Channel Bound

UPDATE 10:24am EST: Taking a step back from the intra-day gyrations this chart nicely describes the current state of affairs:

Every time the market is attempting a rally it gets swatted down near the upper boundary of this channel. At this point it’s pretty simple, ladies and leeches – and as I said yesterday – the easy money is to short at the upper boundary line and set a stop a few points up. Probability is you enjoy a rapid descend back inside the channel, and in the worst case scenario you get stopped out and lose a few points.

Rinse, lather, repeat. There is no strength in this market and Minor wave 4 is MIA – not sure when we’ll get it but if we are inside it the wave count is starting to look pretty ugly.

I’m actually in a crappy mood this morning. Seriously – unless you positioned yourself at 880 or 940 and held all the way there have been very few opportunities to jump back in. Now, I did load up on puts around those levels but have been mostly watching ever since as I never ever sell the dips. It’s getting really boring – player needs a rip.

Comment stream also has gone into the toilet. I see a rapid increase in platitudes, annoying arguments, rumor sling fests, dumb questions, lazy questions (as if it’s 1994 and Google does not exist yet), idiotic postings, empty chatter, etc.

Listen rats – I’m not going for this crap. I rather just delete everyone’s comments and have a one-on-one chat with zigzag, Keirsten, BalaB, and the handful of real contributors. It’s not a problem if you are a noob – but I keep getting questions like ‘what’s a VWAP’ – I mean, have you ever tried to type that into your Google search? Then there are others who have asked me the same EWT questions for months now but obviously never bothered to buy a book on the subject matter. What am I – your human trading encyclopedia? For the last time: If you have been here more than a month then get yourself ‘Elliott Wave Principle’ and shut the heck up until you read the whole thing back to back. And once you studid up on the basics you can come back and ask me questions.

I’m not amused.

UPDATE 11:16am EST: And I forgot to mention Erik – he has been a great contribution to this blog. Well, we are below the Tuesday lows now, so this was most definitely not Minor 4 and most likely just {iv} of 3 of (5). I expect more downside to complete {iv} and thus 3 of (5). Possible target is the 660 range.