Why I Am Holding
10:30am EDT: I actually slept in – fully expecting to see my SPY puts to be man handled at the open. I’m going to spare you the pep talk and decided to get right to the point. This is why I’m still holding:
All I see right now is the right shoulder completing – look at the average volume – we just dropped through 200 Million (someone mentioned the TOS number was inaccurate – fine – we are still dropping however).
Since folks are thinking I’m MIA this morning I decided to add the alternative count in jing. Bottom line is that we could easily be tracing out Minor X at this point, which might stop right here or get us to SPX 937.
I have to stick with my analysis and will not be lured into making emotional decisions – this is not about being stubborn – mind you. This is about weighing all the evidence and coming to a rational decision. If we bust beyond 937 – well, then I got taken for a ride and the bulltarts won this battle (but not the war).
Finally – I will continue to add short positions all the way to 937.
11:28am EDT: Exhibit B:
As Tyler mused over on Zero Hedge: Very amusing….