Wednesday Morning Briefing

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.

With only five minutes to go until the opening bell I’d better hurry. This is going to be a freebie, so leeches all over rejoice! The E-Mini is sitting above he 25-hour and is wrestling a NLBL right now. A pop higher would probably draw in more buyers in the coming hours.

Crude couldn’t close a bid holding a fistful of pardons in a women’s prison. The 25-hour remains to be the wall that can’t be breached – hold short as long as we continue lower.

The greenback has reached its own 25-hour SMA. A bounce here would be nice for my exchange rate but my Spanish ATM hates me.

Gold – looking a bit like the E-Mini here, meaning positively inclined to accept bids at its very convenience. I’m long here with a stop below the SMA.

Gandalf is pretty determined to drop copper into melting pot looming below. As long as the 25-hour is holding up I wouldn’t dare to get in the way. This has been a very nice trade throughout the past few sessions, so why change what ain’t broken? Ride your stop lower a few ticks above the SMA.

Bonds – touching support but I would love to see a drop to the 100-hour SMA.

The 10-year has fallen on support again – let’s see if it holds. As long as it does it’s a good ST long setup.

Corn – bumping against the 100-hour but it’s climbing. Not sure what trade to suggest here – perhaps we can start using the 25-hour on a bounce?

Wheat – at the 100-hour – same idea. Be long until it breaches – my stop is below the SMA.

AUD/JPY – pushing into resistance. May be a good short but I want to see another candle or two.

EUR/CAD – may be putting up a little floor here – let’s wait for a NLBL breach.

USD/CAD not holding at the 100-hour. It’s a short now and my stop is above the NLBL.

Last but not least the EUR/USD which is looking feisty today. If it can push above the 25-hour then we may have a good long here (inverse to our Dollar setup, I know). That NLBL just expired – lucky bugger.

Cheers,