NQ@BB8
NQ@BB8
So the big news of the day is that the Nasdaq-100 finally touched the 3000 mark. Big deal – it’s just a number and in hexadecimal it’s BB8 – 3001 being BB9, etc. What’s a lot more important than round numbers is what got us there:
Unless we drop hard into the close this will be the 9th consecutive up day for the NQ. Yes, ten or even eleven in a row can’t be ruled out, especially with all that POMO cash floating around. However I am not comfortable taking long setups on the equities side right now so I have to make due with less overbought victims.
Of course short term is another story. We grabbed a very nice entry on the spoos this morning (it was posted for free I may add) and I hope you managed to hop on the bus when that NLBL long was triggered.
Quick update on copper – yesterday’s inside day triggered this morning and I suggest you now take partial profits as it’s touching a NLSL. Keeping a few contracts open for a ride lower is permissible but I am moving my stops a bit lower to protect 1R.
Bonds – the 30-year entry yesterday is good to go it seems. Thus far there’s nothing to do but sit and wait for continuation. Yes, if we get a correction in equities it’s possible we see a retest of that 100-day SMA. But as none of us have a crystal ball it’s best not to futz with the campaign right now.
I usually don’t take special requests but someone asked me for a Dollar update and after glancing at my LT chart I happily obliged. As you can see the greenback just pushed above its diagonal resistance line and that’s usually when Bernanke’s big shoe drops.
The P&F suggests that we shouldn’t get our panties in a bunch until we see 83.5 being taken out. We are so close but it’s been a brick wall all year – perhaps fourth time will be a charm? So set your clocks folks – a breach of 83.5 will take out a lot of stops and hopefully push this puppy over the line for good. But until this happens I’m sorry to say that the Dollar is a short candidate with a stop above 83.5.
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Cheers,