Long Term Resistance

11:30am EDT: I was just poking around in my long term Dow chart when I suddenly had a little epiphany – obseve:

See that resistance line? Let’s zoom in a bit more…

Even more…

Well, what do you know – we’re sitting right at it. Sure, we could easily bust higher and touch 9,650 – but I will unhedge now and start adding positions on each leg higher.

12:45pm EDT: The Dow Jones Utilities Index ($UTIL) is at the verge of making new 6-months highs:

Potential targets are the fibs provided which are multiples of the prior leg up. I’d like to see this one a teeny bit higher before I bulk up on more puts.

1:00pm EDT: I got a little goody for you rats:

I just manually updated my BAA:TYX chart and voila – we got a little Viagra moment here. Could this be a precursor to a significant drop in equities or maybe even Primary {3}?

3:10pm EDT: Seems we consolidated pretty much sideways since the early spike and could now see a bust higher. A/D ratio right now 3.7 – not as bullish as earlier today. Dollar is being sold again – we’re back to the 78 mark. Obviously this tape is fickle but we’ve got a good chance of seeing new highs at the close.

3:15pm EDT: Okay, for the nth time – if your posts are getting swallowed by disqus don’t post again – just email me and I un-spam it. Not my fault – it’s the fucking disqus spam filter and I don’t know how to adjust it (or am too lazy to figure out).

3:40pm EDT: We probably will bust higher into the close but I just loaded up on more SPY March puts – same strikes – 70 and 65. Will add even more if we race higher.

4:01pm EDT: IF the futures push higher until 4:15 – remember that QQQQ, IWM, and SPY trade until 4:15pm EDT.