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I'm at a point where I'm considering adding TVIX. Haven't pulled the trigger yet but I'm close.
Holy Chit, lol
They're having problems with the system in Chicago.
Do you know why?
GDX is at a critical point of the triangle.
48.75 is the DTL but again 49.20 is the key for OIL>
Oil is continuing higher but the first real test doesn't come until 49.20
NG is very close to moving higher. If it can break that 2.69 high it would question any further move lower and have shorts worried IMO.
The fight is going to be at 2074ES
I was pretty close on Friday to calling the top of this last move at 2080, so I'm sticking with my current count. However we're at one of those points where it could go either way so I need to figure out what /ES is doing here and we should be able to come up with a decent target.
Not going to make any calls until I see where /ES stops. Without knowing I'd be doing nothing more than guessing.
one sec
MCP set up looks great, could have one more low but it looks like it's gonna go higher IMO.
I just noticed your MCP chart, going to take a closer look. Could be the play 'o the day.
I don't think so, we still have a very possible move higher on the table. I need to see something that tells me to look lower. So far I haven't gotten the pattern I need to see.
Markets could get another blow at 10am. PMI was down again, lets see what consumer confidence does.
What's the price on EOM SPY puts?
Yeah, that's about what I'm thinking. But this also tells me there resistance at 208, 211, and 215.
You would think but IMO it's not. I consider both of equal risk however I see UGAZ bottoming first and for that reason I see UGAZ as a "safer" play over the next year.
Nat Gas UGAZ /NG As long as 2.733NG holds I'm still looking for one more low to finish the long term trend. 2.741NG would be the first sign we may have a bottom already. I have no reason at this point to think we've already put in a low but if I do I'll make sure I post my buy.
I'm long TVIX and fixing to get longer if I see what I need to see this morning. I'm also long UWTI and fixing to get longer there as well but again I need to see this move off the bottom develop a little more. That latest low in oil could be just the ticket we needed. More to follow
Good Morning EST
I really need to take a much closer look at the chart. It looks like it breaking out to me but I don't want to jump to conclusion.
I have a feeling the markets could move lower overnight. Just a guess nothing more.
I agree Mark, good looking chart. I have a feeling tech stocks are about to be back in fashion. You know how it is when the big boys start spending money. The MM will run these up without a second thought. I'll take a closer look later this evening.
CLF working out for me.
/CL can get one more high here I'm gonna call it of the pullback.
INUV back over $2
PAL is going to surprise a lot of people. The thing is many that trade this don't even follow the price of palladium. At the moment it's finishing it's wave 2 pullback which is really just a backtest test of the breakout and the 3rd wave will launch it over $1000. IMO PAL has the perfect storm brewing.
UWTI could be in play here
This should be the last high we see from the ES/SPX today
VXX can see $27+ from here but has some work to do.
If we can get one more high here it would clear things up a bit.
Seeing a lot of infighting going on with this market move. More so than usual so that tells me both sides are concerned
Thank you