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Intra-Day Update: Good Morning America!
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Intra-Day Update: Good Morning America!

Intra-Day Update: Good Morning America!

by The MoleNovember 5, 2008

UPDATE 10:01am EST: Hope you guys all enjoyed yesterday’s election coverage. Today’s weather chart indicates that we’re in for a churn in the morning, following by some descent in the early afternoon:

Watch the ‘churn zone’ which is caused by the 990 retracement level, as well as the 996.5 and 986 pivots in the SPX. In the NQ we have 1353 and 1366, in the YM 9454. The lighter lines are weekly retracement levels, and the bolder lines are the daily ones. Of course there are the fibs to watch as well, which were conventiently added for your lazy leeches.

Check in regularly as Berk and I post our favorite victims – the first one I grabbed this morning was PBR. IN the previous post Berk also suggested some of our old favorites: BIDU, MA, GOOD, CF.

UPDATE 10:31am EST: Here we go again – TNX has pulled back a little and we continue to push up on fumes. If we breach 1000 on the SPX the next reversals are indicated on the chart. But I would have no compunction about grabbing some DIA calls if we do – no sense in fighting the market. Let it rally if it wants and use it.

UPDATE 11:14am EST: Berk and I just grabbed BIDU, we also think MA is good once it drops a bit more (developing into a nice island top).

UPDATE 12:47pm EST: Berk here, and this is the chart that I posted last night.  And here is what the chart actually was.  Yes, I was a little tricky, but it was BLATANTLY apparent to me when I sat down last night to check it out.  Thanks for the few of you that tried.  I give you a lot of credit making conjectures off of charts with little or no data.  Well Done!!  And special thanks to CC, who not only had a good answer, but had a comeback question for me.

And after today’s 300 point drop, it becomes more apparent what I was trying to illustrate.  Again, thanks for playing.

UPDATE 2:53pm EST: Okay, the last two hours having been a bit frustrating as all we’re seeing is chop chop chop. Berk mused that we all will be chefs by the end of the day – LOL. Many of you leeches might be wondering if we should take profits here. I frankly am not sure right at this point – I would probably want to buy some DIA/SPY calls instead if we don’t breach the 1326 NQ and 970 ES pivots. However, if we keep chopping all the way toward the closing bell I might be tempted to grab my profits and wait things out.

UPDATE Closing Bell: Today was a good day in terms of profits but I absolutely hated the tape of the last three hours. Not only did I get faked into buying a DIA hedge which I wind up dumping too late as I had to step out for five minutes – but WYNN also suddenly spiked up towards the end, taking out 50% of its profits in a matter of 2 minutes. Berk and I decided to dump it, the spread widened massively, and I got a very lousy fill, after which it made a u-turn and dropped again. What a pisser! I really start disliking those options as the MMs are crack smokers and you can be assured of being able to drive a truck through their put spreads when WYNN pushes to the upside.

I didn’t have enough time to take profits on MA, BIDU and FSLR due to the last minute fake out action. I knew we would drop further and thus didn’t want to sell on the spike and was burning time. I’m okay with MA as the island top looks very juicy – if it goes against me tomorrow I think the gap below is worth the risk. BIDU and FSLR seem to have some downside left in them but the market is getting very close to a bounce so if we don’t push up overnight on the ECB news then I’ll be quick to trake profits.

That’s it for now – I’ll do a very brief market update later tonight. It’ll be short as I’m burned out – need to hit the gym and recharge my batteries.

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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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