Bull Squeeze!

UPDATE 3:00pm: Sorry about the outage AGAIN – I’m working with my hosting company to find a solution that’ll cut down on it. Actually, those ad banners are starting to produce – should have done this a lot earlier.

Market: Crazy tape, as you know but after the late morning shake-out we seem to be on track again. Glad I kept those March puts otherwise I’d be in pretty grim mood by now. Yen has slowed tracked to the upside and there is a bit more potential left. Let’s see if it will be enough to crack the 800 line – personally I doubt it, not after the sudden spikes I witnessed today. Institutional buyers will step in here at some point. Tomorrow is another day… keeping fingers crossed. But now I’m sitting only on March puts, so I got time on my side 😉

UPDATE 3:15pm EST: I’m seeing those sudden spikes on the buying side – definitely institutional – very obvious. However, don’t panic – I just updated the image above. Unless we breach this channel the trend will continue to the downside. Today is a complete pain though…

FYI – despite all this monkey business breadth in the SPX is 6.4:1 negative right now.

UPDATE 3:31pm EST: We just took out 2 hours worth of down trend in 20 minutes. I would laugh but my ass hurts too much.