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The Big Furball
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The Big Furball

by The MoleJune 2, 2015

Equities have clearly been one big nasty furball over the past few weeks. You remember me writing about this weeks ago already and with the exception of one quick fake out higher we have reversed back into sideways shake out territory. Tough going here but to me it seems like we are either witnessing massive accumulation or distribution over the past few weeks. I’ve touched on that about a month ago and the fact that conditions have remained since then tells me that whatever comes next is going to be significant.

2015-06-02_spoos_briefing

Which means my modus operandi has been one of taking calculated risks near potential inflection points. On the E-Mini we are sloping lower slowly but seem to be jumping higher occasionally to shake out as many participants as possible. And that means I cannot enter here – neither long nor short. Well perhaps long if we were near the recent spike low. But I’ve got a much better entry and I’m posting it for the subs below.

2015-06-02_gold_briefing

Gold is very juicy here – I’m grabbing a long with a stop below the NLSL which also happens to be near that diagonal I drew. Clearly a short position below this is a possibility but tough going – those daily NLSLs  (right panel) won’t give way easily.

2015-06-02_GBPCAD_briefing

GBP/CAD – very nice context developing but so far no resolution. I’m long here with a top below 1.898.

2015-06-02_soybeans_update

Soybeans update – nice entry yesterday and I came very close to being stopped out. Moving my stop up to break/even now. If it wants to get going then now is probably the time.

2015-06-02_Natgas_update

I also grabbed natgas yesterday – so far so good but I’m leaving my stop in place as we haven’t moved anywhere yet. But the longer we remain those ST NLBLs the higher the chance for a stab higher. Volatility should set in here in the near future.

2015-06-02_AUDCHF_update

AUD/CHF is also still nibbling on it. Keeping my stop where I left it.

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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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