Wednesday Night Quickie

I still have a mountain of work on my desk before I turn into an evil radioactive pumpkin – but you rats are probably scratching your little rodent brains after today’s Cadillac of all whipsaws. So, without much ado here’s what I see in store for tomorrow:

I know – I know – hard to believe but I’m ready to bulk up on puts again. Two probable paths for tomorrow:

Orange Utan: We completed Minute {5} of Minor A of Intermediate (Y) today (sorry I forgot to move the label on the chart – so sue me) and today was the first wiggle leading into Minor B.

Blue Utan: Since tomorrow is another POMO day (the second ones in a row are usually milder) we bust higher probably after the open and complete at around 1010 – 1015 to 1020 is a possibility depending on how much cash they raise tomorrow. If we get another $7 Billion accepted I wouldn’t rule it out. If we get this scenario I think we’ll probably open high or bust to the upside early and then drop throughout the day. So rise and shine – early rat catches the cheese.

Yes, it’s going to be another mind and nerve burner – but hey, that’s why they pay us the big bucks right? 😉

USD is gaining vs. the Yen and cable tonight (favoring Orange Utan) but if you look at those candles it’s nothing that couldn’t be reversed tomorrow morning – could be a ruse.

I’m still waiting for a good spot to pick up some long term Silver puts – so far the Gold:Silver ratio keeps dropping and I’m waiting for a swing to the upside. So let’s be cautious here – no reason to rush this thing but I would be very tempted at 15.

As it’s Wednesday the new POMO schedule has been released, and boy does it look bleak for the bears. Five more in the next two weeks and the next one after tomorrow is on Monday? If we get a drop to the downside the bears better hurry – looking at this I don’t think it’s going to get very far before more cash will be pumped into equities.

See you on the other side.