Dam Is Holding Thus Far
10:21am EDT: Thus far that lower boundary and the speculative channel I drew is holding:
The bears will have to make a move right now and right here if they want to see an early rendition of Slide Into The Abyss, the new Wall Street play scheduled for later this fall. Full disclosure – I’m actually betting against the bears right now and am long the ES since 1001 – was sweating bullets there for a while. I know what a sacrilege but the risk/benefit ratio is worth the bad smell and negative karma.
11:06am EDT: Just exited my ES long at 1009.5 for an 8.5 point gain. I actually think we might bust higher here into 1014 or higher but I didn’t want to tempt fate. BTW, if you subscribed to my twitter notifications you’d have taken a ride along 😉