Always Keep An Open Mind
2:50pm EDT: Well, I hate to say this… but I TOLD YOU SO!
Trust me – this was not an easy call to make – the tape looked extremely weak today and without doubt I would have received a lot of ridicule had we dropped through the floor today.
I even went so far as to post a warning over at the Slope – and received much ridicule in return. Based on the vote counts added to the snide remarks it seemed that many over there shared CCRider’s disdain for me personally and my analysis.
Well, as I pointed out in my response (which I tried to keep as friendly as possible but I’m evil after all) – it’s always best to keep an open mind as a trader. Enough said.
BTW, geronimo is kicking ass again today – three out of three – insane….
3:30pm EDT: Okay, careful now – we might see a sell off into the close – the next few minutes will be key. A lot of air between here and VWAP on the ES (997.5). We could also simply test VWAP on the NQ, which was a bit weak today (1613).
3:35pm EDT: Wohaaa! things are moving fast now – we are now at 1613 on the NQ. If it does not hold we could see a nasty drop here. Frankly – I recommend staying in cash as this point – don’t get sucked into this.