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by The MoleFebruary 10, 2009

UPDATE 2:38pm EST: Watch 822 on the SPX:

I expect the bulls to mount some defenses there – probably good for a little bounce. Thanks to millingz for reminding us – I think I pointed out this level in a prior post – but credit where it is due.

UPDATE 2:56pm EST: FYI – 822 on the ES also coincides with the outside border of a 2 standard deviations band around the VWAP. However, fair value (PREM) today is -2.42, so the ES will get there earlier. Anyway, we’re getting close.

UPDATE Closing Bell: Congrats rats – we banked some serious coin today. However – before you cut your legs off let’s remember that this is only the beginning. A lot more downside to come. There is the distinct possibility of a bounce right here but that should only give us opportunity to keep loading up. You guys were great today and it seems a lot of you stuck with the plan – good show – you should be proud – this was not an easy trade.

Anyway, I’ll be in touch later tonight with a quick review.

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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