Intra-Day Update: Twilight Zone II

UPDATE 1:48pm EDT: I see the S&P futures (ESZ8) bouncing against resistance around 1224. My current take is that his will probably fail as the Yen is holding at around 0.9425. Day traders might be able to scalp a few points here in the futures – perhaps the YM from 1110 down towards 11070 or if you’re lucky to 11000 (doubtful though). This is not the time to buy options people – wait it out.

Update 1:54pm EDT: LOL – that didn’t take long – YM futures now at 11070 🙂

Update 1:57pm EDT: Some of you are short Gold and I just looked at the futures. From what I can gather – and remember things are fluid right now – it seems that we’re painting an {a}, {b}, {c}. I was holding some GLD calls this morning which I closed out as I think I can get a better entry. BTW the line up is NOT supposed to be a zigzag (of course), I just wanted to indicate where I expect resistance. This will most likely form a motive wave (i.e. a 5).

Gold futures seemingly painting an a,b,c.

UPATE 12:27pm EDT: DJI futures just touched 11000 – and bounced back up. If you took that day trade, you grabbed some easy profits. We’re in this channel between 11000 and 11125 right now and probably keep bouncing in between there unless some big news hits the wire.

UPDATE 2:45pm EDT: I grabbed some GILD puts about 20 minutes ago. Got a nice diagonal resistance line and my indicators are pointing down on this one. If you take this trade you will lose money and your wife will beat you with a pinroller.