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Thursday Quickie
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Thursday Quickie

by The MoleFebruary 20, 2014

I’m running a bit behind this evening so let’s dive right in. So far it seems the SPX support I pointed out this morning has been holding. There is still the possibility of another leg downward (just to screw with everyone) but that one dies if we breach yesterday’s highs.

Here’s the hourly cash showing us a little dip below the 25-hour BB at the open just to scare the children a little. Let’s see if we can’t close above that 25-day SMA now – which would be positive.

On the spoos we’ve got a hammer long (I think – frankly this hammer is debatable) and an RTV-S – so a binary setup here – stainless steel rats rejoice!

And most definitely a hammer on the NQ – once again we’ve got an RTV-S thrown in for good measure as well.

Setups – of course – and good ones too!

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About The Author
The Mole
Mole created Evil Speculator amidst the chaos of the financial crisis in early August of 2008. His vision for Evil Speculator is a refuge of reason, hands-on trading knowledge, and inspiration for traders of all ages and stripes. You can follow him and his nefarious schemes at the usual social media waterholes.
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  • Cravenmorehead2

    I should know better than to jump in front of trains….have the NQ stop at the top of that 30 min OP…….HOWEVER /GC is looking pretty….keeping that P&F 1440 target in the back of my mind

  • bdoone

    Thanks for update Mole.
    I’ll be watching-for amusement purposes only-PCLN earnings after close. Tacked on $280pts last 2 weeks to $1280…ATM straddle expiring tomorrow all yours for the low, low price of $82

  • SilverEagle

    Anyone here still in the /ZC contract? I closed mine out last night, was going to have to anyway with roll. Had a nice swing today from down -2 / +2. Looking at weekly still looks like some room to run until it hits 25 BB.

  • newbfxtrader

    Yep. Didnt see a reason to close.

  • stovis

    I have some March calls on CORN

  • newbfxtrader

    Get back in there and fight!

  • SilverEagle

    Yeah, i’d like to see that /GC go to 1440 in a hurry. Closed out my Feb GDX calls yesterday, premature with the 0.90 rise today but was already 6x on them and didn’t feel like pressing luck.

  • SilverEagle

    going to. Can’t until 2000ET tonight when market reopens.

  • SilverEagle

    Market looking pretty overbought on that RSI you have down on the bottom. You use that much?

  • http://dartht.blogspot.com/ Gold_Gerb

    time check.

    I ordered the ribs, but not the corn.

    it looks like a fib level climbing algo.
    http://s16.postimg.org/lmb135ugl/daves.png

  • Prop Joe

    Short UNG right here. Going to $23

  • newbfxtrader

    Always! I use overbought to get in nowadays. RSI of 70 means strength in the direction of the move not overbought. Overbought is an opinion. The market rarely cares about my opinion!

  • newbfxtrader

    For example take a look at the RSI 30 on the way down. See what happened after the first 30 hit? Oversold?

  • stovis

    What’s the basis for that call?

  • newbfxtrader

    Never had good success with options. Too complex for me. But I agree with the upside call.

  • Prop Joe

    Natural Gas overbought + Obama

  • https://evilspeculator.com molecool
  • newbfxtrader

    I was trying to explain below. 70 RSI is not overbought and 30 RSI is not oversold…..Its just your opinion which the market could care less about….

  • Sean

    Does Obama have gas he wants to unload?

  • newbfxtrader

    Comment of the day!

  • https://evilspeculator.com molecool

    Opinions are like assholes – everyone’s got one.

    Prop Joe – we are not trying to bust your chops – well, maybe just a little. Understand where we’re coming from perhaps. We’ve seen many opinions in our time. Predicting market direction is for suckers. Here we simply look for high probability trading opportunities – there is a big difference.

  • http://dartht.blogspot.com/ Gold_Gerb

    how about low probability HIGH REWARD ones?

    wasn’t it you who once said high probability has low payout…or was it CS?

  • Sean

    How about them? You’ve been around long enough to know the answer to your questions and how they fit into campaign management…

  • Objectively_Bias

    NUGT – inverted H&S on daily….now look what the weekly is workig on. I’ll be keeping a close eye on how this develops.

  • http://dartht.blogspot.com/ Gold_Gerb

    campaign management is vital. winners vs losers is not so important as is total R return. mentally 9 winners is nice, but if the 10th wipes you out, that’s sand castles on the beach.

  • SilverEagle

    Alright back in and hoping to ride that momentum straight up, but /GC beating me like a rented mule since the market close

  • itcomesupinwaves

    I’m interested in hearing your objective criteria for “overbought”.

  • Sean

    Why do you delete your comments… you’re really screwing me here Gerb 😉

  • https://evilspeculator.com molecool

    He does that. He’s got the fortitude of a gerbil.

  • https://evilspeculator.com molecool

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