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Intra-Day Update: Flatline
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Intra-Day Update: Flatline

Intra-Day Update: Flatline

by The MoleDecember 2, 2008

UPDATE 10:51am EST: Market is pretty much flatlining right now. I know the zero is pointing up right now but I want to see a bit more confidence in buying before I jump in here (either way). Apologies for setting all the long term indicator to ‘mixed’ right now but we are truly at a fork in the road right now. Anyway, here are today’s RLs again:

UPDATE 11:43am EST: Raise your hand if this market is going on your nerves. It seems we’re not going anywhere – a lot of teasing but it’s not putting out (reminds me of a bad date). Berk grabbed a few puts at the peak which seem to work out nicely for him. I’m a bit more cautious (or should I say paranoid). The zero is still pointing up right now and I have a hard time taking on puts unless I see a sliver of red at least on the 30 minute chart. How are you guys faring out there?

UPDATE 12:26am EST: I have to say – so far that zero is working like a charm today 🙂 This has been quite some conflicting tape. I paper traded some ES futures against it (yeah, I’m a pussy – but we’re still testing it) when I got the ‘green light’ on the magnified zero (MZ). Bought two contracts at 10:28am EST and so far profits are $1,500. Have any of you guys watching this thing? Grabbed a trade because of it?

UPDATE 2:45pm EST: I find it pretty encouraing that the PZ (1 hr) has not given us a short signal yet, and lo and behold we pushed back in the last 30 minutes. The MZ (30 min) did exactly what it was supposed to – give us a short term signal to play the downside and it went green as soon as the gravy train was over. So far I’m loving it – how about you, my trusted steel rats?

BTW, I’m almost done with options. Grabbed some BIDU and MA when we departed the NQ and YM pivots an hour ago and got reamed by the MMs when the MZ turned green. So, I said ‘screw it’ and traded a futures contract up to the pivot again. Made it all back in like 3 minutes. Loving E-mini futures more and more.

UPDATE 3:54pm EST: I think the subject of this posting was more than prescient. Horrible tape today but the upside was that it gave us a good opportunity to further put the zero through the wringer. Not to pad my own shoulder here, but so far I’m proud of the little sucker. I’d appreciate some reports from the front. Has it been helpful in picking your trades today?

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About The Author
The Mole
Mole created Evil Speculator amidst the chaos of the financial crisis in early August of 2008. His vision for Evil Speculator is a refuge of reason, hands-on trading knowledge, and inspiration for traders of all ages and stripes. You can follow him and his nefarious schemes at the usual social media waterholes.
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