Weak Tape

I wonder if the boyz are saving their ammunition for the last 5 minutes again. As I pointed out yesterday afternoon – the JPM sponsored short squeeze late Friday was not confirmed by market breadth, the Euro, or any of the momentum indicators I’m looking at. It might actually have been counter productive to the bulls (i.e. VIX ended inside the 2.0 BB) and today’s regularly scheduled ‘Monday Melt Up’ seems to be a non-starter thus far. Yes, the final hour looms ahead and it’s possible that this is only a b-wave of a Minuette degree a-b-c correction.

The bulls need to get their asses out of this downside channel. They tried this morning but didn’t get very far – there is simply not enough participation on the long side. The Dollar is hanging on stubbornly as the Dollar bears may be using this little reprieve to settle/unwind some of their positions.

As the old saying goes: You can fool some of the people sometimes, but you can’t fool everyone all the time.

Again, I would not be surprised to see a late day surprise move by either JPM or GS – but even if it comes – ladies and leeches – before you panic over a few handles to the upside:

THINK LONG TERM!

All the wave counts are still in play – no changes.

Mole out.