Push Back

We seem to remain on course and the current push back observed almost across the board could actually turn out to be a positive as it establishes a retest zone above our entries. Of course this assumes that this correction does not turn into a more pronounced sell off. So let’s start with reviewing some of our ongoing campaigns:


2017-02-07_ES_update

The E-Mini has been holding and our stop near 2277 managed to survive the after market action. Nothing do to here really – I am keeping my stop where it is and will await further instructions.

2017-02-07_ZB_update

Treasury bond futures are not looking as rosy but we’re still in the game here as well. Once again I’m crossing my toes and will keep my stop where it is.

2017-02-07_gold_update

Gold is looking very positive at this point as it keeps painting higher highs and higher lows. The current dip lower is a retest of the 100-day SMA which is just about to start swinging higher. We are in excellent shape here and I intent to ride this campaign all the way should we be so lucky to see a more aggressive push to the upside.

2017-02-07_CL_update

Crude however took me to the woodshed overnight and I’m currently waiting for a floor pattern or spike low on the short term panel. The formation on the daily panel is looking a bit wild right now but we should always remind ourselves that this is very typical for crude and that sideways periods often precede trending ones. My main concern here is to get a good seat on the bus ahead of a big move. I will keep you guys abreast of any promising developments here.

2017-02-07_ZM

Soybean Meal is a small long if it manages to drop toward 331.6. My stop would be below 329 – no reason to be stingy here. I do very much like the daily formation in that we had a BB compression which now seems to be resolving. However it’s also possible that it’ll go right back to doing nothing for a few contracts, so I’m only taking half R sizes here for now as I don’t want to get whipsawed.

2017-02-07_ZL

Soybean Oil has been a lot more active and I’ll deploy my other half R here if it touches 34.23. I’m a stickler for getting good entries – sometimes I miss out on good ones but more often than not this has turned out to be a good policy over the past few years of volatile tape.

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