A Few Breadcrumbs

I have to step out in a few minutes and wanted to throw something juicy your way before I head out. Problem is that I’m not finding much and I’m running out of time. So I’m just giving you what I got so far:

MBLX – hat tip to Jennifer for sending that. I would however wait for 17.5 minimum before I jump in.

CSTR – this is a bit of a lottery ticket. Technically it doesn’t exactly line up with my system but when I see a stock go exponential I just can’t help myself. Take out a far OTM put and hope that gravity will take care of Major Tom here.

And that’s it for now – I ran through a bunch of scans and couldn’t find too much that excites me – short or long. And it’s important to not force yourself into trades when there are no setups that satisfy your system. You think I’m preaching to you but I’m actually preaching to myself on a daily basis – it’s so easy to get seduced into bad trades. Kind of like bad dates – but that’s a different story 🙂

Before I run a quick look at the combined effect of the EU bailout (i.e. EU-TARP) now one week after the market meltdown:

That’s right – the red arrow shows the Euro last Thursday and the green arrow shows it today – at new lows. Great job there Trichet and Merkele – a Trillion Euros well spent – ahem…

Quick Dollar Update: The short reversal targets for the Dollar I posted last week are still in effect. As expected this thing is extending its fifth wave and we could run all the way to 86.9. But if you are long I recommend you take profits at 85.8.

Freebie Alert: In case you have been stuck in a cave all week: Elliott Wave International is having their free week and you are able to get Prechter’s April Elliott Wave Theorist right now – absolutely free. Very generous of them and an absolute must read IMNSHO – so head over there and grab it.

Sorry to be curt today but I have to run out ten minutes ago. I should be back before the closing bell.

Cheers,

Mole