Rock’n Roll Baby!
Crude is below the 100 mark, silver at 35 again, the spoos are tanking, EUR/USD on the slide – rock & roll baby!!
And who warned you guys about the net-lines sell signal (á la Chris Carolan) on the spoos? Oh, you didn’t see that – right.. Well, you could have for a lousy $29 a month – it’s not too late.
Anyway, time to take another look at that S&P E-Mini futures chart and some other goodies:
[amprotect=nonmember] Charts and 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 subscriber it includes access to all Gold posts, so you actually get double the bang for your buck.
Well, at first it looked like we may actually snap back today, but at this point I wouldn’t be so sure. So, if you went short yesterday I would take partial profits here and keep a few lottery tickets to close out at 1300. No guarantees but worth the risk with a stop at 1337. Again, those are high risk trades. If the ‘everyone-gets-screwed’ scenario I was hoping for plays out then this is nothing but a red herring and we are about to ramp up in a not so subtle fashion. So, keep that stop firm at 1337 – no if and no buts.
The other reason to exert caution and to prepare for a possible snap back is the VIX chart above. Yes, that’s right – as usual the bears ejaculated prematurely and for us rats that means we may have to pull another coitus interruptus to protect our ill gotten gains. We are one step into a bonafide VIX buy signal – of course we are also still two steps away from final confirmation.
UPDATE: Mr. VIX wound up closing below the BB line today – by 4 cents. I had to zoom way in to see it properly. So, based on that we do NOT have a first step into a VIX buy signal. Does not mean that we won’t get one tomorrow of course.
Very same situation on the EUR/USD – sliced through its sell level and proceeded directly to target. Nasty! Don’t chase this move – even if there is follow through I expect a bounce here fairly soon.
The odds are mixed at this point, so let’s not get caught up in making any emotional moves – especially you, Amokta! 😉