Riding The Wild Bronco
The tape has been bucking like a wild bronco and if you’re still holding long from our entry Tuesday morning then you ought to qualify for some kind of NFR award. The cash price hasn’t yet come due however as apparently this bronco ain’t done bucking just yet. Come to think of it, generally speaking traders actually have a lot in common with those “roughies” or rough stock rodeo riders, who sometimes have been described as being too lazy to work, too jealous to pimp, and too scared to steal. I reckon that shoe fits
So for now we are okay here and I’ve advanced my stop to a few ticks above break/even. Usually I wait a bit longer (i.e 2R plus) but as we’ve got a bit of history here and as the wall above has failed several times now I believe protecting our entry here is good medicine.
And since Yellen is scheduled for later this afternoon this probably holds double true. Which is why I placed my stop a bit above break/even which may help getting out without a loss. Of course given the summary polemic that has accompanied her recent speeches she may actually make the mistake of saying something tangible, in which case we’ll probably wind up flying straight into the audience.
Hourly volatility of course is on the brink of expanding. In the past few sessions it seems to start favoring the long side again but obviously Yellen is the X factor that can change this with a simple hiccup during her speech.
More long term we continue to face a wall of weekly NLBLs right above and a monthly NLSL near ES 2089. We could be bouncing around in here until Christmas, and I won’t hazard making any predictions as to which way it resolves.
Gold managed to throw us out of the saddle right out of the gate yesterday which wasn’t fun but to some degree the unfolding formation on the daily panel is now looking increasingly promising. But wait until you see the long term perspective:
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