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Enjoy The Roller Coaster

Enjoy The Roller Coaster

Enjoy The Roller Coaster

by The MoleJune 11, 2013

Seems to me Six Flags is testing out its new virtual NYSE roller coaster this week. You and your family get a free bonus ride when you open a retail account over at participating bucket shops. Hell, it’s a blast at first until you start puking up your lunch. I shouldn’t complain as we’ve played the swings pretty well but this is no time to become complacent or over confident. Obviously technical damage has been done and the bulls are having a tough time to keep the cart from flying off the rails.

So we’re back from whence we came this morning – the 100-hour SMA was challenged but then served as a trampoline for a bounce back toward the brick wall still standing at 1645.75 (i.e. our daily NLBL). From there we just dropped like a rock and who knows what comes next – we are in complete limbo here. Play the swings – by all means – but keep an eye on that 100-hour and the daily NLBL. That diagonal that once used to serve as resistance also seems to act as support now, so we do have a bit of context. I plan to be short below 1621 – currently short term long above 1628.25 and will hold long above the daily NLBL at 1645.75. Hope all that makes sense – if not ask.

Meanwhile over at the woodshed the Dollar is once again circling the toiletbowl. Yesterday we apparently had a last kiss goodbye of the 100-day SMA and it’s falling away fast now. Note that it just breached a weekly NLSL and the 25-week SMA.

Not looking good and if this trend continues I will have to switch you subs over to Monopoly dollars. Heck, my ATM here in Spain is starting to print Dollar jokes on my transaction receipt – in Spanish of course so I don’t get half the jokes. Here’s today’s version (roughly translated):

What is more sexy, an American or a Canadian dollar?

The American of course …it goes down more often.


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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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