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Channel Of Doom

Channel Of Doom

by The MoleFebruary 10, 2009

UPDATE 9:49am EST: Okay, who didn’t expect we would close that opening gap? MMs are becoming predictable at this point – LOL 🙂

We are back in that channel of doom – bulls are in firm control of the tape. Seriously, I have not seen any ‘forced’ selling in days – any selling that did take place was to lure in more bears.

In other (even more annoying) news – Gold is wearing me out, I might just cut those puts today – too much of a theta burner and I don’t want my ego to be doing the trading.

UPDATE 10:26am EST: At least now we’re moving in the right direction. While we wait for the bulls’ response get a load of this:

The anger you hear in this woman’s voice is a good representation of the massive groundswell that’s developing. You can pretty much skip the rest of that clip – the usual spin.

BTW, 854 is where we hit support last night in the ES futures – this is going to be an important test.

UPDATE 10:40am EST: We are now sitting on a support zone:

If we swing below this zone we should be good to go. Frankly, I have little confidence – pretty sure the bulls will step in here.

About The Author
The Mole
Mole created Evil Speculator amidst the chaos of the financial crisis in early August of 2008. His vision for Evil Speculator is a refuge of reason, hands-on trading knowledge, and inspiration for traders of all ages and stripes. You can follow him and his nefarious schemes at the usual social media waterholes.
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