Thursday Morning Briefing

Welcome to our morning briefing. Here we are reviewing short term setups ahead of the NYSE opening bell. If you are a scalper or swing trader then these setups may be of interest to you. As usual keep in mind that these are short term setups although they could be used as early entries for more longer term positions.

And the journey into the abyss continues over in the E-Mini. I have been tirelessly preaching the use of the 100-hour and 25-hour SMAs as your downside trend line. But for mysterious reasons this seems to have fallen on deaf ears, at least judging by what I’m seeing in the comment section (or maybe the disciplined ones don’t talk much). Seriously now – you just can’t help yourself, can you? Does all that futzing and adjusting benefit your bottom line? Didn’t think so – and it’s a point I have been making for over four years now. Please get with the program. Alright, let me climb down from my soapbox (Mole’s aren’t that tall) and let’s move on.

Interesting overnight session on the Forex front. The Aussie Dollar is getting killed, the Yen is getting killed, and the Euro is ramping – except versus the Dollar, which has been hanging on. That is extremely interesting to say the least. There was a nice little fake out drop yesterday, must have taken out boat load of stops – nasty!

The NZD/USD is wedged between hourly Net-Lines but stil below the 25-hour SMA. A breach higher here would get me long with a small position. Not my favorite FX contract though right now however.

USD/CAD – nice bounce there on the 100-hour. I am long here with a stop below.

Crude is now in climb mode as elicited by observance of the 25-hour SMA. Looking good so far.

Gold  looking interesting – it’s been trying to shake everyone off for three days now. In the past two hours we’ve been seeing a bit of a drop and I wonder if we finally get out of that compression zone now. Note that we are now solidly below both hourly SMAs. If you are short then those may be a good place for your stop.

Silver looking al ot more bullish as it continues to observe the 100-hour SMA. I say let’s continue to be long here, especially if it pushes above that NLBL at 32.685. Boy, silver is expensive these days – I remember picking some up for a few bucks per ounce.

Copper continues to run but it can’t hide as all the coiling up now comes to a point. Pick a direction, will ya? I’m pretty excited that this is happening near the 100-hour SMA as this could produce a very solid base. Let’s keep a close eye on this one, shall we? Once it breaks I will let you know, evil speculator honor! 😉

Cheers,