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Tuesday Morning Briefing

Tuesday Morning Briefing

by The MoleJune 11, 2013

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.

Yesterday afternoon I suggested a speculative short entry below that 25-hour SMA. Interestingly enough we were but a handle or two away from switching back into bull mode but that NLBL on the daily panel held like a rock and thus the bullish case still remained questionable in the face of overhead resistance. The 25-hour entry has paid off overnight and I would suggest you take partial profits.

Similar musings on the YM and the NQ for that matter – they are all in sync. As the spoos are now dropping below the 100-hour it is permissible to keep a few contracts in the running with a stop above the SMA. Perhaps this thing has legs and perhaps they’re just trying to scare the children again. We shall know in a few hours when the NYSE session brings in a bit more participation.

I parsed through my favorite charts and unfortunately there’s slim pickings today – we’re seeing a lot of squeezes on the FX front in particular and bonds are getting killed this morning. No entries in sight I would feel comfortable taking. But that’s part of the game folks – it’s important to know when it’s time to trade and when it’s time to just sit and wait. See you in a few hours…

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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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