sp'daily4 - EMAs, Guppy
Summary
*the above chart was inspired by Disqus poster 'joe trader' last night. The Guppy (who is a chartist who gets a lot of coverage on CNBC Asia) has quite a famous EMA trading system. Anyway, its kinda interesting.. and I thought I'd at least do one chart for it!
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So... we're set to open higher again, and it would seem we'll be 100 handles higher than the Tuesday close this morning. On any basis, truly incredible, but then.... a new up wave was certainly expected.... just not this much so quickly
Today is quad-opex, so expect increasing chop, especially in the closing hour.
Fed official Lacker is speaking around lunch time, and any comments on interest rates might give the market an excuse to push lower in the early afternoon.
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Frankly, considering the size of the gains since Tuesday, those long might well be looking to 'lighten up' this morning.. and perhaps buy back next week.
Thank the gods, its almost the weekend... have a good Friday.