Friday Treasure Map

At this point it’s best to not over think the situation and to simply follow the map leading to our booty:

I swear this time it’s legit – I bought this one from an old one-eyed gypsy with a wisecracking parrot suffering from Tourettes Syndrom – and who by the way wound up filling in as tonight’s dinner roast (the parrot – not the crusty old gypsy). Anyway, before she put some strange pirate curse on me she swore that the red cross marks the entry to the Cave of Death, which in turn is the portal into Primary {3}. So, this must be a sure thing, right?

Ahoy, let’s mo’e on t’ our charts!

That’s how I see it – a bit more down – then a bit of bear spanking to force premature profit taking – followed by a deep slide into hades (i.e. toward 980ish on the SPX). On the ride down we have to fight the three stooges – Larry at 1057, Curly at 1042, and of course Moe at 1010. Watch your eyes on that last one – he’s a poker.

I love that action on the VIX – just enough upside and bouncing against the upper BB line to trigger an expansion – but without triggering an equities buy signal. That is good medicine for the bears and we want to keep it that way. I’d love to see a drop tomorrow followed by a bounce up – this would keep us at a similar level.

And that’s all fer now – keep ‘t frosty an’ keep ‘t clist. Nay punches below th’ belt line an’ keep watchin’ that Zero, ya bilge stainless steel rats!

UPDATE Closing Bell: I have to step out for a few hours to get declawed followed by my bi-annual flea bath. I am still drafting the latest installment of our EWP Option Strategies series and will post it later this afternoon. Should be up by tomorrow morning at the very latest, promised.

Have a great weekend!

Mole