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Last Minute Channel
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Last Minute Channel

by The MoleMay 20, 2009

3:10pm EDT: I just loaded up on a bunch of SPY and QQQQ put butterflies – lottery tickets but this tape looks like it’s ready to take a deep dive.

The fun probably starts around 902 – we breach that and this thing should accelerate nicely.

3:34pm EDT: This is getting interesting – this thing is deflating faster than my last soufflee.

If we can actually crack that Cubes channel then there might be a lot of fun ahead of us.

Let the games begin. I hope this thing holds into the close – that would be step 2.


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 various social media waterholes below.
  • http://poormoney.wordpress.com/ Michael

    Woohoo, Mole is back from the gym, how was the workout? :)

  • traderbull

    Mole how is your VIX chart looking?

  • innatedc

    This day was a backtest of the broken upward channel….

  • annamall

    I called for red, when it was up 50 points, 😉 adding more /NQ short @ 1400.25

  • BaldEagle

    Won't believe it till we print 800 😎

  • annamall

    BEagle go get yourself an avatar (from one of Mole's Angels) :-)

  • innatedc

    Wait till the end of the day to get my virtual kiss Anna but I have to give one to Count first since I think he called it first……;)

  • innatedc

    Wait till the end of the day to get my virtual kiss Anna but I have to give one to Count first since I think he called it first……;)

  • annamall

    ahhh I was gone and didn't see his post, but that means we were both right! 😉

  • 1981er

    Today has been frustrating for sure… Banked coin on SPY but decided to cut losses earlier on puts that all of a sudden became profitable. Tough tape. I wonder if we're going to just whip around until after the holiday.

    On a positive note, all my SPY trades using Zero have been profitable so far. Mole, I think you mentioned this for the /NQ, but if using SPY instead of the /ES, does the Delta close to 1.000 rule still apply?

  • lester

    maybe he can line up his neighbor for a strategic kiss

  • http://stainlesssteelchicken.blogspot.com/ StainlessSteelChicken

    Putting a very tight leash on FAZ now… we are getting very close to my target of 11.60 on XLF which is the yellow fib fan in this chart…

    http://tinyurl.com/cquecy

  • lester

    you mean 900?

  • innatedc

    Look at that NYSE Breath!!!!!

  • BigIslandLife

    beautiful falling star on the daily if we end up down here

  • onorio

    you should made more of that calls annamall!

    but next time do it sooner…dont let it go up 50pts :-)

  • annamall

    I really wouldn't want to see you kiss the count LOL

  • BaldEagle

    No no, I won't believe in the correction until we get to 800…anything else on the way down I will consider a big honey pot bear trap

  • tranchefoot

    good trading!

  • BaldEagle

    I will later!

  • springheel_jack

    Zero on fire today. Two great neg divergences.

  • JohnyWalker

    I took the 921s and im still on the case. if this is not ” it ” we are close. Dailys look busted.

  • molecool

    Yes, you can just follow the evil.rat option tutorial – same rules apply.

  • itsgold

    Cracked the 50 RSI on the hourly SPY chart. I think we may see some selling in a couple of moments.

  • Fujisan

    GS & XLF shorts added on.

  • molecool

    Yeah, this is why I started loading up on those butterflys. And I will hold them until they are either expire worthless or hit their target (33 Cubes – 87 SPY).

  • onorio

    regarding to me :

    4 days with zero, 4 days with zero on fire.

  • http://stainlesssteelchicken.blogspot.com/ StainlessSteelChicken

    Thanks mate. I'm out at 5.45. Could run some more but I'm not gonna push my luck.

  • vad

    And Vix just turned green!

  • annamall

    Added CMG, WYNN when market took bounce. Still short NQ from 1410 and 1400.25

  • Niktus

    Count de Mone, kudos for you!! You said it was going to close on negatives, way back when SPX was gaining big time.

  • molecool

    NOW we're getting somewhere.

  • annamall

    :-) let's enjoy the slide!

  • springheel_jack

    I still have a lot of puts on the same basis. Not as many as Monday, but I have a very strong feeling we're going to see a lot of down tape this month.

    I'm still trying to consider the bull case though, even if in this economic situation the rally looks delusional and equity valuations look like a bubble.

  • tranchefoot

    $vix > 28.9

  • onorio

    hey mole, VIX at 28.4 with 25m left…can we make it?

    damn we need obama here….

  • Fujisan

    It looks like we are getting 2nd confirmation on VIX.

  • molecool

    I fucking hope so…

  • cuvo

    Who wants a nasty surprise? Ben wants to know.

  • annamall

    Carter Worth (I like him) just called for shorting the market, the utilities getting crushed, interest rates, sell the SPY he said.

    Good Man!

  • Vardoger

    You still think I'm kidding you MLMT?

    Four!!!!

  • Autopsias

    What can I say more… We the people of Mars just love the Zero and the .rat, resident.! It's just unbelievable! As you said Mole takes the emotion out of the equation and when you work all of them in conjunction you can actually lower risk!

    Great divergences on the Zero! For a moment I thought .rt was getting wiped out but disciplined proved to pay off!
    You being silent also helped, I was confident that if some thing weird was gong on you would shout!

    All in all great day so far!

    Thanks again mole!

  • annamall

    and now the sellers will rush the exits! Staying short till I become a midget! LOL

  • amgrant

    Lotta bond buying going on…smart money knows something is coming.

  • itsgold

    Looks like we reached mole's target. Buckle up everyone.

  • http://stainlesssteelchicken.blogspot.com/ StainlessSteelChicken

    34.19 is the old descending channel line on QQQQ — break it break it break!!!!

  • Buyalldips

    Will the next shoe drop very soon???

    http://www.quantcast.com/apps/news?pid=6565587&sid=ajgUp7xQI65fer=5566e

    I am glad I didn’t know any better, however, as a wee green undergrad. Why? Cuz it’s good to have experienced that kind of ‘blank slate’ naiveté at such a ‘green shoot’ age. That first-hand experience at naiveté has really helped me to anticipate why so many folks today willingly consume the ‘green shoot’ fertilizer shoveled out by Timmie & Bennie, as well as by the TV talking necks.

  • Buyalldips

    Will the next shoe drop very soon???

    http://www.quantcast.com/apps/news?pid=20601087&sid=ajgUp7xQIn6c&refer=home

    I am glad I didn’t know any better, however, as a wee green undergrad. Why? Cuz it’s good to have experienced that kind of ‘blank slate’ naiveté at such a ‘green shoot’ age. That first-hand experience at naiveté has really helped me to anticipate why so many folks today willingly consume the ‘green shoot’ fertilizer shoveled out by Timmie & Bennie, as well as by the TV talking necks.

  • Buyalldips

    shorts cherish these moments

    buyers will step in really soon

    cover now

    http://www.quantcast.com/apps/news?pid=20601087&sid=ajgUp7xQIn6c&refer=home

  • Buyalldips

    shorts, cherish these moments

    buyers will step in really soon

    http://www.quantcast.com/apps/news?pid=20601087&sid=ajgUp7xQIn6c&refer=home

  • Count_de_Monee

    Anyone notice how they keep saving BAC as soon as it's close to dipping into the red zone?

    Don't want those fools who bought this great POS to feel shafted less than 24 hours later, now do we….

  • lester

    I am selling all the mutual funds in my 401K as I type

  • alphahorn

    INdeed!!! i love days like today

  • annamall

    Let them feel like shit they should. 😀 Biderman on also calling for SELL>

  • LostIllini

    It's just 401k'ers, they won't even know they're shafted till next month and they will never bother to look at the BAC secondary that they bought.

  • annamall

    touch'e Alpa We are heading for at least 895 short term 875 next stop.

  • molecool

    It was really tough for me to stay silent but it paid off.

  • MyLifeMyTrade

    I am delta neutral at this point.. Big move in any direction should help me… Having said that… the bears are showing the same excitment that they were showing at breach of 880 last week.. Now 900 is generating the same excitement.. If bears are not able to take this below 900 today, then look for a rip tomorrow… Else, bulls are dead

  • annamall

    Off to la Gym.. I am letting my shorts work for me. :-) see you all later

  • wex

    He's married Anna. Stay faithful to Katzo

  • MyLifeMyTrade

    Did I comment to you …. Can you remind me what I said.. Or provide a link so I can go and see what you are referring to.. I reply to lot of comments via email. So never sure who I wrote to

  • Osso

    GS supporting the 136 level..like no other……bastards

  • funkypenguin

    Yeah he sometimes has decent advice but he already tried to call the top on this one on April 22
    http://daytradingstockblog.blogspot.com/2009/04

    The top is coming, just don't know if the bulls aren't going to try and run it up once more this week. Good opportunity with the low volume to manipulate the market.

  • innatedc

    Count, here is my kiss to you……
    http://www.youtube.com/watch?v=VhNx8jHT81M

    Anna, here is my kiss to you…..
    http://www.youtube.com/watch?v=F1Q-phtXrE0

    Let me hear your laugh….;)

  • Mastachopchop

    VICTORY!!!!

  • innatedc

    Count, here is my kiss to you……
    http://www.youtube.com/watch?v=VhNx8jHT81M

    Anna, here is my kiss to you…..
    http://www.youtube.com/watch?v=F1Q-phtXrE0

    Let me hear your laugh….;)

  • innatedc

    Count, here is my kiss to you……
    http://www.youtube.com/watch?v=VhNx8jHT81M

    Anna, here is my kiss to you…..
    http://www.youtube.com/watch?v=F1Q-phtXrE0

    Let me hear your laugh….;)

  • Scoops

    Well I went to add some more random hotties I've never met to my facebook profile, and I switch screens and all hell is breaking loose. Close to getting stopped out of my puts today. Not close enough though!

  • salvadorveiga

    Mole one question about the evils and residents… a couple weeks ago you found out at in the long run closing a 8.59 PM gives extra profits… does that affirmation still stands ?

  • MyLifeMyTrade

    Ok day for me – made 900 bucks on overnight longs, made another 500 on the way down and lost 300 on some longs that I put in after the bounce up… all in all 1100 bucks for the day…

    I would look for a gap up tomorrow.

  • MyLifeMyTrade

    I have a feeling that VIX might end up being negative by the time the value gets settled in another 13 minutes.

  • ropey

    Woot yeah, CME dove nicely hoping for 260s soon…

  • salvadorveiga

    thats what I pposted the other day on Friday I think… or Thursday, that looking indivdually at the alerts I though evil.rat for the month was more in the red that it actually was… during the whipsaws it was only down 225 USD for someone following the signals ALL THE TIME and not taking inito account Mole's advice…

    As of now, it is up around 1200 USD since the inception of evil.rat to the public. (I still didn't do the math with today's tape…)

  • OllyVaradi

    Looks like the VIX just made it over the line in positive territory. Need another down day in the market to fulfill the “sell” prophecy. Only a 4% chance the market and the VIX are up tomorrow – hence, need three down days!

  • molecool

    ¤ø„¸¸„ø¤º°¨¤ø„¸¸„ø¤º°¨
    ¨°º¤ø„¸ N E W „ø¤º°¨
    ¸„ø¤º°¨ P O S T “°º¤ø„¸
    ¸„ø¤º°¨¤ø„¸¸„ø¤º°º¤ø„¸

  • innatedc

    MLMT go easy on the calls, you do make some good ones but sometimes I think you shoot from the hip a little too quickly without ever showing an analysis or chart…and the fact you're spouting off what you made feels like your trying to justify the calls…..we are all wrong sometimes and we are all right sometimes but the great traders that I learn from breaks down the plan of the trade and then why they chose their action steps….not meaning to be derogatory but hopefully giving you some constructive critique….peace out.

  • molecool

    Don't bother with the kissing for me – just send me money instead.

  • Keirsten

    Wow! Had to leave for the afternoon- looks like things went well! heeheehee. :-)

    Alpha- I'll get that VIX chart to you later on tonight via Katzo- didn't have time before I left. Will also send it on to Mole as well.

    GS has still not filled that gap from last Friday, so that might give us further slide in the AM, who knows, have to look closely at the charts again. Pre-market tape will give me a better idea, but the 60 min. charts show more room to go lower at least at the onset.

    Congrats Rats!

  • innatedc

    Oh alright….been putting off the fucking Zero for so long not because I'm cheap but because I have used my own internals for so long I am used to them….give me til Friday Mole and I'll give the fucker a whirl….:0

  • Fujisan

    Great call, Var!

  • http://acetraders.blogspot.com Nandu Konat

    Mole,

    AceTraders called the top and bottom for the last two day..

    http://www.acetraders.net/

  • Count_de_Monee

    OK, tasteful enough. Gay, but not too gay.
    But I prefer cold hard cash, loose women, or, failing that, a boat load of disqus points.

  • innatedc

    LOL!!! Oh now don't get all squeamish on me Count, you got your points….just like Seinfeld, I'm not gay but not that there's anything wrong with that…..

  • MyLifeMyTrade

    appreciate your feedback.. I too see myself jumping into trades at times without prior plan for what to do if it goes against me… I have a commitment to have a well written plan before trading.. and am trying to stick to it… I will make it a point to share that plan with you all.

  • http://www.mylifemytrade.com MyLifeMyTrade

    appreciate your feedback.. I too see myself jumping into trades at times without prior plan for what to do if it goes against me… I have a commitment to have a well written plan before trading.. and am trying to stick to it… I will make it a point to share that plan with you all.