Perfect!

UPDATE 2:29pm EST: Boy, this has been almost a perfect pattern to the upside.

SPX ran by the script and we find ourselves in my target zone. I do expect a bit of resistance here but this might be a good spot to start loading up on some puts. Have been chatting with a friend of mine in the last hour and need to go through the previous thread to pick apart some of your contributions. DLTR was a good one IMHO.

However, for the rats among you who think this is the start of 1 of (A) of {2}: If you look at the wave pattern an argument can be made that we completed (or are close to completing) a motive wave, which might be {1} of 1 of (A) of {2}. So, this would now be followed up by an {2} of 1 zigzag. I just wanted to throw it out there as it is no implausible. Also, this would line up with Tim Knight’s H&S scenario – so, let’s see how the tape behaves before we back up the truck.

But don’t be scared – be happy!!

Life is short and I don’t think you’re happy enough! That’s right – I teach you to be happy!

UPDATE 3:09pm EST: Okay, last hour – moment of truth. Observe my notorious index grid:

Pretty oversold – aren’t we – I also see a nice divergence happening.

UPDATE 3:22pm EST: Attention EVL-Mart shoppers – disqus seems to be broken again. Not only are they labeling people’s comments as spam, now they switched their servers into 1st gear – it’s f…ing crawling. Sorry, but this is out of my control.

UPDATE 3:48pm EST: Boy, that’s a nice EOD rally – we haven’t seen that in a long time. I actually grabbed a bunch of SPY puts around 744 but then decided to cover them at 745 when the Zero was pointing up – phheeewww – not a moment too soon. Might uncover them at the bell – let’s see how far this takes us.