Bang It Baby

UPDATE 10:10am: It’s blatantly obvious that the NQ is being used again to paint the tape higher – no matter what:

There has been a very distinct discrepancy between ticks in the NQ and the ES – the screen shot above does not require much explanation. I am also seeing some very ‘unnatural’ readings in my short term stochastic/MACD. Not liking this tape at all and I just hedged myself with some NQ futures.

UPDATE 10:19am EDT: Mr. Vix just returned to base camp – altitude now below 30. Hat tip to BigHouse. Well, the good news by dear genetically modified bear-rats: Options are going to get really cheap now – I can’t wait for the finale of Primary wave {2} – this is going to be fun 🙂

UPDATE 10:25am EDT: We are now above VWAP on both the NQ and the NS – Curly will not be denied. Breadth ratio on the SPX about 1.2:1 advancing – about 1:1 on the NDX.

UPDATE 10:41am EDT: Breadth on the NDX now 2.25:1 advancing – gee, I wonder what happened in the last 15 minutes? BTW, I’m out of my NQ longs – that was a sweet ride – I’m pretty much done for today 🙂 Yes – still holding my puts – you guys are a bunch of worrywards.

Your cubes channel du jour…

UPDATE 10:51am EDT: Here I go again…

Yes rats – I’m going to short Gold right here – stop only a few points away. We’ve got a nice retest of that diagonal and I see a nice setup. The risk/benefit ratio right now is excellent and if I’m wrong I will know right away. FYI – I’m going with a GLD put spread to counteract possible theta burn.

I’m actually thinking of a June 91/88/85 Put BF – pretty much a lottery ticket. Or perhaps a 90/87 diagonal. Any thoughts on that one, Fujisan?

UPDATE 11:05am EDT: Alright, a girl has the right to change her mind, right? And I just did after looking at today’s Dollar tape:

Once we breach below the recent lows 80 is almost guaranteed. Would not benefit my GLD trade, so I’m not taking it unless I see a turn around here. My friend Blind Eagle also says that GLD is ‘bad medicine’.

BTW, we are now touching VWAP on the ES (909) and the NQ (1390ish) – let’s see what happens here besides the obligatory VWAP brouhaha.