Intra-Day Update: How Badly Do You Need It?

UPDATE 9:49am EST: The market needing bad news to drop. I know that I’m the first guy to consistently fade the news, but any of those headlines would have resulted in a 500 point drop just half a year ago:

• Trichet Sees Economy Shrinking in ’09 as ECB Cuts Rate by Most in 10 Years
• Stocks in U.S. Drop as GM Considers Bankruptcy; Merck Retreats on Forecast
• AT&T Will Cut 12,000 Jobs, Expects $600 Million Charge for Severance Costs
• GM, Chrysler Said to Consider Pre-Arranged Bankruptcy to Get U.S. Bailout
• Unemployment Benefits Claimed by 4.09 Million Americans, Most in 26 Years
• D.E. Shaw, Farallon Limit Client Withdrawals as Hedge Fund Freeze Deepens
• Black Friday Boost Fails to Stem Sales Drop in U.S. as Confidence Slumps
• Bush, Pelosi Deadlocked Over How to Pay for Rescue of GM, Ford, Chrysle

And just like yesterday we drop and then we rock again. I’m fairly sure this is not going to continue but it’s still pretty annoying to keep watching this crap. BTW, watch the 878 level on the SPX – it’s the 78.6% retracement and it is a line in the sand actually as not breaching this level keeps the intermediate wave (3) scenario in play.

Here is today’s RL chart, as I know how much my rats like pretty pictures:

UPDATE 10:24am EST: I live in the Hollywood Hills near Paris Hilton’s house and have tons of helicopters hovering just above – and it’s 7:24 over here! Either there’s something bad going down or Paris is up to her usual shenanigans again:

Yummie….

Anyway, feast your eyes on the latest BDI:

BTW, today looks like a continuation of yesterday’s action – the MMs are driving the market up and down. Crazy tape and as much as I hate it – until I see some conviction either way I’m staying out. I recommend you rats do the same. Remember – cash is a position and you don’t have to trade. You don’t trade, you don’t get whipsawed.

UPDATE 10:39am EST: I have remove thed 5 min zero – some people think they love it but I don’t think it helps them especially in this market. Too crowded and the zero was never intended to be a day trader’s tool – I have tried it and it works on a 5 min basis but you really need to see every tick. I also don’t want to confuse people who look at it for the first time. Will put up a poll now for you guys to pick between 1.0 and 2.0.

UPDATE 10:56am EST: I’m horrified: My 2nd home is going up in flames!

I hope Candy and Suga’ are okay…

UPDATE 12:30pm EST: How are you guys faring out there – it’s been pretty quiet today. Remember guys – the bus moves fastest once everyone got off. Are you buying puts? If so, which one’s? I’m getting a bit annoyed when I see zero productivity in here – and I’m not talking ‘zero indicator’ here either. Watch the tape boys and girls!!