The following passages were written 2,500 years ago in regards to war tactics. Bear in mind, that was back in the early days when the only way to kill your opponent was to actually walk up to him and employ raw physical violence. There was no concept of ‘war games’ – most warriors of the time accumulated their practice in real battles while their very life was on the line. So, it’s fair to say that these people knew a thing or two about waging war and in particular about war strategy. Their survival depended on it.
When in difficult country, do not encamp. In country where high roads intersect, join hands with your allies. Do not linger in dangerously [...]
Damn am I glad this is over:
Participation died out completely after today’s peak – all we got after that was a healthy serving of market maker sponsored whipsaw. I think BalaB, ErikD, Keirsten, and I could have pushed the market in either direction would we have tried it.
I’m in a foul mood – didn’t lose any money today – actually made some. But those blatant hit and run jobs deeply upset me and it will completely eviscerate equity markets over the long term. Once this thing turns – maybe by the end of the summer it’s going to be bad – very bad. Because there will be nobody left buying once the escalation to [...]
UPDATE 12:25pm EDT: I guess you rats had Soilent Orange for breakfast. Boy, am I glad I took profits on my SPY puts at 865 yesterday. Sorry, don’t mean to rub it in – but some people accused me of not being explicit with my trading activities. Go back and correlate my announcements of both the entry and the exit with yesterday’s ticker. Moving on…
Okay, here’s exhibit A of why we are in a bear market rally – and not in a bull market. As I keep drilling into your tiny little rat skulls:
Bear market rallies continue on bad news and reverse on good news.
Frankly, this is as bad as it gets and anyone with an IQ larger than [...]
I’m about to fall into bed, so just a chart tonight:
The breach of 865.73 and then the touch of 881 were two inflection points that changed our wave count considerably. The bottom line is that the main trend continues to the upside – all the gyrations we had to endure in the past month were part of a sideways consolidation triangle-like pattern – I know it’s ugly. Rest assured that he exact count will reveal itself over time – but corrective ways are almost always complex and their complexities manifold.
For now the 850 level should hold even if we correct down tomorrow or Friday (blue option). As the bears have remained in [...]