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What The ….
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What The ….

by The MoleApril 22, 2009

UPDATE 10:00am EDT: Boy, that was such a nice open – followed by an instant Goldman sponsored stop sweep to the upside. It’s fairly clear that this shit is Nasdaq driven program trading as the ES is trailing the NQ’s moves. I’m also sick of that IBM butterfly, which every morning is profitable and the damn MMs (knowing what’s ahead) don’t let me out. Dirty games galore – what else is new….

So here are a few lines in the sand – the only rule for a 2nd wave is that it should not exceed the high of the prior peak which is 875.63. Now that doesn’t mean I’m going to hold my puts all the way up there – let’s see what happens once we touch the 61.8% fib line at 856. If we push past that we might go all the way.

Can someone remind me why I keep trading Gold? LOL :-) Seriously now – we’re converging to a point where the whipsaw will most likely stop and Gold will have to pick a direction. That diagonal resistance line has been observed several times thus far on the trip down. Yes, you can run but you can’t hide….

Again, let’s remember that the main trend remains to the upside, so nasty surprises (like the one we just got) are likely to point towards that direction. Knowing that I kept my position very small yesterday but it still sucks seeing nice overnight profits melt away like that. But that’s life as a trader – it’s never boring – especially in this market – hehe.

UPDATE 10:30am EDT: Your channel du jour:

UPDATE 10:43am EDT: I just grabbed some SPY puts here – don’t follow my example as I’m crazy. There is a very good chance we melt higher on vapor here but after such a spike up buying puts here is therapeutical – as my emotions were screaming out not to do it. I often intentionally fade my emotions, which in the past have been a good contrarian indicator.


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 various social media waterholes below.
  • v8muscle

    just play the channel. its almost too easy. That selloff was NOT the start of a new wave down, but simply we hit the top of the channel. Being a premature bear will break you

  • LOVERBOY111

    molecool ……. du bist eine tote Hooooooose
    und dein ZERO indicator ist ein copycat der bei tradestation für umsonst heruntergeladen werden kann

  • LOVERBOY111

    obviously you are infatuated with GS …. becaused you never will reach up to them …. intellectually that is

  • rhae

    Lots of Earning today… this mornings' not so hot but attention may be shifting to AAPL tonight..
    They better not disappoint… or the House of Cards may have a big problem…

  • annamall

    Mole, what I did this morning is take profits on my IBM long Puts and left (yes, left) the IBM short puts I will close those out if I see the stock turn, but so far so good.
    My GE 12.00 ITM calls smoking, along with the ESI calls I bought yesterday for 3.00 now @ 4.80! (try to take 1/2 off :-)

  • http://esecfutures.com Vladz

    Too many people were watching that 50% from the highs yesterdays, for it to be just that easy, might be heading for that 23.6% afterall

  • molecool

    Yeah, I was thinking of legging out but by then the market was pushing up like mad. Meh – I can wait…

  • BalaB

    Exited the last ES contract at an Retracement Level. We may have more to go, but rather safe than sorry….besides I nabbed a total of 26ESpts… : )

  • djgrind

    Crazy market…the DAX is even more inpredictible than the spx today…started up 0.8%, then down 1%, now up almost 2%…wtf…stupid to be bull, painful to be bear period I guess…

  • annamall

    Taking profits on SPY calls I bought yesterday when market down. (no greedy girl here! )

  • lilme

    http://zerohedge.blogspot.com/2009/04/spy-have-

    This confirms my Schwab experience, the main momo stocks are 'hard to borrow' – it's like trading with one hand tied behind your back…I have been complaining to Schwab for weeks, in vain.

  • lester

    OK I jumped on the long bandwagon with some SPY Calls. To hell with shorting (at least today). I guess I will have to get the zero as I am sure it would have told me to get long much earlier.

  • annamall

    I saw what happened yesterday and wasn't going to lose my profit. It actually turn out quite well. to not be greedy, closing out short legs. BTW I love the German lingo. Sexy! :-)

  • Matador11235

    Nice trade on the ES, notice how that level was respected!

  • annamall

    I just bought more aapl calls when it was up 3.00. Lester be careful now. If you get a profit (decent) take it please! :-)

  • TomOfTheNorth

    Bought TZA @31.98 – scaling in on further rally

  • salvadorveiga

    i guess i'm selling them to you….

    entering short once we make a new HOD

  • BalaB

    where is Katzo?

  • lester

    Yeah, I see you are selling at same time I am buying. That worries me a lot as you seem to know what the heck you are doing.

  • annamall

    I'll take em. I also sold some OTM calls as well. Long TIF, GE, ESI, AAPL GS (did take profits as they came) all option plays,
    long SRS

  • BalaB

    Thx….yeah, seeing the RL levels respected again is an encouraging sign.

  • annamall

    I know every since Mole posted that pic of him, he disappeared? :-(

  • Squidman

    I think I'm comfortable with futures now so got evilrat.nq. Very tempted to play the broken shoulder on the inverted hs on xlf with this pullback. Watching for now.

  • molecool

    Don't get mad – get even – switch to another broker – then call them and tell them they lost your business. If a broker is playing games with me I'm gone – no reason to deal with that these days.

  • BalaB

    Nice…..
    Hope all is well TOTN

  • Keirsten

    Out of quick longs, waiting to add to shorts now.

  • annamall

    Let us know how you like doing futures? :-) I am soon to be approved. Then sign up for the evil.rat

  • salvadorveiga

    im out of ES longs already… no sense in waiting for a few more points since i was able to get in at 836'ish…

    it looks to me this being C wave, this big freakin rally is 3 of C, waiting for 858 to short… maybe 861

  • BalaB

    Never saw a photo…..hmmmm….
    I hope he's not pissed….he's a good guy…nice to have his humor
    around…..

  • annamall

    Keristen I am upset with you! After seeing a Birman, now I must have one!! LOL looks like my siamese Bedu. :-)

  • http://tradingsigns.blogspot.com/ T. Waffle

    I think he is in India lol

  • isaiah64v4

    C's & 3's

    You were dead on earlier this morning… +2 for you…

    “a brief rally to 860ish to complete c of 2 then free fall”

    Now all we need is the free fall!

  • molecool

    Oh great – there goes the neighborhood… 😉

  • Squidman

    Kind of remind me of ET–phone home!

  • TomOfTheNorth

    Still Kickin' B – bought the rest, avg price 3188
    Now let's take out the trash…lol

    ________________________________

  • molecool

    You mean the beach shot? Hehehehe :-) Still gives me a giggle…

  • Squidman

    Yeah, bunch of stray cats and dogs cavorting around here–can't be good.

  • annamall

    me too!! But you know he disappeared right after that. :-)

  • lester

    Mole,
    Why are you buying Puts cuz your channel above shows a minimum of 86.75 by EOD? which is one of the reasons I went long BTW
    Lester

  • annamall

    Oh say that in German will you? :-)

  • Keirsten

    I don't want to hog the blog w/pet talk, but yes– they're long hair, but it doesn't mat or tangle at all- extremely sweet personalities too. GET ONE! LOL

  • annamall

    I googled them and fell in love!!!!!!!! Wow gorgeous!!

  • annamall

    good job!

  • Blind_Squirrel

    He's definitely pissed about the photo. I e-mailed him overnight
    and told him the girls missed him. I told him if he is going to run with the big dogs, he can't pee like a puppy!!!

    But I think he's pissed about the photo because when he screwed around
    Mole gave him heavy shit, then mole busted his balls with the pic.

    I told him I'm not afraid to bust mole's balls because if he is going to dish it out, he has to be able to take it. However, German's are not known for their humor!!!!!!!!
    Over at slope, they made jokes about squirrel's nuts and their attachment all day, no big deal. They beeged for forgiveness later.

    Maybe if you girls post some Katzo come home post I'll try and e-mail them to him.

  • annamall

    I hope he shows up too!

  • annamall

    Katzo we miss you here, please come home baby! You were my first on the blog since I came out of my shell! :-)
    Need you back!

  • LostIllini

    Must resist tempatation to buy high sell low…… grrrrr……stoopid market.

  • wex

    perhaps someone will comment on an option spread that I put on. I'm long a CAT diagonal call spread long CAT June09 $29 and short May $33. Stock has popped after yest. earnings from 30.60 where I had entered to approx 34.50 Question is what are people's opinions as to how to stretch out the run. My original theme was to burn theta over the month and wait for a slight up move. All of this happened too fast so I would like ideas about adjusting. Thanks

  • http://tradingsigns.blogspot.com/ T. Waffle

    They just kiss the good buy. Load up your short guns Rats.

  • salvadorveiga

    just took a look at some Fibs… wave i was 6,75 points from the low of 837 wave 3 is clearly an extension with a length of 17,xx points which is a perfect Fib relationship of 2,605 * Wave 1.

    Therefore top should come around 857… if we didn't end it already.

    I'm looking at 5 min time frame

  • EDC

    like the comment but huh?

  • annamall

    I already am looking for a breeder here in Tampa :-)

  • lester

    Shit, that is exactly what I just did. Bought SPY Calls for 3.39 and just sold for 3.22. I sold when the second attempt at breaking 85.9 failed. No positions now and SOH.

  • annamall

    Lester, you need to have more than that short of attention span sweetie. I am all about stop losses, but you need to buy low sell high or vice versa. Patience Patience is a good thing in trading.

  • BalaB

    Well, now you gotta let me see it….
    where's the link.

  • anthem

    Are you on ToS for futures ? The active trader is absolutely cool. It's almost like playing a video game as the commissions go cha-ching. . . you wino's might want to be careful with playing the active trader “video game”.

    Hey annamall – how do you like dem apples ? I got out of 1/2 of my appl and 1/2 amzn. Loving life now. Trying to resist jumping back in too soon. IBM and BAC puts still struggling but we'll see how they play out.

  • molecool

    NEW POST!!!!

  • molecool

    Well, you never know how far they push this – I prefer to scale into my positions. No worries – good chance we bust higher.

  • salvadorveiga

    yeah i gotta see it too… what photo ?:D

  • molecool
  • molecool

    Aber sicher mein Liebling…

  • Keirsten

    Snort. Cracking up here.

  • molecool

    Nice run pretty boy!

  • Blind_Squirrel

    I have it, but I'm going to withhold in the spirit
    of getting him to come back.

    After he's back, that's another matter!!!!!!!!!!!

    LMAO

  • annamall

    Give me a second to digest this.
    Just closed out GS short legs for great profit (Mole.):-)

  • salvadorveiga

    yup i agreee… my best trades are those that I have nothing to do aobut them… where i put my buy or sell orders in place and let the market do the rest… whenever im in front of computer and then rush into things usually it goes bad…

  • Squidman

    Wow, I am surprised. I teased him a bunch and thought he had a great sense of humor. Hope he stops pouting cause I value his input.

  • Blind_Squirrel

    I can't help it, I'm stepping in for Katzo in his temporary absence:

    Anna, Is that why you are out on the town drinking the
    Vino Riojo!!!!!!!!!!!!!!

  • Blind_Squirrel

    Ya Know, it helps them if ya feed them more than
    stale rice and sewer water ya cheapskate rat!!!!!

  • salvadorveiga

    thanks :) I learn from the best

  • http://spnakr007.blogspot.com/ Steve

    God Dang!

  • annamall

    There you are! I was wondering. Yes, I sold for 5 figures and kept an 130/140 VCS
    I told ya! :-)

  • annamall

    OMG I just saw this.. I can't stop laughing!! Only a wild man would own an animal like that! reminds me of the Green Jelly 3 pigs wolf!

  • anthem

    Thats great. I was very close to five figures but not quite. I still have a 25% portion that I probably should have let go earlier but playing on the house now. AMZN was doing great as well. I have good luck with AMZN, AAPL and GOOG during earnings seasons. Almost can bank on it.

    I loaded up a little more on IBM at the top. Hopefully it won't recover as just trying to cost average some losses there. Everything else looks good. That rise up was a good time to get some /ES shorts. Not holding my breath too much though.

  • http://www.facebook.com/screasy v8muscle

    just play the channel. its almost too easy. That selloff was NOT the start of a new wave down, but simply we hit the top of the channel. Being a premature bear will break you

    but even so, we are still rising on negative volume and negative breadth so its fairly obvious this rally is bs

    NYSE
    Advancing Issues 1,297 (39%)
    Declining Issues 1,851 (56%)

    Up Volume 499,172,210 (42%)
    Down Volume 674,903,586 (57%)

  • rhae

    Lots of Earning today… this mornings' not so hot but attention may be shifting to AAPL tonight..
    They better not disappoint… or the House of Cards may have a big problem…

  • http://www.hotoptionbabe.com annamall

    Mole, what I did this morning is take profits on my IBM long Puts and left (yes, left) the IBM short puts I will close those out if I see the stock turn, but so far so good.
    My GE 12.00 ITM calls smoking, along with the ESI calls I bought yesterday for 3.00 now @ 4.80! (try to take 1/2 off :-)

  • http://esecfutures.com Vladz

    Too many people were watching that 50% from the highs yesterdays, for it to be just that easy, might be heading for that 23.6% afterall

  • http://evilspeculator.com molecool

    Yeah, I was thinking of legging out but by then the market was pushing up like mad. Meh – I can wait…

  • http://implicittrading.blogspot.com/ BalaB

    Exited the last ES contract at a Retracement Level. We may have more to go, but rather safe than sorry….besides I nabbed a total of 26ESpts since the open…….. : )

    Edit: Closing out my puts (at a loss) from yesterdays close.

  • djgrind

    Crazy market…the DAX is even more inpredictible than the spx today…started up 0.8%, then down 1%, now up almost 2%…wtf…stupid to be bull, painful to be bear period I guess…

  • http://www.hotoptionbabe.com annamall

    Taking profits on SPY calls I bought yesterday when market down. (no greedy girl here! )

  • lilme

    http://zerohedge.blogspot.com/2009/04/spy-have-

    This confirms my Schwab experience, the main momo stocks are 'hard to borrow' – it's like trading with one hand tied behind your back…I have been complaining to Schwab for weeks, in vain.

  • lester

    OK I jumped on the long bandwagon with some SPY Calls. To hell with shorting (at least today). I guess I will have to get the zero as I am sure it would have told me to get long much earlier.

  • http://www.hotoptionbabe.com annamall

    I saw what happened yesterday and wasn't going to lose my profit. It actually turn out quite well. to not be greedy, closing out short legs. BTW I love the German lingo. Sexy! :-)

  • SirFrankie29

    Nice trade on the ES, notice how that level was respected!

  • http://www.hotoptionbabe.com annamall

    I just bought more aapl calls when it was up 3.00. Lester be careful now. If you get a profit (decent) take it please! :-)

  • http://outsidethe-cardboard-box.tumblr.com/ TomOfTheNorth

    Bought TZA @31.98 – scaling in on further rally

  • http://jogarembolsa.blogspot.com salvadorveiga

    i guess i'm selling them to you….

    entering short once we make a new HOD

  • http://implicittrading.blogspot.com/ BalaB

    where is Katzo?

  • lester

    Yeah, I see you are selling at same time I am buying. That worries me a lot as you seem to know what the heck you are doing.

  • http://www.hotoptionbabe.com annamall

    I'll take em. I also sold some OTM calls as well. Long TIF, GE, ESI, AAPL GS (did take profits as they came) all option plays,
    long SRS

  • http://implicittrading.blogspot.com/ BalaB

    Thx….yeah, seeing the RL levels respected again is an encouraging sign.

  • http://www.hotoptionbabe.com annamall

    I know every since Mole posted that pic of him, he disappeared? :-(

  • Squidman

    I think I'm comfortable with futures now so got evilrat.nq. Very tempted to play the broken shoulder on the inverted hs on xlf with this pullback. Watching for now.

  • http://evilspeculator.com molecool

    Don't get mad – get even – switch to another broker – then call them and tell them they lost your business. If a broker is playing games with me I'm gone – no reason to deal with that these days.

  • http://implicittrading.blogspot.com/ BalaB

    Nice…..
    Hope all is well TOTN

  • Keirsten

    Out of quick longs, waiting to add to shorts now.

  • http://www.hotoptionbabe.com annamall

    Let us know how you like doing futures? :-) I am soon to be approved. Then sign up for the evil.rat

  • http://jogarembolsa.blogspot.com salvadorveiga

    im out of ES longs already… no sense in waiting for a few more points since i was able to get in at 836'ish…

    it looks to me this being C wave, this big freakin rally is 3 of C, waiting for 858 to short… maybe 861

  • http://implicittrading.blogspot.com/ BalaB

    Never saw a photo…..hmmmm….
    I hope he's not pissed….he's a good guy…nice to have his humor
    around…..

  • http://www.hotoptionbabe.com annamall

    Keristen I am upset with you! After seeing a Birman, now I must have one!! LOL looks like my siamese Bedu. :-)
    with longer hair Gorgeous!!

  • http://www.tradingsign.com/ T. Waffle

    I think he is in India lol

  • isaiah64v4

    C's & 3's

    You were dead on earlier this morning… +2 for you…

    “a brief rally to 860ish to complete c of 2 then free fall”

    Now all we need is the free fall!

  • http://evilspeculator.com molecool

    Oh great – there goes the neighborhood… 😉

  • Squidman

    Kind of remind me of ET–phone home!

  • http://outsidethe-cardboard-box.tumblr.com/ TomOfTheNorth

    Still Kickin' B – bought the rest, avg price 3188
    Now let's take out the trash…lol

    ________________________________

  • http://evilspeculator.com molecool

    You mean the beach shot? Hehehehe :-) Still gives me a giggle…

  • Squidman

    Yeah, bunch of stray cats and dogs cavorting around here–can't be good.

  • http://www.hotoptionbabe.com annamall

    me too!! But you know he disappeared right after that. :-)

  • lester

    Mole,
    Why are you buying Puts cuz your channel above shows a minimum of 86.75 by EOD? which is one of the reasons I went long BTW
    Lester

  • http://www.hotoptionbabe.com annamall

    Oh say that in German will you? :-)

  • Keirsten

    I don't want to hog the blog w/pet talk, but yes– they're long hair, but it doesn't mat or tangle at all- extremely sweet personalities too. GET ONE! LOL

  • http://www.hotoptionbabe.com annamall

    I googled them and fell in love!!!!!!!! Wow gorgeous!!

  • http://www.hotoptionbabe.com annamall

    good job!

  • Blind_Squirrel

    He's definitely pissed about the photo. I e-mailed him overnight
    and told him the girls missed him. I told him if he is going to run with the big dogs, he can't pee like a puppy!!!

    But I think he's pissed about the photo because when he screwed around
    Mole gave him heavy shit, then mole busted his balls with the pic.

    I told him I'm not afraid to bust mole's balls because if he is going to dish it out, he has to be able to take it. However, German's are not known for their humor!!!!!!!!
    Over at slope, they made jokes about squirrel's nuts and their attachment all day, no big deal. They beeged for forgiveness later.

    Maybe if you girls post some Katzo come home post I'll try and e-mail them to him.

  • http://www.hotoptionbabe.com annamall

    I hope he shows up too!

  • http://www.hotoptionbabe.com annamall

    Katzo we miss you here, please come home baby! You were my first on the blog since I came out of my shell! :-)
    Need you back!

  • http://www.genxantihero.blogspot.com LostIllini

    Must resist tempatation to buy high sell low…… grrrrr……stoopid market.

  • wex

    perhaps someone will comment on an option spread that I put on. I'm long a CAT diagonal call spread long CAT June09 $29 and short May $33. Stock has popped after yest. earnings from 30.60 where I had entered to approx 34.50 Question is what are people's opinions as to how to stretch out the run. My original theme was to burn theta over the month and wait for a slight up move. All of this happened too fast so I would like ideas about adjusting. Thanks

  • http://www.tradingsign.com/ T. Waffle

    They just kiss the good bye. Load up your short guns Rats.

  • http://jogarembolsa.blogspot.com salvadorveiga

    just took a look at some Fibs… wave i was 6,75 points from the low of 837 wave 3 is clearly an extension with a length of 17,xx points which is a perfect Fib relationship of 2,605 * Wave 1.

    Therefore top should come around 857… if we didn't end it already.

    I'm looking at 5 min time frame

  • EDC

    like the comment but huh?

  • http://www.hotoptionbabe.com annamall

    I already am looking for a breeder here in Tampa :-)

  • lester

    Shit, that is exactly what I just did. Bought SPY Calls for 3.39 and just sold for 3.22. I sold when the second attempt at breaking 85.9 failed. No positions now and SOH.

  • http://www.hotoptionbabe.com annamall

    Lester, you need to have more than that short of attention span sweetie. I am all about stop losses, but you need to buy low sell high or vice versa. Patience Patience is a good thing in trading.
    BTW I have an attention span of a nat and can stay in a trade enough to see what's happening. 😉

  • http://implicittrading.blogspot.com/ BalaB

    Well, now you gotta let me see it….
    where's the link?

  • anthem

    Are you on ToS for futures ? The active trader is absolutely cool. It's almost like playing a video game as the commissions go cha-ching. . . you wino's might want to be careful with playing the active trader “video game”.

    Hey annamall – how do you like dem apples ? I got out of 1/2 of my appl and 1/2 amzn. Loving life now. Trying to resist jumping back in too soon. IBM and BAC puts still struggling but we'll see how they play out.

  • http://evilspeculator.com molecool

    NEW POST!!!!

  • http://evilspeculator.com molecool

    Well, you never know how far they push this – I prefer to scale into my positions. No worries – good chance we bust higher.

  • http://jogarembolsa.blogspot.com salvadorveiga

    yeah i gotta see it too… what photo ?:D

  • http://evilspeculator.com molecool
  • http://evilspeculator.com molecool

    Aber sicher mein Liebling…

  • Keirsten

    Snort. Cracking up here.

  • http://evilspeculator.com molecool

    Nice run pretty boy!

  • Blind_Squirrel

    I have it, but I'm going to withhold in the spirit
    of getting him to come back.

    After he's back, that's another matter!!!!!!!!!!!

    LMAO

  • http://www.hotoptionbabe.com annamall

    Give me a second to digest this.
    Just closed out GS short legs for great profit (Mole.):-)
    God I am so busy, I haven't had a chance yet Wex bear with me. :-)

  • http://jogarembolsa.blogspot.com salvadorveiga

    yup i agreee… my best trades are those that I have nothing to do aobut them… where i put my buy or sell orders in place and let the market do the rest… whenever im in front of computer and then rush into things usually it goes bad…

  • Squidman

    Wow, I am surprised. I teased him a bunch and thought he had a great sense of humor. Hope he stops pouting cause I value his input.

  • Blind_Squirrel

    I can't help it, I'm stepping in for Katzo in his temporary absence:

    Anna, Is that why you are out on the town drinking the
    Vino Riojo!!!!!!!!!!!!!!

    Forgive me!!

  • Blind_Squirrel

    Ya Know, it helps them if ya feed them more than
    stale rice and sewer water ya cheapskate rat!!!!!

  • http://jogarembolsa.blogspot.com salvadorveiga

    thanks :) I learn from the best

  • Steve

    God Dang!

  • http://www.hotoptionbabe.com annamall

    There you are! I was wondering. Yes, I sold for 5 figures and kept an 130/140 VCS
    I told ya! :-)
    BTW yes, I am on TOS

  • http://www.hotoptionbabe.com annamall

    OMG I just saw this.. I can't stop laughing!! Only a wild man would own an animal like that! reminds me of the Green Jelly 3 pigs wolf!

  • anthem

    Thats great. I was very close to five figures but not quite. I still have a 25% portion that I probably should have let go earlier but playing on the house now. AMZN was doing great as well. I have good luck with AMZN, AAPL and GOOG during earnings seasons. Almost can bank on it.

    I loaded up a little more on IBM at the top. Hopefully it won't recover as just trying to cost average some losses there. Everything else looks good. That rise up was a good time to get some /ES shorts. Not holding my breath too much though.