Pinchy Winchy

Apparently Pinchy Winchy was a game the Marx Brothers used to play with each other back in the day. It involved pinching the cheek of the guy next to you and I guess the loser was whoever didn’t find a cheek to pinch back. Now, don’t judge them too harshly – those boys didn’t have cable TV, the Internet, or computer games, and the bikinis of the time made a burka look outright frivolous in comparison. After all, you’ve got to keep yourself entertained when you’re not busy insulting people. Well, apparently today seems to be the E-Mini’s turn as the short term Bollinger is looking like Groucho has his mittens right on there:

For the record – this may easily resolve to the downside. But barring any further evidence I have to be long here with a stop near the 2140 mark. If touched then I’ll observe the action and decide if a short campaign is in order or if I’ll attempt another long. Assuming I get to jump on the bandwagon as, given those pinchy winchy BBs, we should be seeing an increase in volatility shortly.

Crude is also looking worth a little pinch – I’m long here already with my ISL below 45.35. Remember that CL already rolled into September this week and that gives us almost a whole month without having to roll over. I don’t expect to be holding a position this long but it helps as crude needs to be rolled once every month.

We don’t have a setup on the AUD/USD just yet but I’m fascinated by that quick drop lower which now seems to have slowed down right above the 100-day SMA and a stack of Net-Line Sell Levels (NLSLs). Let’s keep an eye on that one – if there are early signs of a floor pattern then I’ll probably grab a small long position

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