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Sleepy Time!
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Sleepy Time!

by The MoleAugust 6, 2013

I’m not overly impressed by today’s sell off – almost no participation whatsoever and thus it’s easy to bang the tape wherever they want it. So up and down she goes – best to leave it be and wait for clear inflection points.

Here’s a screengrab of the Zero indicator – the hourly panel shows it a bit better than the Zero Lite – a nice divergence near the top but today’s sell off is not bringing in much participation. Also note the tiny range on the Lite – a reading of -0.2 is barely enough to maintain a heartbeat (mine included). So surprise swings can be bi-directional – be prepared and stay nimble.

If you insist on trading equities today then stick with the YM which at least is touching technical support:

We’ve got the 25-day SMA and there’s a NLSL nearby. Potential entry with a stop below all that. Not that I’m really eager to trade Dow futures right now – better setups are on the table.

Here are three juicy piggies for my intrepid subs:

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Per the title of this post – it’s not so much that the tape is putting me to sleep. After all there are almost always good setup to be had. But after my CrazyIvan related marathon of the past week I’m starting to seriously feel the burn, so I’m going to call it a day and turn in early tonight.

See you guys tomorrow – hopefully a bit more rested.

Cheers,


About The Author
The Mole
Mole created Evil Speculator amidst the chaos of the financial crisis in early August of 2008. His vision for Evil Speculator is a refuge of reason, hands-on trading knowledge, and inspiration for traders of all ages and stripes. You can follow him and his nefarious schemes at the usual social media waterholes.
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