UPDATE 12:40pm EDT: We are starting to paint a channel on the Cubes:
Let’s see what happens at 34 but it’s looking greener and greener by the minute – zero participation or not. Could be a monster fake out – yes. But don’t ride it out until infinity. I won’t propose a stop here as I’m sure it’ll get touched otherwise. Happened last time on the 11th. The tape of the past few weeks suggests that market makers are reading this blog, so I have to be less specific when suggesting exit points. If I say exit at 34.1 you can bet your rectum that it’ll be touched – LOL
UPDATE 12:56am EDT: Disclosure: I loaded up on more Cubes puts at 34 – just couldn’t help myself.
UPDATE 1:31pm EDT: I just updated the channel chart above – don’t you love it how they work out lately? Well, if you loaded up around 34 then set a stop at your comfort level. Remember a breach of 905/907 on the SPX is probably where we can kiss the bearish scenario goodbye.
UPDATE 1:40pm EDT: SPX breadth ratio now 4.6:1 advancing issues – NDX 5.8:1 advancing issues. In that context I find it interesting that GOOG is down today. IF we get a bullish confirmation (i.e. Soylent Green) this might be the one to grab…
UPDATE 1:50pm EDT: Here are some hourly ES long RLs for you rats:
I picked 889 as the 100% mark – let’s see if we even get to VWAP at 894 – I’m not seeing any real selling. Very much possible this migh push higher today. Remember – zero participation reduces odds on both the RLs and the Zero.