Time To Die

Seems like most of you guys have already checked out for the weekend, which is a real shame as we’ve got great setups on the board today. Plus things seem to be slowly coming into sync out there and perhaps we’ll soon abandon the current chop zone (no promises). Anyway, here it goes for my hard core steelrats:

As of right now this minute the SPX is still in a slow moving down trend. I agree with Scott that this thing has to get a move on post haste as these gyrations do not resemble a trending pattern. There is no perfect definition for a trending market – it’s a bit like pørn – you instantly recognize it when you see it (disclaimer: in CrazyIvan I use a series of lower spike highs and spike lows). And this certainly is not a bearish trending market – if there’s any chance for the bears to turn this mess into one then it’s time to die – right now.

One of the best scenes ever – period – Hauer at his finest. The first hurdle ahead is that diagonal which currently stretches to 1690. Great spot to go short intra-day if we touch it – or long above it. Very speculative play but if you like to play the swings this is a pretty good spot to jump in. Again, use the cash – the futures are all screwed up right now.

Also notable is that we’re probably two steps into a bonafide VIX buy signal today – barring any late session panic (noobs: that is relative to equities – not the VIX – check the cheat sheet). As you know we require one lower close on Monday to trigger that one – so perhaps a little pull back late in today’s session may actually be bullish, if you get my drift.

Now here’s another setup which you guys probably didn’t take – yesterday’s GORB-L triggered today at 80.02 and we’re on our way. I am still a bit skeptical (Bernanke’s watch and all) but if it can push above the 80.41 NLBL then I would add a few more contracts here.

But one of my favorite setups today is actually on the equities side – please step into my lair:

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That’s it for this week. See you guys on Monday!

Cheers,