Tuesday Tanking Rub Down
Today’s tape wasn’t fun either - the only large scale moves we got both happened in a few minutes. Anything in between was complete trash. I would usually say something along the lines of ‘typical OPX week’ but it has been like this for the past few weeks now - so never mind 
Zero had a pretty good day - the only caveat was the thin tape signal this morning which made it impossible to read a direction. We however got rewarded with a text book divergence in the late afternoon, which is when I told everyone to be cautious and prepare for a possible pop.
Program Trading Update:
geronimo/ES: -3.5
Geronimo decided to take a scalp in the last few minutes. The official tally for today is -3.5, which is pretty realistic as you probably got a later entry and a later exit - maybe hopefully a narrower spread. Of course - if you held into the close you would have probably made a little profit as the futures are pushing higher right now. So, I think geronimo had the idea right - just not enough time to let it play out. The boys who are playing this game (and whose activities geronimo is based on) don’t stop playing at 4:00pm. I am split on whether or not to let the signal go until 4:15pm - back testing reflects that 4:00pm is a good time to exit. However, back testing is not the holy grail and as the market dynamics change we might have to give those late entries a bit more time.
Nothing to add to my prior wave count. We could drop towards 900 but this motive is a bit long in the tooth and we probably should see a correction soon. In a perfect world we’ll see 928 again, which would be a great spot to load up - 938 would even be better. Any bulls left out there?
Cheers,
Mole
This entry was posted on Tuesday, June 16th, 2009 at 4:14 pm and is filed under EOD Wrap Up, geronimo, zero. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
