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.

Draghi just spiked the Euro (no change in current ECB rates) but equities have been uncharacteristically quiet through it all. However looking at the ST panel this morning I asked myself a rhetorical question – ‘do I really want to trade this?’ As you may have guessed the answer was a resounding no. The beast is running like a hare and there is no reliable technical context. Best to hunker down and wait for better market weather.

Bonds – the 30-year just triggered my long here actually and my stop is below 135’25 to weather out any wild gyrations. As the saying goes – just because I’m paranoid doesn’t mean they’re not out to get me 😉

Wheat – not ready for the plucking just yet but I do like this formation and would be long on a touch of that diagonal. Right now that would be around 730.6ish. Stop will be placed below the 100-hour – no recent tests of that one but it did provide support a few days back.

Not much else going on this morning – things are pretty wild out there and capital preservation as well as idiocy prevention remain our prime directives. See you guys this afternoon.

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Cheers,