Emini Trading Update – Friday 2 Nov 2012 (8:38)
Nice fast and flowing market today – the New Yorkers must finally have power and have joined in the fun. Welcome back.
So Thursday we got the uptrend pop from 1,400 (thank you Better TRIN Oscillator). Then this morning we found the resistance at 1,430 – a previous breakdown level and so Support becomes Resistance.
We’ve spent so much time building a base at 1,400 I don’t think this is all over – looks like we’ll hold around 1,410 and then try and break through again. Maybe.
But of course next week is the ‘most powerful human being in the world lottery’ and so that will cause all kinds of stops and starts and swings and general dithering.
Does it really matter? “Frankly, my dear, I don’t give a damn.” But hey, that’s just me – about pretty much everything.
Oh and read this from Karl Denninger. I wish I could write as elegantly as he does. This is the essence of saving, capital formation and how capitalism is supposed to work.
Distraction of the day …
I’m more of a soul surfer (Tom Curren wannabe) and don’t normally like aerials. But when I see Jordy Smith’s speed in small waves and ability to generate so much energy to pull off these moves, I’m in awe.
Here he is surfing Supertubos in Portugal (first 2 minutes) and Hossegor in France (last minute). Check out the rodeo flip at 2:27.
Good luck with your Emini trading.
UPDATE AFTER THE CLOSE: TODAY’S VIDEO WAS RECORDED AT 12:30PM. BY THE END OF THE DAY WE HAD A ROUT ON OUR HANDS. WE ARE BARELY ABOVE THE CRITICAL 1,400 LEVEL. THE DAMAGE WAS WORSE IN GOLD, SILVER, EURO, CRUDE, AAPL. I WILL DO AN UPDATED VIDEO FIRST THING SATURDAY MORNING.