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Tape Banging

Tape Banging

by The MoleMay 12, 2011

Tuesday was a bull trend day – yesterday was a textbook bear trend day – today we’re back to a bull trend day. At the danger of sounding cynical, but what we have here is nothing but good ole’ tape banging courtesy of Fed & Friends:

Well – as the saying goes: Don’t hate the player – hate the game!

Remember, we are stainless steel rats and as such we don’t have the luxury of time to complain. For this is not a game or an intellectual exercise – this is war! And as such we grab whatever crumbs the market throws at us and run with it. Let’s leave the bitching and complaining to whatever motivates the crowd over at ZeroEdge. We on the other hand have coin to bank and strippers to tip.

To that end here’s are some charts that need to be observed before the close of the session:
[amprotect=nonmember] Charts and commentary below for anyone donning a secret decoder ring. If you are interested in becoming a Gold member then don’t waste time and sign up here. And if you are a Zero subscriber it includes access to all Gold posts, so you actually get double the bang for your buck.
[/amprotect] [amprotect=1,9,5,2]

The S&P E-Mini futures dropped below our NLSL today but instantly snapped back as the marines stormed in mid day to save the day. And short term that is bullish, especially since we did not breach last week’s low. The odds here are not exactly to my taste on a short term basis and it could swing either way, so I cannot recommend a good setup at this point.

EUR/USD – we are below our NLSL and that is bearish. However, we are pretty much at my first target and the odds for a drop lower here exists but the rewards are meager as my second target zone is the 1.4 cluster (at which the 100-d MA looms right below).

Silver – same story as in equities – bearish as heck this morning and then instantly recoiled from its NLSL. My 25-d BB also suggests some strong support here and I don’t like the odds of taking trades here.

Bottom Line:

Lay low and bite your time – I don’t like the setups and I also don’t like a tape suffering from DID syndrome. Best to remain patient and to wait for a better time to strike.



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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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