Thursday Morning Briefing

Quite a bit of movement this morning and I’m seeing us touching hourly inflection points across the board. This may turn out to be another interesting day, so let’s drive right in. As usual keep in mind that these are very short term setups, although they could be used as pre-positions into what transpires later today.

Crude is not playing our script and has now reversed back to its 100-hour SMA. I think this makes for a great separation point as it should fail in order to assure more short term weakness. Consider this your Maginot Line if you are already short since yesterday.

Gold if moving fast and has busted through its NLBL and its 100-hour SMA. Could be a fake out – we should know in an hour or two. UPDATE: It actually spiked quite a bit higher but is coming back down – if you’re waiting for a ride keep an eye on this one.
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Copper right at the Maginot Line but also at the top of its 25-hour BB. Definitely good resistance play here – if it fails then I’ll swap my saddle and ride the bull cowboy style. Yeeeee-haaaa!

Cotton – this one is for burb dwellers – not a popular contract. But if you’re into the grains (Volar is for instance) then this may be of interest as we are touching resistance. It has nothing but failed ignominiously as of late, betting on a repeat.

Bonds – the 30-year is touching its NLBL and also battling its 25-hour SMA. However, that NLBL is expiring this hour (by the time you read this it’s probably gone), so we could see some upside here.

Currencies – the AUD/USD breaching resistance. If it can hold it’ll lead higher throughout the session.

Cable flailing wildly like a drunk soccer hooligan – may also lead higher here as the ramp has been pretty directional.

And of course ole’ bucky never gets out of the damn gate – we are at a NLSL which is good for a few more hours. Next line of support is 79.65.

Have fun and keep it frosty.

Cheers,