That new base it’s building near 1.10 has been a major thorn in the Mole’s backside. Which part of ‘I want the Euro on par’ don’t they understand over at the ECB? How is Northern Europe supposed to wine and dine millions of economic migrants with an overvalued currency? Get with the program Mario and turn those printing machines back on!

Cheers,