Opening Play for Friday 8/15

8-14-2014 10-13-03 PM

Good Morning Traders~!

The SPs have traded two days low to high and further morning up will be  Shorting opportunity.  This may just be for a scalp though:   The Nazdaq has had good residual upside momentum….a V spike reversal here is unlikely.  The Russell, even though it appears to be lagging the other indexes, is filling out  a broader weekly formation and is still closer to the lower end of its trading range.  A possible scenario for tomorrow can be seen on the SP cash 30 minute –  make third push up in the morning, and then consolidate in an A B C formation for the rest of the day.  Let’s at least see if there is a nice three pushes up on the intraday chart off the opening.

Damage done to Copper and Crude  – Copper will have a Buy Day but for a scalp only –  A grail sale at the 120 minute EMA can provide resistance.  Crude – look for two way trading as the market consolidates – any morning reaction up will also set up a grail sale for a retest down.  Beans have a pinball sale…..and the  Buy setup in Silver on Thursday led to an inside range day only.  Silver and the EC both will have Breakout mode.

I am sure not many have been trading the meats, but HOGS appear to be getting oversold and there are daily Buy Divergences now on the 3/10  osc.

Bunds – did ten year yields really trade at 1%?  Open mouth….insert foot……

OPTIONS EXPIRATION this Friday, though not a triples!   Everyone have a great weekend!




Tradesheet from Snagit









Markets in BO Mode:

BOs from snagit