Stop Hassling The Oompa Loompas

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.

Once again yesterday’s VIX ratio induced paranoia appears to have been well placed, proving that just because your arms are tied behind your back you can’t operate a trading console. Overnight the spoos dropped like a hot potato and we’re now back at the 25-day SMA, the first line in the sand for the bulls. I’m pretty ambivalent here regarding direction as we’re in a classic limbo period. On the short term side I’ll try a long here with a stop below the recent low at 1675.5 which lines up nicely with our 25-day SMA. If that one gives I’ll flip for a short until 1657 (the 100-day SMA) – a.k.a. the final line the sand which separates the bulls from the bears.

Platinum  is looking interesting right now as I like it bumping its head against that 25-hour plus a NLBL at 1389 – plus minus a few ticks. I’m short here with a stop above the NLBL  but once again am willing to flip if I get taken out.

Not much else of value going on right now – I’m seeing a selected few (not my crew of hardcore rats fortunately) filling the comment section with opinions and other gratuitous mental masturbations. Don’t get me wrong – I enjoy semi-intelligent discourse and my advertisers love the blog traffic. But if I have learned anything over the past few years then it is this: Anyone with strong convictions will get taken to the woodshed sooner or later. No exceptions – trust me – I have seen many come and go here. And I’m still standing.

The worst thing that could happen to you is that your directional bias accidentally happens to pan out. Now here you are, feeling like the master of the trading universe as your unparalleled analytic skills have finally managed to predict the future. Surely endless riches and a bus full of oiled up Swedish strippers await you as you slowly ascend the red carpet draped stairs leading you to the halls of Wall Street fame to accept your trader of the century award. Rose peddles are falling from the sky, the sound of violins fills the air and…

Oh please – don’t let me interrupt your day dreams – but sorry mate, I’ve got news for you:

That’s right sir – you lose! You get nothing! Oh, and please stop hassling the Oompa Loompas. And if you feel compelled to grace us with an opinion do us all the courtesy of posting a damn chart. Otherwise we couldn’t possibly take you seriously.

It’s not too late – learn how to consistently bank coin without news, drama, and all the misinformation. If you are interested in becoming a subscriber then don’t waste time and sign up here. The Zero indicator service also offers access to all Gold posts, so you actually get double the bang for your buck.

Cheers,