Bullish Overlords Thursday Rub Down

I for on welcome our new bullish overlords! :-}

The tape was extremely flat starting this morning and in the context of yesterday’s bounce I smelled a rat – and not one of ours. Which is why I adopted a strict hands-off approach all day, which was validated all the way into the close. I kept seeing a lot of you guys wanting to short and I had to kick some of you into your stainless rectums to keep you out of trouble. I hope I succeded.

The PZI was doing great all day – early entry and letting it run – perfect. The Lite didn’t like any of it and stayed flat, so unless you got in at that first VTA it was best to just stay out. What I found interesting was the close – that’s quite some buying kicking in – watch how the Mole Lite’s red line pushed across the zero mark – that’s very very bullish, I gotta tell you. Of course the breadth numbers were insanely bullish all day (see prior) thread which is why I heeded extra caution.

Program Trading Update:

geronimo/ES: +7.5

BTW, it took 3 trades and won all three of them. Including yesterday that makes it 5 out of 5 – now we’re cooking 🙂

My wave count has not changed – see my prior post. Our close at 920 does not completely invalidate the bearish scenario but we would have to see a very rapid turn around. And at the danger of sounding like a broken record, those breadth were extremely bullish – no matter how you turn or spin it.

Hey, with some luck we might bust higher and paint a new high on the 26th or the 29th – btw, the Spiral Calendar does allow for +/- 3 days as far as I know, so we’d be well into our range, especially considering that we’ve got a weekend in between.

7:42pm EDT: BBC reports that Russia’s energy giant Gazprom has signed a $2.5bn (£1.53bn) deal with Nigeria’s state operated NNPC, to invest in a new joint venture. The new firm, to be called Nigaz, is set to build refineries, pipelines and gas power stations in Nigeria.

I’ve had an idea for their mission statement: “Hook a brother up!”

Here’s their first promotional video – produced by the culturally sensitive Putin himself:

Cheers,

Mole