The Measure Of Mojo

The canary in the coal mine is happily whistling along and until further notice I recommend you continue to suppress any bearish aspirations. Of course I’m talking about the NQ futures which I yesterday elected to be our measure of bullish mojo. And so far I’m not seeing anything suggesting we’re halting here – yet.

In fact we are painting new highs which suggests we may retest but probably continue higher. It would take a reversal below the Net-Lines with multiple attempts to breach for me to consider taking on any short positions. However even if we drop back below during the session today we have Yellen on the roster and that gives us little wiggle room here and event risk may run the tape far beyond our stops. Not worth the risk IMO but I’m not your daddy.

The spoos is actually where I would have played this inflection point – they are weaker and still dangling off the lowest Net-Line Buy Level (NLBL). It’s worthwhile noting that the YM is also lagging the NQ. Which keeps the bearish scenario in the game for now but I still need to see the end of today’s session first. May be too late by then but as the old saying goes: Better wishing to be in a trade than wishing to be out of one.

USD/CAD is the only setup I kind of like today. It looks like it’s going to start trending here and very few people would take out long positions here. Except for the mighty Mole of course – 1/3R only though and I’ll add another 1/3 if it jumps higher.

Otherwise I’ll be sitting on my hands until Yellen is done shaking the tree around 10:00am Eastern. So let’s take stock of the situation then.

The future is now – so don’t bring a knife to a raygun fight. If you are interested in becoming a Zero subscriber then don’t waste time and sign up here. A Zero subscription comes with full access to all Gold posts, so you actually get double the bang for your buck.

Cheers,