Party Like It’s 2007
This is going to be a very short post and I came up with five paltry reasons: 1. I don’t see any new setups I deem noteworthy. 2. All of our recent setups are in good shape and we should not get over exposed at this juncture. 3. My laptop’s display is broken and I’m using my wife’s AirBook and LogMeIn to post this. 4. My left arm hurts. 5. It’s Friday of OPEX week 😉
Of course the big news of today is the new low on the VIX – we are now in 13 territory, readings unseen since the heydays of 2007. IMNSHO volatility is grossly underestimating risk here but it confirms the old saying (and you know what’s coming): the market can remain irrational a lot longer than you can stay solvent. Frankly I’m happily sitting this one out – at least until we are touching some of the target clusters I proposed yesterday.
Also acting as an appetite suppressant for anything remotely vega positive is this little jewel. I haven’t seen a divergence of those proportions since late March and you all recall what happened next.
If you took the ZN Maginot line breach then I suggest you use today’s ID candle to manage your positions on Monday. A breach of today’s high would be your stop out. A breach of today’s low would be your signal to stay in or to even add positions. If you are still waiting for an entry on crude then it seems your prayers to the dark Lord have been answered.
A teeny weeny change on copper – meaning that we are now long. The NLBL breach happened before the NYSE openend and dutifully I sent out an email to my subs. I suggest you put a stop below that Net-Line and sacrifice a chicken in hopes of a decisive move here. FWIW – I can’t wait for the end of summer and for some early fall fireworks.
In case you wonder – yes, I’m going to break down and buy a new lappy on Saturday. Fixing the old one would cost me almost 500 Euros, not worth it for a 2008 MacBook Pro. The new Retina ones are delicious but unfortunately a lot more expensive here in Spain than in the U.S. Shipping one over here would cost almost the same as they’ll slap 18% VAT on it in customs. I was planning on buying one in October when I’m back in California for a few weeks but Apple must have gotten wind of my plans and somehow remotely pulled the kill switch.
Enjoy your weekend 😉[amprotect=nonmember] More charts and non-biased commentary below for anyone donning a secret decoder ring. If you are interested in becoming a Gold member then don’t waste time and sign up here. And if you are a Zero or Geronimo subscriber it includes access to all Gold posts, so you actually get double the bang for your buck.
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