Melt Down!

UPDATE 10:35am EDT: You guys have no idea what I’ve been through this morning and all weekend.

Friday evening the hosting company migrated operations over to a brand spanking new server and since that moment I have been fixing problems left and right. After not getting any Zero subscriptions for a day someone finally alerted me to the fact that that page was broken as well – &%@$(!*!!

Once I got that and a host of other issues fixed I thought I was out of the woods. But nooooo – just 20 minutes ago someone over at the hosting firm fat fingered a Unix command and effectively shut down the entire site. Shugs – great start for a Monday morning.

Give me a break rats – I have been working all weekend. These things never go completely without any hiccups and much of this is out of my hand. I actually have some mean Unix skills but unfortunately I don’t have full control over the server – it’s a co-hosted box – therefore I myself need to file support requests when the site falls off the plate.

Damn – I need a vacation….

The SPX experienced a little melt down as well this morning. Quite frankly – although I do like seeing what I have been asking for – a meaningful retracement – it all is happening a bit too fast and too hard. We are already touching that diagonal I pointed out yesterday and a one day Minor 2 wave would be a bit rare. So, it’s possible that we’ll whipsaw around until April 1st, which is the beginning of the new quarter. Although there’s a bit of portfolio reshuffling going on today I doubt the boys will let things get out of hand completely. Watch for support around 770 and then 740.

UPDATE 12:37pm EDT: Nice – I just traded the NQ all the way from 1204 to 1214, which was close enough to the VWAP line. FYI – just as a side note: What I often observe is a fake out move in the opposite direction one point away from the daily VWAP, after which it pushes back 80% of the time to finally touch it. Then there’s usually a retest – of course at that time it’s tough to know whether it’ll resolve into further upside or downside – I usually follow my momentum indicators. Right now they look overbought on a hummingbird chart.

Also grabbed May GLD puts at 930 – looking pretty good so far. Of course when it comes to Gold one’s glory is often short lived. I now would enjoy seeing a fat drop to the downside – we need to see some distance between the price and that fucking diagonal.

UPDATE 1:26pm EDT: I grabbed some puts in FAST, ICE, WYNN, and NVDA – have a few more I’m trying to get filled in.

UPDATE 2:53pm EDT: The ole’ buck is on fire today:

Explains the drop in Gold plus it offers a comfort buffer zone away from that low last week. At this point I still think this was an ‘ugly’ a-b-c correction – c being very long due to Bernanke’s printing press. We should see further upside and and I expect the prior high of 89.44 to be breached.

BTW, the NQ is stubborn today – ES is dropping while the NQ is going sideways.