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Channelz 2.0

Channelz 2.0

by The MoleFebruary 11, 2009

UPDATE 11:08am EST: We’re barely 90 minutes into trading and I already feel like I worked all day.

Let’s keep an eye on this channel. If you ignore all the noise – thus far the short term trend remains to the upside. And the Yen just doesn’t make it above VWAP – big seller lurking and I think that’s what we’ll see for the remainder of the day.

UPDATE 12:15pm EST: I just came back after breakfast and it seems we’re still inside that channel, although we are touching the lower boundary. Frankly, unless we breach this sucker right now I think it’s going to be whipsaw all the way into the close. My Feb puts are not liking this at all…

Yen is being spanked again today – it’s oversold but that buyer is keeping a lid on any upside progress. What’s encouraging is that the equities don’t seem to exploit this fact all too much – however, we might see some fireworks in equities (to the upside) by the close. Unless the Yen gets out of the gate of course.

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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