Still Under The Weather

After a rather unpleasant and sleep deprived night the cold I caught over the weekend continues to tax both my immune system and my patience. Back in L.A I usually managed to avoid catching the cold or the seasonal flu, but over here in Spain life is a bit more dense and social – thus it’s a lot more difficult to avoid exposure. If you’ve ever been to a Spanish tapas bar then you probably know what I’m talking about. Plus every other person you run into greets you by kissing you on the cheeks – I mean, I know I’m irresistible but why Spain hasn’t yet been completely depopulated by some Asian super bug escapes me.

As you can imagine my head is not in the game today – unless I’m 100% I usually don’t even look at the market. Trading for a living is a difficult endeavor to begin with and there’s no use trying to catch a good setup if your head is spinning and your nose runs through one tissue per minute.

Alas, since Scott apparently can put up posts whilst having his appendix removed I decided to quit being a pussy, roll my rotting carcass out of bed, and at least poke around for a few good charts. Unfortunately I didn’t find much. Equities are continuing their low participation run higher and as I pointed out – this can go on for quite a while and I don’t see any salient entries. Great tape if you’re trend trading and holding from a lower entry – difficult tape if you are looking to catch a few swings or get positioned either way. There simply is nothing to hang your hat on.

The one chart I would touch today (drippy nose or not) is the CHFJPY which is currently attempting to run across two NLBLs and test its 100-hour SMA. My triggers here are 109.050 on the long side – assuming it can breach the SMA and close above it – and 108.975 if the lower NLBL fails. Since I took this snapshot it’s pushed a bit higher and breached above the 109.015 NLBL, so if you are an eager beaver this is probably the earliest spot one should consider taking on any longs. A good stop for a long would be below the 108.975 NLBL.

In terms of volatility risks we have the Retail Sales at 8:30am EDT today – if you’re exposed on the equity or USD side then be prepared for a few wild swings. Alright, I’m going to return to bed and take it easy for a few hours. I’ll do my best to post an update before the close.

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Cheers,