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Wait And See Thursday Morning Briefing

Wait And See Thursday Morning Briefing

by The MoleMay 29, 2014

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.

We have the Q1 GDP numbers waiting in the bullpen this morning at 8:30am EDT and I’m not touching equities or any USD pairs until this has played out. Which unfortunately leaves us with very little!

The only play worth considering is a possible long on soybeans if it manages to breach that NLBL at 1507.5. It’s pushing higher on the daily so we’d be trading with the trend. I do like those two short term SMAs below and that’s where I’d put my stop.

On the equities side we did get our VIX sell signal despite a little drop near the close. And that means the bulls are on notice unless we see a major post announcement spike higher which completely resets everything and triggers a second short squeeze. However even then I would be highly suspicious. But let’s see how this plays out and let’s take it one session at at time – anything else is purely academical 😉

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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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