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Wednesday Morning Briefing
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Wednesday Morning Briefing

by The MoleMarch 6, 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.

The NQ is now approaching its 25-hour SMA where I’m also seeing a cluster of Net-Lines – above and below. This ought to get interesting in an hour or two.

Gold is coiling up short term – there’s a clear lower diagonal support line and that 100-hour is now acting as resistance from above. You know my motto – you can run but you can’t hide. Things should come at a tipping point in the coming hours as well.

There you have it – two charts to look forward to – let me throw a few more into the mix:

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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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  • Turps

    So gold broke the trend line then bounced up, broke the 100 hour SMA and now is stuck in the middle, looks like a classic Convict setup

  • https://evilspeculator.com molecool

    EUR/CAD on the move!!

  • badflightrisk

    It looking like the gold silver crowd has decided to chase equities

  • jmoney3000

    What setup would he make of it?

  • Joe_Jones

    I hope so

  • http://ibergamot.blogspot.com/ i Bergamot

    Opening hour candle on GDX, SIL, RGLD !!!
    Needs follow-thru
    go-go

  • Joe_Jones
  • http://ibergamot.blogspot.com/ i Bergamot

     I’m still little too scared to pick individual equities
    Rather making an industry-wide bet,  but thanks for pointing this one out.

  • tradingmom

    When you can, Mole, would you please update the daily zero?  Thanks.

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

    seems GLD BB150,2.0 on the daily is holding.

  • Joe_Jones

    Not too sure if it is ripe yet. Strength in dollar has me apprehensive into going long PM.

  • Turps

    I think he would go long with a break of the top and a stop at the low and short with a break of the low with a stop at the high, ready to reverse either trade if the stops were taken out.

  • AmazingLarry

    No kidding! Everyone off the bus in an orderly fashion. Somehow, I don’t suppose it will proceed as such. 

  • http://ibergamot.blogspot.com/ i Bergamot

     I’m disregarding Dollar, for now.
    All i see is greenback has been stable for years. One would expect it to be in a toilet by now, with all this supposed money printing. How come /DX is up?
    Either latest QE is a hoax, or /DX is rigged, or economy is really improving. I don’t claim to know the answer, but I repeatedly raised questions about latest QE-n…

  • AmazingLarry

    I honestly don’t know why anyone would pay attention to the /DX anymore in terms of trying to make those correlations. They don’t match up over the long term. All the turds are floating to the bottom.

  • Pervergence

    Gold…..interesting ride so far today……..channeling up?

  • Joe_Jones

    One has to compare what other countries are doing too. BoE, ECB, BoJ, BoC and SNB are all printing like there is no tomorrow. Perhaps Bernanke is not printing enough to counter the deleveraging that has been taking place since 2007, and the US in spite of being so mismanaged is seen as the lesser of all other evil. Just a thought though.

  • Pervergence

    It’s a grand experiment…….unlike one country at a time…….if it would morph into higher wages the economy will be on fire worldwide…….there’s plenty of goodies to buy if you give people the opportunity to make the money……win-win

  • Joe_Jones

    IMO, if the Bernank would have split all its QE among the entire US population, we would be out of the woods by now.

  • momac

     on the weekly /nq chart, does it look like a large head and shoulders formation?

  • finansreven

     I agree. Imaginge giving all the cash that has been given the banks divided on the population, and that there was one catch: If you have debt, you have to use half the proceeds to pay down the debt.

    The banks would have been more healthy, oil prices and commodities would not have gone so much up since banks could not use the cash to speculate, and there would be more support for the money flowing into the system.

    And every bankier should be told that there will be no rescue package for the banks, no matter the consequenses.

  • Skynard

    Yep, a huge MF!

  • Joe_Jones

    Yep. One can dream though. Sometimes I wish that I would live in a parallel world where good common sense would prevail. Beam me the F. up Scotty.

  • Joe_Jones

    good observation

  • Pervergence

    Gold…..two false breakouts……lets see what happens at the 25 and 100 hr smas which are about sitting on top one another

  • bdoone

    POMO pump coming in to save the day as markets go unch’ed?

  • Y KW

    yes

  • Pervergence

    Here goes GC below 25 and 100 hr sma………..those moves sure shook out some positions………still s GC at 1581

  • newbfxtrader

    Well you dont understand modern money mechanics hence your question. Credit comes first reserves follow. Its always been that way. Fractional reserve banking is a fraud. Bernanke printing money raises money levels in peoples bank accounts? If your answer is yes then the dollar will get weaker. If your answer is no then no reason for dollar to go down. You need increase in money supply and credit for inflation.

    http://www.debtdeflation.com/blogs/2009/01/31/therovingcavaliersofcredit/

    http://globaleconomicanalysis.blogspot.com/2009/12/fictional-reserve-lending-and-myth-of.html

  • newbfxtrader

    Lending comes first reserves come later. Hence the fall in /dx from about 120 to 78 from 2000-2008. If you dont understand this you will get confused. 

  • newbfxtrader

    @iBergamot:disqus  Bergamot http://www.cnbc.com/id/100497710http://www.debtdeflation.com/blogs/2013/03/06/nicta-talk-on-minsky/

  • badflightrisk

    QQQ

  • Skynard

    Shorted on the last mole signal. See if my patience pays off today:)

  • bullregard

    I’m overdue an oil flush…

  • http://ibergamot.blogspot.com/ i Bergamot

     Thanks for links.

    To be sure, I am not referring to 2000-2008 period, nor I disputing a loss of purchasing power and devaluation of USDollar since 2000. I am simply observing that dollar bottomed at 71 in 2009, topped at 89 a year later, and gone sideways ever since. Stable currency, thats all.

    I am not questioning QE1, 2 or Op Twist. My observation is simply this: money printing in USA stopped years ago and there is no, repeat NO, QE-n (the one announced in September 2012). Your POMO schedule is bullshit and misinformation designed to relax people into thinking that government got your back. For confirmation: review your TLT, MBB and /DX since fall of 2012; as well as serious distribution on SPX up to year-end.

    You are on your own! Act accordingly!

    Prepare for Bear Market that will rip your faces off and hopefully end this decade-long fuckery.

    As for “modern money mechanics” – I don’t claim to understand it, and useless Mish’s musings are not an explanation at-all. I stopped reading him years ago.

    Sorry, if it sounds rude, just wanted to be clear.
    And thank you for your reply

  • newbfxtrader

    http://www.cnbc.com/id/100522303 Markets will teach the Central bankers a leeson for their hubris but by that time you will need money in your account to take advantage. 

  • newbfxtrader
  • http://ibergamot.blogspot.com/ i Bergamot

     Nice, will watch it tonight.
    Remember reading about him in “Market Wizards’, also remember that Soros fired him for being a Fool (his exact word)!
    But really, I would rather listen to Molecool – he’s got better track record, IMNSHO

  • https://evilspeculator.com molecool

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    ¨°º¤  S H A K E   N ¤º°¨ 
    ¸„ø¤º° B A K E !“°º¤ø„¸
    ¸„ø¤º°¨¤ø„¸¸„ø¤º°º¤ø„¸

  • https://evilspeculator.com molecool

    So far so good…

  • https://evilspeculator.com molecool

    No way!!!

  • https://evilspeculator.com molecool

    Absolutely not! Just because you asked.

  • Skynard

    Reversed /NG, now long 465. Tagged the lower hourly BB.