Thursday Morning Briefing

First up – good news for you rats. Due to the crappy weather throughout Northern Europe all weekend as well as next week I have decided to postpone my mini vacation. No reason to go through all the motions of traveling if you have to bring umbrellas and jackets in June. Yes, I admit it – 20 years living in Los Angeles has completely spoiled me. There’s no way I could ever live in those parts again. Yikes.

Instead we’re just going to head to the beach this weekend right here in Valencia where it’s going to be sunny and warm. Then we’re going to pull up the Alpine reports whilst laughing maniacally. Yes we are easily entertained…

Still long the spoos since 2070 and so far so good. My stop is now dangling below the slightly slipping 100-hour SMA. Yes, the tape is looking positive but unless this thing gets out of the gate soon I fear we may see more shake out gyrations. See summer weather in Northern Europe…

Bonds looking more positive and I grabbed a small long position near the 100-hour SMA. Stop goes below that stack of NLSLs. On the daily we have yet to break the series of lower highs and lower lows. Which is why I’m playing cautiously here. On the positive side the 100-hour BB is compressing suggesting that we see resolution soon (i.e. today or within the Sunday/Monday session).

This is all I got this morning – see you later this afternoon.

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Cheers,