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Archive for September, 2009
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September 30, 2009

Magic Rulers

In my charting universe the most valuable charts are at the same time often the most simplest. Just give me a channel or a trendline and I’m happy. And I’m not alone – as Jeffrey Kennedy over at EWI puts it: How a Kid With a Ruler Can Make a Million.

Well, that’s exactly what I do on a daily basis (the drawing of lines part – not the making of millions) – I look at a symbol and the first thing I do is to connect the dots, and only then I might add a fib here and there. I’m pretty lukewarm on indicators – I use only a small selection of them – for me price is king.

You should try it – just make sure you [...]

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September 30, 2009

Everyone Gets It Today

The tape turns on a dime today – much to the chagrin of anyone who’s either bearish, bullish, or not a primary dealer. Oh, sorry – you didn’t get the memo at 2:46pm EDT?

That’s right – everyone gets it today.

3:20pm EDT: And now get read for the obligatory bounce back. VWAP reversion at its finest.

Oh, I sound a bit cynical today? Whatever do you mean?

3:33pm EDT: Here come the marines – just in time for the 3:30pm ramp up.

3:50pm EDT: No EOD wrap up today – need to catch up on some chores. Program trading update: All strategies took it up the ass – even geronimo had an early morning stop [...]

 
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September 30, 2009

POMO Games

Economic reality continues to be steadfastly ignored – bullish exuberance appears to be ubiquitous. Even better – a ‘worse than expected’ (snort) Chicago PMI report is nothing but yet another dip buying opportunity to cash flush POMO infused primary dealers:

The wave count and our inflection point have not changed – we remain in the whipsaw from hell zone we have been bouncing around in for the past three weeks. Our uncle point remains at 1069.62.

The bull will not be denied as various exotic Fed cash windows continue to hand out tax payer coin to primary dealers happy to burn the bears just one more [...]

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September 30, 2009

Trading Cavemen

Tonight’s update is quite fun for me as for once we have now established an inflection point which allows us to clearly define the separation point between our two competing scenarios. As a matter of fact, it’s so easy – even a caveman could trade this:

That’s right – Mole’s charts are now plastered all over your local airports. The reach of Evil Speculator knows no bounds.

This afternoon I summed up the gist of the current wave count and nothing really has changed since. Either we’re about to start a third wave to the upside or we are at the onset of a third wave to the downside:

The implications here are [...]

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