Pre-Election Snooze Fest

I frankly don’t know why anyone on Wall Street would worry about the election results as neither candidate would have influence on the FOMC over the medium term future. The doves on are squarely outvoting the hawks and even IF Bernanke goes (which he won’t) Fed policy would very likely remain the same over the next few years. Be this as it may – everyone is nervous as usual and today’s session is a snooze fest. Frankly I am completely exhausted after a very prolific weekend and unfortunately after having to deal with nothing but fires today. So let’s just run down the charts, shall we?

The spoos are looking bearish on the hourly panel as they opened below the 100-hour and weren’t able to push above thus far. Let’s see what the EOD brings – but I think it’ll end up being a quiet session. The 100-day plus the NLSL are offering support – and if you read my weekend update then you know the implications of failure here. So I guess it’s not just the polls having us on a knife’s edge right now.

Gold – a quick update. I suggested a long at the 100-day last week and that’s looking like a possibility now. The 25-hour has been breached and should now serve as our stop out point.

Now for something completely different. Since I talked about AAPL so much in the past week I’ll try to do you even better: Inside day – which means that tomorrow we’ll take a breach of the top or the bottom of today’s candle. If you are confused about the rules then please check the cheat sheet.

Quite a bit more below – please step into my lair:
[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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USD/CAD is sitting on the 100-day plus a NLSL. I want to be long here with a stop below. If she breaches then I am going to flip for a short. I would watch the 100-hour for long confirmation.

EUR/JPY – looking like a possible break down – the hourly for sure is looking pathetic. I want to be short on a breach of the daily NLSL. If we hold it then I’ll try a long above the 25-day SMA.

CAD/JPY – not just ready yet but I’ll put it on your map. I would take a short if she tests 91 again.

Bonds – well lookie there – she’s peaking above resistance. I’m going to try a long here with a stop below the 100-day SMA. Let’s revisit this one tomorrow to see if we have to reverse course. But so far it’s looking promising.

Nuttygas – I call it that for a reason – so be careful as she jumps around. Now at possible support but I would wait for a breach of the 100-hour SMA to be long. Did I mention this is a crazy contract? Don’t get over exposed folks!

Coffee approaching daily support – not hot enough just yet and needs a bit more brewing. Let’s wait for the hourly to give us a reason for entry.

Copper looking like a break down but we seem to be pushing above the 25-hour SMA as I’m typing this. If you are not positioned then you have an option here to be long with a tiny stop below the SMA. If she breaches back below then reverse the sucker as I think this may be the better trade.

Cheers,