Terrible Thursday Rub Down

Actually it wasn’t a terrible Thursday at all for Zero subscribers:

I know I start sounding like a mad marketing monkey but the signal was crystal clear all day. As we all were wearing bearish party hats most of us were mostly concerned with when to load up on puts again. Correlating the SPY/QQQQ channels with the Zero signal worked great – and throw the RLs in the mix and we pretty much were riding the crest of today’s tape.

For now I’m sticking with the updated wave count – it seems we are either sub-dividing into {iii} of A of (X) or are already in {iv} of A of (X). I’m watching the futures drop pretty nicely now which seems to validate my counts.

Don’t expect too much activity tomorrow – we could easily just whipsaw around all day – in typical option expiration day fashion. If you are still holding open positions you should also be aware of pin risk – in that many symbols have a tendency to get ‘pinned’ to their nearest strike price.

TOS Data Problems Fixed

BTW, I was in touch with Tom Sosnoff (founder of ThinkOrSwim) today about the data problem we’ve experienced recently. They found the bug within an hour and fixed it right away – trust me – you have no idea how much pressure these guys are under as they have tens of thousands of clients to keep happy every day. Before we demonize TOS let’s not forget which brokerage was the last one standing last year during the October 2008 melt down. That’s right – those evil henchmen in the TOS lair kept right on marching while everyone else hit the mat head first after a clean technical K.O. So, let’s not blow this out of proportion and stop acting like a bunch of whiny bitches. Man up! Glitches happen all the time and for a free data service those guy are doing an exceptional job.

If you have small fortunes running in the market on a daily basis then don’t be a Scrooge McDuck and pony up $120.-/month for a commercial data service like IQData. I’ve been running that for several months now in NinjaTrader and QuoteTracker and couldn’t be happier. If you want to try it out – send me an email – I can hook you up with a free one week trial.

UPDATE 6:50pm EDT: Here’s a little bedtime reading for you rats – Robert Prechter predicts that U.S. equities may plunge to half their lows hit in March. FYI – Robert is the venerable author of our EWT bible – if you haven’t read it yet head over to Amazon and get yourself a copy. He’s also the man who coined the term ‘The Slope Of Hope‘.