Channel Formations

Today is a pain in the ass for anyone expecting any kind of resolution. Frankly, I’m barely watching the tape as I have better things to do than to get stressed out by such gyrations.

I however glanced at my channel chart and thought you rats might get a kick out of it. So far the center line of the older channel seems to be observed as resistance. I think if we see a breach in the remaining 25 minutes we could see a lift off taking us into Wednesday.

Public Service Announcement: Since a good number of people have recently moved on to other blogs traffic has dwindled and quite frankly, after over a year of daily in depth market analysis I don’t feel like defending my turf anymore. So, I will start reducing my posts commensurate with the amount of feedback I’m seeing. Some of you might be aware that I started a second company which has nothing to do with trading and some of my focus is now been directed towards a launch of a very exciting consumer product sometime in 2010. I might reveal what it is at the time of my choosing, but not now and probably not until next year.

That of course doesn’t mean that I will throw Evil Speculator under the bus, but quite frankly, I’ve grown quite sick and tired of the drama, the migrations from one blog to another, the in-fighting, etc. Without doubt the past six months have been extremely stressful to the bears and it seems that on every bear squeeze up the folks visiting my evil den of doom lost an equal amount of their humor along with their portfolios. In the first few months this was a great source of concern to me as I found myself tip-toeing around and eventually almost abandoning the comment section. Almost every sarcastic comment I made was met with outrage and various interpretations of how little I valued my visitors. Recently however I have started to care less and less as in the end my only measure of success is the amount of green I see in my account.

Maybe Evil Speculator is destined to only enjoy a short moment in the lime light – some of you might remember Tyrell’s famous quote in Bladerunner: “Tyrell: The light that burns twice as bright burns half as long”.

Best scene ever – no contest. Well, if it’s time to die, then I am happy to embrace that fact – Evil Speculator was only an experiment and I’m actually surprised that it lasted this long. Of course – whatever happens – I will continue to support my subscribers and as a matter of fact that is where most of my energy will be placed moving forward. Even if I decide to shut down the blog portion of this site all services will remain as they are now. Eric and I have big plans for the future and we are working on additional strategies that will be introduced in the coming months.

Finally, I will be absent again this Thursday and Friday – so, the blog will be firmly in Berk’s hands – if he chooses to post that is. It’s actually kind of strange that Berk returned just when Keirsten, Anna, and Fujisan decided to leave. In a way I actually like it better this way as Berk and I always used to see eye to eye – even when our respective analysis clashed at times. There is also a thing to be said about loyalty, and although Berk left to ‘walk the earth’ for a few months there were never any doubts as to his loyalty to Evil Speculator and what we represent. So, in a way – given Berk’s return and the drop in traffic we are almost back to where we started and that in a way might actually be a good thing. Because I personally had the most fun late last year, just when the market was tipping over and Evil Speculator was only in its beginning stages. And that’s what it’s all about – having fun and banking coin  – let’s go back to that 🙂

Zero Lite went completely flatline today – and no participation usually means something is brewing. Not sure yet if it’s a drop or a rally up. We are scheduled for a rally and I guess the FOMC and economic announcements scheduled throughout the next few days will make a great excuse for some nice head fakes.

Just a quick reminder that we closed inside the 2.0 BB today, which is considered step 2 of an equity buy signal. The final confirmation will come when/if we close below today’s close tomorrow. Unless you are as crazy as Berk and I consider hedging or reducing your exposure. We won’t because we are demented individuals with suicidal bearish tendencies.

Program Trading Update:

evil.rat/ES: +1.5
resident.evil/ES: -1

Cheers,

Mole