Sodom And Gomorrah

That’s it – as of 15 minutes ago we are effectively pope-less and I expect Sodom and Gomorrah like conditions by the time I wake up tomorrow morning. Not that it would make much of a difference down here at the lair. And just to put it on record – in an acute emergency I would be happy to take over papal duties for a week or so. Pope Mole I – yup, that has quite a nice ring to it. Plus I can bring my own bling and fancy robes. How about it?

Well, I’m running a bit short on time this afternoon (my evening) and thus only have time for an update on a few of our main food groups:

I pointed out that 25-hour on the E-Mini this morning and thus far it’s been holding up like a champ – not without scaring the children a little bit near the open. Goes with the territory – pope or no pope – lambs to the slaughter is first order of business at the NYSE open.

Bonds are looking pretty interesting. Our diagonal was left in the dust a few days ago but surprisingly that 25-day upper BB is suddenly acting as resistance. The 25-day is right underneath thus I expect some kind of breach here in the coming days.

Gold – reversed right at our NLBL – you are welcome! Can’t say I’m not keeping you guys out of trouble.  Now approaching its NLSL where I would expect at least some tentative support.

Silver – similar spiel – although since the contract roll over we may overshoot a little. FYI – I usually continue to use my continuous charts as they have been holding up rather nicely in the past. But I do reduce position sizing around contract roll overs – at least for a week.

Copper looking very much like gold here – I expect the same but once again be aware of the contract roll over.

EUR/USD – I proposed a last kiss goodbye situation here yesterday and that seems to be exactly what we’re getting. So far so good and if you’re short there’s nothing to do here but to let her run.

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Cheers,