Frankly speaking I’m getting really tired of the latest drama coming out of Washington and the resulting slow motion churn we’ve had to endure on the equities side. I’ll give you the skinny of where we are but would very much like to focus on some rather juicy setups I’ve dug up on the futures and Forex side. And not a minute too late I may add as I see you guys dropping like flies out of sheer boredom – so let’s get cracking.
Alright – I think the SPX is still out best guide (plus the chart I posted this morning). Still painting lower lows and lower highs – that’s the story and not much else to be said about this except…
… the ES volume hole which was almost touched again this morning – we basically reversed a handle and a half above it. We’ve been testing this one three times now in a week and thus far it’s been holding. Again, that’s the futures – the cash is flowing a bit differently obviously and it remains my main guide as the futures are a lot more emotional.
Quick update on copper from this morning. I did point out that playing the swings would be fun and a few minutes later copper dropped back to that support line giving us an excellent entry for a ride up. Almost made it up to the upper diagonal – well, it’s no exact science but if you hitched a ride then it was easy money. FYI – wait for a solid touch before trying another ride on this puppy.
Alright, let’s run through the setups quickly as Mrs. Evil is waiting with dinner. EUR/USD is painting an RTV-S but given the NLSL below I would be more comfortable taking the IP-L setup tomorrow. Yes, a NLSL would be a good short but given the current gyrations I think that the bulls have the home team advantage and may try to squeeze the top pickers a bit more.
Quite a bit more below for the subs – please step into my lair:
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