Let’s start to dial in our intended zone to short the indexes. We won’t do so by selling strength, but wait for at least minor confirmation against Fib / wave resistance zones . We had a nice day on the long side with the exception of Apple, which is on notice.

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Hey Traders, just recovering from a bout with a stomach bug, we’re back on the desk and ready to roll. Stocks continue to grind higher on the approach to major resistance, so we’ll continue to stay positioned on the long side until we see evidence that a top is forming.

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Traders, a quiet market today again that is producing consecutive inside bars in the indexes. We’re working new long positions, but with selling at the close we’re very mindful of this break down in the bonds and possible ending diagonal in the small caps.

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Semis powered ahead while Russell 2000 lagged keeping the ending diagonal alive. We did put some new longs to work in Apple and saw ATVI come back to life.

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Welcome to all new subscribers from Elliott Wave International! We are redesigning the member’s area and hope you like the changes thus far. To market, indexes put in some pretty impressive reversal bars on the daily against an extremely overbought backdrop. Let’s consider it simply a pullback to pickup longs in Apple ahead of earnings and financials reporting this week. If the equity pullbacks extends further, than we can talk further about a long-term top.

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The US dollar decline is shaping our macro trading landscape in commodities, emerging markets, and sector rotation. What does it mean with equities in a near parabolic trend as we head into more financial earnings? Also, hedging our long Bitcoin cash positions with shorts in the futures.

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The stock market powers ahead again led by transports and energy. We booked profits on our energy position, but took a stop in our SPX butterfly. The NASDAQ and SPX have room to move higher through the winter still, and we put a new trade together in ATVI. Finally, let’s hedge some bitcoin by selling the futures.

SMS issued today:
*Stopping out of SPX Trade – just filled at $4.60. Booking profits on EOG trade – filled at $3.25 and opening a trade in ATVI – *New Trade Alert – Long ATVI Tier 3 SELL -1 VERTICAL ATVI 100 16 FEB 18 70/65 PUT @2.05 LMT. In the Feb monthly options, sell the 70 puts, buy the 65 puts for a credit of $2.00 or more. TG-
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Bonds are acting weak here as the markets seem to believe that inflation and 10 yr yield above 2.6% are just around the corner. We’ll see! Russell continues to cook up an ending diagonal and the cryptos are weak with exception of Ether. We left 30% on the table and possibly more to come?
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I believe we’re standing on the front lines of a monumental shift in the macro environment. There will shots fired and wounds sustained on that front line, so let’s hang back a bit and watch to see where the momentum takes us.
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This is an exclusive, members-only webinar that takes a deep dive into our current positions, potential trade setups, our trading methodologies, and have all of your questions and comments addressed! (more…)