This Ought To Be Illegal
I’m having so much fun today this ought to be illegal. I reckon it probably is back in California, the realm of the beautiful people, insulting bar hours, and pointless regulations. Good thing I moved to Spain where it’s customary to get stock drunk after a good day’s trading, get into people’s faces whilst spilling cheap beer on their chic European outfits. Yup, all legal over here – you ought to visit sometime.
Actually in all seriousness some guy at the moto rental store here in Valencia told me that you can buy stolen bicycles every Thursday at the local football (don’t say soccer) stadium in the early morning around 6:00am. So if your bike gets boosted all you have to do is to show up there and you can probably buy it back for €20.-. I kid you NOT.
Alright let’s review the carnage, shall we? It’s been an awesome day for me and although I’m jet lagged to the max I’m in fighting mood, more than happy to stick it to the man and the occasional (attractive) woman.
The Mole usually doesn’t cover stock symbol but I’m making an exception today with AAPL which seems to breaching through daily support. I would keep my eye on the hourly for signs of life. If she doesn’t bounce back then all those old disposed iPods may be spinning in their graves soon (they do still have little hard drives after all). Yes, I could have made that joke about ole’ Steve but I have too much respect for the man, especially in death.
Notice that AAPL is also touching weekly support right now today. A breach next week could lead all the iBot fanboys into a turbulent fall. Ha – did you notice what I just did there? Yes yes, I’ll be here all week… tickets go on sale right now. Subscribe you leeches!
GOOG is obviously screwed and the next level of daily support is near 650. If you listen carefully you can hear the sound of corporate reshuffling. Heads will roll for this. For me it’s just another trading opportunity – when I see support I will report it here.
Sorry, I get a bit abusive when my account turns bright green. Let’s settle down and take a sober look at the spoos. I’m seeing some hourly support here but we sliced through both the NLBL and a new NLSL. Not good and there could be more carnage in the making – 1420 may be a possibility. Anyway, I dont’ see a long here just yet unless we see some buying come in.
As should be expected Mr. VIX is working off a double dose of viagra. We are not yet at the upper BB so this still has a bit space to run. The most bearish thing that could happen today is actually a slightly lower close, thus leaving more room to run and the BB to expand next week. I know that’s twisted logic but there’s method to my madness.
UPDATE 2:13pm EDT: I can’t possibly keep up with all this – the VIX just blew past the BB and that may actually be short term bullish. Let’s see where she closes today.
Crude – I made this point yesterday already and it bodes repeating: Crude is becoming very volatile on an intra-day basis. I don’t know exactly where this will swing just yet BUT what I do know is that whatever move gets us out of this trading range should be big. I’m looking for a good entry here, so stay tuned. Note that we are back at the 100-day SMA – maybe that is it.
Gold – we got several entries in the past few days. Well, by ‘we’ I refer to yours truly and my intrepid subs. If you feel left out then you only have yourself to blame. Welcome to the other side of my trade. I’m going to hold this one as it may lead us much lower – 1680 is a possibility.
Copper – looks like ‘we’ got our LKGB (i.e. last kiss goodbye) in the SMA after all. That NLSL breach is massive confirmation. Be prepared for a retest, thus far it’s only paper profits but I’m holding this sucker.
Corn – still in the running! I got nervous there but the SMA held. Good for us! It’s time this one is making a run for it. If you played options on this one you start feeling some theta burn.
EUR/CAD – it’s been quietly running along after we got several entry opportunities. Time to start scaling out but I’ll keep a few in the running into target.
You want more? Really? All the coin we have been banking won’t do for this greedy lot! Alright, let me see what I can dig up:
[amprotect=nonmember] More charts and non-biased 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 or Geronimo subscriber it includes access to all Gold posts, so you actually get double the bang for your buck.
EUR/JPY – touching hourly support and either direction should be interesting. I’m long until stopped out after which I would flip – you know the drill.
AUD/USD – also sitting on hourly support – is this a theme or what recently? Also mind the 25-day SMA – if both hold then we may jump higher. A failure gets us to the 100-day SMA.
Bonds – this time it’s a touch of the 100-hour from below – we’re also at the daily NLSL. Can’t wait to see what happens next. Could be a LKGB and I’m short until proven otherwise.
Sugar – again – touching the 100-hr SMA. Similar sentiment as on bonds – it’s back below the SMA right now and I’m short.
Coffee doing like sugar, just not as sweet of a setup. The daily NLBL should be our stop. A breach would lead us higher, so have no compunction about flipping this setup if we push higher from here.
Nutty-gas is breaching another NLBL – could turn into a short squeeze from hell and I’m long.
This ought to keep you guys busy for a while. Keep it frosty and have fun with it. But stick the rules, I tell ya![/amprotect]