Sheeeee…..

Given unremitting sub hellish market conditions I am beginning to channel my inner Clay Davis although I may have to acquire a special breathing technique in order to deliver profanities of such outstanding quality. Quite frankly I haven’t seen a single chart I like today and suggest that you find something more productive to do with your time before you may do something you’ll regret later.

Swing traders with nerves of steel and Buddhist monk like dispositions are of course encouraged to play the numerous gyrations. If you do then look no further than the Zero for valuable pointers as to where to get positioned. This is the type of tape when the little blue Mole signals really seem to work like a charm. Of course your mileage may vary…

Of course the subs and I have been up to no good as usual. Unfortunately we didn’t get an entry on the Ozzi futures which seems to be ramping higher but the Looni Futures (6C) entry apparently survived an overnight shake out attempt. In fact it’s trading pretty much where we grabbed an entry yesterday, so if you agree that it’s a promising campaign then have at it.

Crude was another entry yesterday and much to my chagrin that 100-hour SMA did not do what I instructed it to – that cheeky bastard. As of right now I’m haven’t been stopped out as my ISL is sitting below the 100-week SMA at 46.69. If it gets touched I’ll hold off for now but will monitor conditions for the remainder of the session to see if a re-entry down here is justified.

A few longer term perspectives on the EUR. Clearly I’m not too happy about it crawling higher (thanks for nothing Janet!) but from a trading perspective things are about to get pretty interesting as it’s now approaching a long falling 100-week SMA. If that one gets breached then we could see a short squeeze that’ll probably make my eyes water at the ATM. I can’t really say what the odds are on that but if the Fed keeps chickening out (likely) then this becomes a real probability. I don’t think Draghi wants to see the EUR back at 1.25 but that’s exactly what’ll happen if blood hungry forex ‘vigilantes’ decide to call the Fed’s or ECB’s bluff. Although it’ll cost me money I’d love to see it happen just to watch Draghi squirm in front of the cameras. So in a way I’ll win either way