Now We’re Getting Somewhere

I’m pretty excited down here in the lair as we’re at important inflection points across the board. Equities are either feigning to tilt over or are once more reeling in whatever hapless bears may remain. What’s the difference and how can you get positioned on the right side – well, as usual I’m here to help:

So here we are – today’s drop puts us right above (as of this writing) a Retest Variation Sell trigger. I have drawn the basic concept on my chart – we have a major high – a few candles lower – a push higher and now an attempt to breach yesterday’s lows. The fact that it’s holding this near to the close may be a great ‘RTV Sell Fail’ setup. This is not an official entry but when there’s overlapping context then it’s passable to finetune your entry – it’s something that black boxes have a very hard time doing and one of the few pluses of discretionary trading. It’s also a minus as the same time as you may let your emotions do the trading – so watch yourself.

A bit more context on the E-Mini – as you can see it touched its weekly NLSL and pushed back – again this is supportive of the notion that we are sitting at an important inflection point – everything seems to be flowing together fine here.

NQ – this one actually pushed back above its NLSL and that’s potentially bullish. I’m long here with a stop below. This is still a bit speculative and I will be back in my original RTV Sell short if that NLSL gives way. Of course if you prefer to simply play the RTV rules then don’t let me confuse you – everyone has their own style and risk tolerance.

Actually the YM is my favorite today as it’s sitting above its 25-day SMA. Right now it managed to pull back above its NLSL and that puts me back into a long here as well.

Quick update on AAPL – this is the P&F I posted a week ago. If you have been coming here for a while then you know that we’ve traded this dog down all the way from its first short trigger near 645.

And here we are today – it seems AAPL does have a date with that bearish price objective near 355. Which would effectively have cut it in half in less than a year. OUCH! That’ll probably leave a mark across the mutual fund sector 😉

In case you’re wondering – we are back to square one on the VIX front.

Alright, but we’re just getting warmed up! I have been a busy bee and we’ve got nice setups on the FX and futures front today:

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Happy hunting but keep it frosty!

Cheers,