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Time To Bank Some Coin
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Time To Bank Some Coin

Time To Bank Some Coin

by The MoleOctober 30, 2009

We have not only breached that important low I pointed out this morning, we also dropped to a point where I feel more than comfortable (calling George Carlin! :-)) to cash out my November chips:

I simply measured the length of what I consider a textbook third wave (okay, not necessarily on the Dow, but sue me) and projected its length on the current drop. Voila – we’re right at the 61.8% fib line and this is where I say goodbye. And yes, I am holding my long term puts over the weekend – those suckers are either going to expire worthless or I’ll invite you guys to my private island party next year 😉

2:03pm EDT: innatedc alerts us that the Trannies are at support:

If you are sitting on front month puts or short positions – now might be a good time to scale out and call it a week.

I think we all deserve a good Rammstein induced drum solo. And let’s not forget who really called the top so far – wasn’t me – it was Rammstein 😉

Mr. VIX got a wee bit ahead of himself – expect a snap back shortly. If not today then Monday. And no, I am not hedging, I am holding my long term puts – enough of the short term games. If you feel like hedging grab some futures so you can get in/out quickly (assuming you have a futures account and enough margin).

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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 the usual social media waterholes.
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