Back To The Future
1:27pm EDT: Today’s tape is a runner up to the coveted ‘Fuck As Many Traders As Possible Award’.
Think about it – we gap lower at the open, stop a few ticks away from the recent 888.86 low – then turn on a dime and race higher – then turn on a dime and race lower to take out the 888.86 low by a few ticks – then turn on a dime and race higher (with a little bit o’ whipsaaw’ to make it look legit – or should we call it lunch break?).
I’m a bit hesitant to call ‘Death To Blue Smoochy’ just yet – this looks like the usual fuckery. Let’s see what happens here EOD first. FYI – breadth on the SPX is about even, slightly favoring the declining issues. Zero Lite is also not buying it yet – we are above the zero mark right now but the signal is weak in either direction. Guess the market is trying to figure out the new rules by whoever is now in charge of running the tape – obviously it seems that Goldman Sucks has either removed itself as a liquidity provider or has figured out how to do it in a new nefarious and stealthy way.
Anyway, new channel chart above – we are back inside right now and either this is just a retest followed by a kiss goodbye or we are back inside the pain zone. I’m not liking it – can we please either rally or drop here? This shit is six weeks old now and the joke is not funny anymore.
2:00pm EDT: Quote of the day:
And remember, the market is down only a little bit. Just imagine what kinds of crosses will be burning on my lawn when the Dow is under 5,000! — Tim Knight
2:16pm EDT: Somethings things are so blatantly obvious – they are basically staring you in the face but you somehow don’t see them:
Talking about not seeing the forst before all the trees… the implications of this chart are pretty interesting. It seems 888 might not have been as crucial as I thought (irrespective the current counts) – but 880 most definitely will be. What I also find fascinating was how we touched that upper channel before we dropped – wish I had seen this a bit earlier.
3:30pm EDT: Right on schedule here come the program traders:
Just bounced off VWAP on the ES and the NQ – now here comes the real test – we stay above we rally – we stay below Kansas is going bye bye.