Participation on the equity side has but disappeared – we are talking a complete flatline since the NYSE open. The honeypot game continues and I feel pretty good about having told you to stay the heck out of this mess early in this morning.
This is pretty much as bad as it gets – as you can see we have zero participation on the E-Mini and the gyrations you see are nothing but market maker monkey business designed to frustrate the hell out of you. I for one think you have suffered enough and so decided to give you twelve reasons for a happy face as there are actually quite some setups to be had. As the evil lair needs to be promoted I’m going to make this a freebie – so leeches everywhere rejoice!
All of today’s suffering may just pay off tomorrow (or Monday) as the E-Mini is painting an inside day candle. You know the rules and if you not then point your browser to our cheat sheet.
GOOG – sitting on the brink and I’m long with a stop below the daily NLSL and the 100-day SMA. That ought to be good for some support I reckon, right? Watch the short term panel for early clues should it decide to slide.
AMZN still trending but painting an inside day candle as well. I would prefer continuation but will take either breach tomorrow.
INTC – still short here with a stop above the 25-day but it’s looking like I may have to flip it soon. My inflection point would be 20.5 – if we push up to there I’ll make it a long. Which could actually be the better setup – would love to see a short squeeze after that sell-off.
BIDU – I will be long on a breach of the 25-hour SMA. I know it looks scary – have some balls, for heaven’s sake. Seriously now – this would be a short term setup which may (just may) turn into a medium term. Let’s see what happens today at the close.
Gold – possible last kiss goodbye. I’m want to be short near the 100-hour SMA – please climb up there! I would be long after 1710.
Copper sitting on ST support and a daily NLBL. I’m long with a stop below that one.
Sugar – I’m actually now short with a stop above the 100-hour. As you can imagine we’ve had some movement since I took this snapshot.
AUD/USD – also looking sca-ary. I’m long with a stop below the 25-hour SMA. This is a low probability high payout trade – treat it accordingly.
Similar setup on the EUR/AUD – very speculative long with a stop below the daily NLSL.
Doing the very same on the EUR/CAD. These types of setups are not everyone’s cup of tea, it’s permissible to wait until you see the daily NLSL tested a bit more.
This ought to keep you guys busy for a while. Party on Wayne and don’t do anything stupid – keep disciplined with your stops – keep it frosty – live to trade another day.
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Cheers,
