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There is not much trading for me to do with the market seemingly on edge for every bit of news that comes out. As I have been discussing, we are still coming to terms with the upper end of our multi-month trading range of 1120-1220 S&P 500. If the bears are going to make a dent here, then pushing us back below 1200 and then 1170 are the goals. Thus, I am watching those levels closely. Individually, the cupboard is still bare in terms of high quality long swing setups. A few days of the action quieting down can change that, but for now the market appears to be too anxious for any type of sustainable move.
Copper continues to roll over, and the yearly lows look to be retested. Although copper has been a bit trickier than usual this year in terms of being a “tell,” you can be sure that equity bulls will be watching whether those 52-week lows in JJC will hold. Indeed, it may become a self-fulfilling prophecy to the downside. I also continue to watch silver as well. A bonafide break below $30 on SLV, as opposed to the headfake we saw earlier this week, should really get the ball rolling to the downside.
Overall, there are too many mixed messages for now. The market is being jerked in several different directions all at once, which makes trading any type of trend to be a riskier than usual proposition.
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I still hold TVIX, ERY, DRV, EPV, EUO, SRTY, FAZ from 10/11. I will run away as soon as I get my money back if at all I get it back. I will wait for s&p to go back up before shorting again later this year.
WTF*?
Is that Christian Bale, the psycho stockbroker?
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*(BTW — did you see that Obama’s new election slogan this year is “Win the Future?” No, shit, it’s “WTF.” You can’t make this stuff up.)
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lol – yep that’s pat Bateman