Channel Of Doom
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.