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Diagonal Support
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Diagonal Support

by The MoleJune 22, 2009

2:45pm EDT: I’m not sure whether or not we’re bouncing into the close but it seems we’ve painted a floor for today at least:

I would keep my eye on that diagonal support line which I pointed out yesterday already. At some point it should become the basis of a fourth wave bounce to the upside.

3:53pm EDT: We need a clean up on isle 5 please!!!

NOT looking good for those bulls right now – the SPX might fall of the shelf here any second.


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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  • Count_de_Monee

    Well rats,
    Looks like my (and others') call from last Friday and last night about a big drop was pretty accurate.
    I closed my shorts earlier around 896 SPX and FAZ 5.25 for a tidy profit. Don't want to be too greedy.
    I'm still expecting we go lower this week and ramp up into markup next week, but I'm 100% cash right now, waiting for good entry points on the short side if we get the usual EOD bulltard GS assisted spike.

  • ckeltner

    Neutral atm. Got stopped out of my spy puts and closed my vix calls a bit too early this morning. Waiting for better entry for either side.

  • Keirsten

    Covering short on GS- love to harvest money shorting those crooks.

  • ennuigo

    Mole-

    Any impressions on the Neo call that the 6/11 S&P top was ” THE TOP FOR 2009!” and that the S&P trades down from here to the ultimate bottom? EWI not on board this view as far as I know.

  • annamall

    thank you for the update Mole-ster
    I don't think we do much either way into close, but I am staying in my Spy puts and am lightly hedged with an apple call spread.

  • annamall

    good job Sistah! +1

  • annamall

    Good job Count! +1

  • Keirsten

    How are you doing sistah?

  • annamall

    much better today, when I won a small amount of money (peanuts) on the power ball Saturday, I knew my luck was changing! ROTFLMOL heheheh
    looks like you are doing great!

  • ropey

    Man POT got absolutely whacked, i'm changing my strategy to slightly longer term i.e. more than a day ;)…the daytrading i sadly cant deal with much more than 2 hours – at work, probably not reflected on quite so well lol..
    Going to be selling call spreads on SPY+Qs on the next leg up for July…

  • http://stainlesssteelchicken.blogspot.com/ StainlessSteelChicken

    I'm done for the day, back in cash , awaiting further instruction. What a great day!

  • ropey

    nods good call mole – looking forward to shorting the next surge, wondering when they will fill that SPY gap made today, sooner rather than later i hope….same with Qs, i believe they still have the 36.80 to sort out…aapl held up well today all things considered, probably the PR about >1million new iPhone 3GS sold was the prop job..

  • http://www.pacfreehotwater.com steveo77

    Check out this chart, 2 channels and a measured move, pointing to 870 maybe 860. My ovals arent perfectly the same for the measured move, no time to re-do. I think the point remains the same.

    http://screencast.com/t/86SUKXxdtSQ

    Also on BLOG, easy to go to later, see how it panned out.
    http://oahutrading.blogspot.com/

  • Keirsten

    Hey- I was looking for you earlier! Yeah- best laid plans on POT, huh? I think we'll get one last whack at it here shortly- will have to review that chart again tonight. 😉

  • Blind_Squirrel

    GS heading South LOD

  • Count_de_Monee

    Thank you my dear.
    It feels good to be back with profits 😉

  • http://www.mylifemytrade.com MyLifeMyTrade

    Heavy volume only on energy and material stocks..

    Look at the sick volume on XLF… I am getting worried here.. I really wanted to short the heck out… but it would suck big time if we get a major rally here..

  • ropey

    oh and ladies, when the butterflies return, do yell – i want to give them a whirl for July opx especially Fujisans fave GOOG – i'm wondering where they'll settle the market…i know it's early so i guess its a hardcall, hopefully less than 920 lol. That drive to the 420 pin on friday was startling lol it really does have a huge probability of landing on exactly one of the strikes at opex…seen it so many times now

  • Keirsten

    Hey- that's always fun to win- even if it's a little bit. 🙂

  • Keirsten

    I have a target in the 135 zone, but not sure if it can achieve that today. I'll wait….

  • ropey

    Yeah i was a bit of an idiot on friday so just wiring more funds in to build up a much better capital base – i shall return with a vengeance tomorrow lol, i dont want to miss the ride on this market down. My trading style needs to be a little more balanced, got too caught up in the tick by tick daytrade so just easing my timeline out a bit i.e. a few days to a few weeks…Mentality was buy the dips before, that's most certainly changed so hopefully shorting all rallies will be a good gain.
    I'm looking for a retest after the dump today before they finally take it down…will have to see the fed impact tomorrow, hopefully a pump job.

  • Count_de_Monee

    They're going to try to close it above 900 I believe. They may actually get it with all the happy bears closing shorts to lock in profits but it won't last long.

  • LostIllini

    Short TLT or Long Palm?

  • ropey

    nice little surge to 905-915 tomorrow would be ideal..

  • Keirsten

    Yep, the rules have changed, at least for a little while.

  • Count_de_Monee

    We can only hope…

  • http://www.mylifemytrade.com MyLifeMyTrade

    Call me what you want to call me – buying PALM Jul 14 Calls here for a scalp

  • http://es seawolves

    annapower-ball peanuts to you may be 25k, as pretty as you are the females here help me out ALOT, thanx a bunch

  • springheel_jack

    More downside tomorrow by the look of it though.

  • BaldEagle

    Crooks is too kind…Vermin?

  • springheel_jack

    I think you might well be right. Like your blog BTW.

  • springheel_jack

    Alphahorn, what's your take?

  • buyemsellem2000

    sold Faz 5.33

  • cuvo

    A trending market? No tricks? Is it possible?

  • thelefteyeguy

    just like they did late last week…when I thought 920 was it…then it popped to 927….it will get there 1 way or the other

    905-910…my guess..

    then I will buy back my 50% that I unload today and short it back to 880 at least

  • annamall

    Yes, to reload Ropey

  • zenith191

    EWI suspects we make one new high before starting the next Primary wave down. However, back on March 6th they were saying there was “one more” new low before Primary A started. This of course never materialized. So if they can be off one wave on the downside I suspect they may be off one wave on the upside. So I lean towards Neowave's interpretation.

    Then again Bob Hoye thinks we'll top out this Summer and possibly into Fall.

    Who ever is right one thing is for sure – there is a lot more downside than up in the year ahead.

  • thelefteyeguy

    here comes the ppt…

  • DoubleNaughtSpy

    Possible but not likely…

  • annamall

    Seawolves! LOML yes it's all relative. But it wasn't 25K, (would have been nice) just a few hundred, but LIke Keristen said a lil bit is even good. I look for those to be good signs! 😀

  • annamall

    yes, it does Count! real good

  • molecool

    They are 'trying' – seems like the bears are making a stand.

  • annamall

    Hi Ropey,
    You know I will! Looking for some good ones this earning season. i think we've seen the rally for the year and will not see the earnings the bulls were looking for 😀

  • http://www.pacfreehotwater.com steveo77

    Alright, glad you like it. Still many bugs to work out. Some traders have said they cannot post chart links into the post, and…as the operator i have seen the same thing. Sometimes, I copy my chart link into Word, and then drag it over…and that works….at any rate, expect better things in the future.

    Right now a mini bear flag, good proportions…

    Steve

  • Keirsten

    Enough to buy a supply of Latisse- have you tried it yet?

  • dnarby

    IMO this is *exceedingly* bearish for equities.

    http://247wallst.com/2009/06/22/gold-fields-dro

    They wouldn't do this unless they expected the market and/or gold to drop, and/or the dollar to rise.

  • thelefteyeguy

    looking at June 15th …today's action looks very similar

  • cuvo

    Financials in the crapper

  • http://www.mylifemytrade.com MyLifeMyTrade

    GS back to (edit: On the way to) where it needs to be – crap hole.. I would love to see GS trade in low 2 digits some day.

  • anthem

    S&P not moving. /NQ is melting slowly upward. Wish I kept hold of my AAPL calls, but got out of them at a small profit. I'm not holding anything but my very far out SPY put overnight though. . .

  • http://www.mylifemytrade.com MyLifeMyTrade

    There is your big blue candle.. just the way my daughter would say “big blue blankie”

  • Keirsten

    Indeed BaldEagle- the amoeba that floats on top of the pond scum. LOL

  • http://alphahorn.blogspot.com/ alphahorn

    Hey everybody, been on autopilot all day, looked at the t.v. and bottom of the pool more than the monitor today and haven't traded a share, sitting pat on my late friday positions. But this market sure looks weak. We're burning up STOCHs, but making little advance.

  • http://www.mylifemytrade.com MyLifeMyTrade

    The tape is getting volatile… big move coming IMO… which will define the next couple of days…

    Take your bets 880 or 920

  • troym

    they might be sniffing a bounce soon and reposition the terms in their favor a week down the line or two…

  • thelefteyeguy

    pretty huge swings…im seasick again <lol>

  • faafa

    Hi Mole,
    “We don't do anything until we get a bounce.”
    By “bounce”, do you mean the 903.79 on your chart above? TIA.

  • springheel_jack

    Looks good for bears

  • LostIllini

    Went long Palm July 13 calls

  • http://alphahorn.blogspot.com/ alphahorn

    tru dat double tru

  • thelefteyeguy

    looks like shorts didnt even bother covering…

  • cuvo

    Europe closed down abt 3% today, looks like S&P will do the same <pinches self>

  • annamall

    Hi guys (and gals) 🙂
    that was a classic EOD bulltrap and I didn't buy it! the trend has clearly moved into the bear's camp and they are coming out of Winter hybernation. God it's about time!!
    As I said before on any bounce now I sell into it.

  • molecool

    BTW, participation here today is lousy and I'm not talking about the fucking Zero either.

  • annamall

    LMOL good post molester!

  • gusrock1414

    Mole, great job on the put play from last week and especially Friday. That was like taking candy from a baby. I can hear the bulls weeping now.

  • annamall

    I would prefer it to be a penny stock in my dreams! 😀

  • annamall

    hey Anthem! My only long hedge is an apple call spread. Actually didn't do bad today. 🙂

  • cuvo

    wow, this was not the market I've come to know and loathe. congrats to bears and FAZers.

  • Keirsten

    For the bulls, it's de nile.

  • DoubleNaughtSpy

    Ooooo…is it bull crap… hehehe 🙂

  • 1981er

    Hmmm, so do you think this downside is a result of Curly pulling liquidity last week? If so, we should have much more to come.

    As Johnny Drama would say, “Victoryyyyyy!!!!!”

  • disrespekt

    Am I the only one who gets sexually aroused by the sight of massive amounts of red prints on my watch screen?

    I know it's an evolutionary biological maxim that red is a danger sign but I can't get enough of this color…WE ARE THE FUTURE, NOT THEM

  • springheel_jack

    Yes, what a beautiful close. I think we'll drop further tomorrow morning.

  • annamall

    Futures still dropping

  • icetigaurus

    880 first, then possibly 920 after some chopping around for a while

    or we could just go right through it

  • CandleStickEmUpper

    what a F*in awesome day! Lets not get carried away with our emotions now..

  • dnarby

    Maybe.

    If I were them I'd wait until September-November.

  • Count_de_Monee

    Well, just like I thought would happen. They tried to close SPX above 900, actually managed to kiss it and then it fell apart. Made a little scalp trade shorting ES and the NQ when they popped and just closed out my position. 100% cash and waiting again. I don't trust holding overnight as I don't think the bulls will give up 900 that easily. Nonetheless, the character of this market is changing again in favor of the bears. You can smell the fear coming back to the bulltards. Their days of easy money are gone IMO.

    All in all a great day. Hope everyone did well.

    See you tomorrow.

  • annamall

    heh heh heh Mole said it was the bulls puking, but your's sound even better Jethro!

  • amgrant

    Hey guys, was very quiet day for me. Other than the morning, didn't trade that much which was good because despite the loss from my long, I more than made up for it with today's tape.

    Anyways, I have a target of 872 on this leg and I'll show why on in my post tonight. Hang onto shorts.

    p.s. that last EOD crap was a huge bull trap.

  • isaiah64v4

    Did you anyone watch this video [posted earlier by someone, sorry I don't remember who] of the former market-timing consultant at Goldman Sachs. Interesting. If we break 850 we will test the lows.

    http://tinyurl.com/nn43qb

  • annamall

    I concur SHJ!

  • springheel_jack

    Might have a bounce overnight. Bought back some of my ES shorts at 888 to see if I can short from higher later. I think we go down tomorrow morning.

  • annamall

    heh heh heh nice. 😀

  • springheel_jack

    Thanks, I'll be catching that later.

  • molecool

    ¤ø„¸¸„ø¤º°¨¤ø„¸¸„ø¤º°¨
    ¨°º¤ø„¸ N E W „ø¤º°¨
    ¸„ø¤º°¨ P O S T “°º¤ø„¸
    ¸„ø¤º°¨¤ø„¸¸„ø¤º°º¤ø„¸

  • chilling

    Best day in a while! want no chops. just trends.

  • molecool

    Oh, this was just the overture. Let's talk later this year when those bulltarts on Wall Street will be lining up on window sills. NEXT!!!! Take number please – no cutting in line – the clean up crew below is understaffed….

  • molecool

    I have to admit – he beat me to the punchline here.

  • molecool

    SNORT!!! You crack me up Keirsten.

  • thunda72

    LOL…. Johnny Drama…

  • anthem

    Annamall – rode appl down for a few points and then went long. bailed out after it didnt look too promising but probably should have stayed in a little longer.

    Glad you made out ok. I really wish I rolled my GOOG puts over from last week. . . seriously thought hard about it, but after its down 8 out o f9 days, figured I'd give it a rest. . . oh well.

  • http://trading-to-win.com/ DavidDT

    the only sorrow – this scenario (BTs on the sills) is not gonna happen – back in my time there they made windows from break proof glass and they cannot be open – so watch the roofs now

  • CowboyTrader

    Denninger seems to think so http://market-ticker.denninger.net/archives/114

  • Count_de_Monee

    Well rats,
    Looks like my (and others') call from last Friday and last night about a big drop was pretty accurate.
    I closed my shorts earlier around 896 SPX and FAZ 5.25 for a tidy profit. Don't want to be too greedy.
    I'm still expecting we go lower this week and ramp up into markup next week, but I'm 100% cash right now, waiting for good entry points on the short side if we get the usual EOD bulltard GS assisted spike.

  • ckeltner

    Neutral atm. Got stopped out of my spy puts and closed my vix calls a bit too early this morning. Waiting for better entry for either side.

  • Keirsten

    Covering short on GS- love to harvest money shorting those crooks.

  • ennuigo

    Mole-

    Any impressions on the Neo call that the 6/11 S&P top was ” THE TOP FOR 2009!” and that the S&P trades down from here to the ultimate bottom? EWI not on board this view as far as I know.

  • http://www.hotoptionbabe.com annamall

    thank you for the update Mole-ster
    I don't think we do much either way into close, but I am staying in my Spy puts and am lightly hedged with an apple call spread.

  • http://www.hotoptionbabe.com annamall

    good job Sistah! +1

  • http://www.hotoptionbabe.com annamall

    Good job Count! +1

  • Keirsten

    How are you doing sistah?

  • http://www.hotoptionbabe.com annamall

    much better today, when I won a small amount of money (peanuts) on the power ball Saturday, I knew my luck was changing! ROTFLMOL heheheh
    looks like you are doing great!

  • ropey

    Man POT got absolutely whacked, i'm changing my strategy to slightly longer term i.e. more than a day ;)…the daytrading i sadly cant deal with much more than 2 hours – at work, probably not reflected on quite so well with my boss watching over lol..
    Going to be selling call spreads on SPY+Qs on the next leg up for July and try and take a slightly lower risk/slower trade for the time being…

  • http://stainlesssteelchicken.blogspot.com/ StainlessSteelChicken

    I'm done for the day, back in cash , awaiting further instruction. What a great day!

  • ropey

    nods good call mole – looking forward to shorting the next surge, wondering when they will fill that SPY gap made today, sooner rather than later i hope….same with Qs, i believe they still have the 36.80 to sort out…aapl held up well today all things considered, probably the PR about >1million new iPhone 3GS sold was the prop job..

  • http://oahutrading.blogspot.com/ steveo77

    Check out this chart, 2 channels and a measured move, pointing to 870 maybe 860. My ovals arent perfectly the same for the measured move, no time to re-do. I think the point remains the same.

    http://screencast.com/t/86SUKXxdtSQ

    Also on BLOG, easy to go to later, see how it panned out.
    http://oahutrading.blogspot.com/

  • Keirsten

    Hey- I was looking for you earlier! Yeah- best laid plans on POT, huh? I think we'll get one last whack at it here shortly- will have to review that chart again tonight. 😉

  • Blind_Squirrel

    GS heading South LOD

  • Count_de_Monee

    Thank you my dear.
    It feels good to be back with profits 😉

  • http://www.mylifemytrade.com MyLifeMyTrade

    Heavy volume only on energy and material stocks..

    Look at the sick volume on XLF… I am getting worried here.. I really wanted to short the heck out… but it would suck big time if we get a major rally here..

  • ropey

    oh and ladies, when the butterflies return, do yell – i want to give them a whirl for July opx especially Fujisans fave GOOG – i'm wondering where they'll settle the market…i know it's early so i guess its a hardcall, hopefully less than 920 on SPX lol. That drive to the 420 pin on friday was startling, it really does have a huge probability of landing on exactly one of the strikes at opex…seen it so many times now

  • Keirsten

    Hey- that's always fun to win- even if it's a little bit. 🙂

  • Keirsten

    I have a target in the 135 zone, but not sure if it can achieve that today. I'll wait….

  • ropey

    Yeah i was a bit of an idiot on friday so just wiring more funds in to build up a much better capital base – i shall return with a vengeance tomorrow lol, i dont want to miss the ride on this market down. My trading style needs to be a little more balanced, got too caught up in the tick by tick daytrade so just easing my timeline out a bit i.e. a few days to a few weeks…Mentality was buy the dips before, that's most certainly changed so hopefully shorting all rallies will be a good gain.
    I'm looking for a retest after the dump today before they finally take it down…will have to see the fed impact tomorrow, hopefully a pump job.

  • Count_de_Monee

    They're going to try to close it above 900 I believe. They may actually get it with all the happy bears closing shorts to lock in profits but it won't last long.

  • http://www.genxantihero.blogspot.com LostIllini

    Short TLT or Long Palm?

  • ropey

    nice little surge to 905-915 tomorrow would be ideal..

  • Keirsten

    Yep, the rules have changed, at least for a little while.

  • Count_de_Monee

    We can only hope…

  • http://www.mylifemytrade.com MyLifeMyTrade

    Call me what you want to call me – buying PALM Jul 14 Calls here for a scalp

  • http://es seawolves

    annapower-ball peanuts to you may be 25k, as pretty as you are the females here help me out ALOT, thanx a bunch

  • http://channelsandpatterns.blogspot.com/ springheel_jack

    More downside tomorrow by the look of it though.

  • DesertEagle

    Crooks is too kind…Vermin?

  • http://channelsandpatterns.blogspot.com/ springheel_jack

    I think you might well be right. Like your blog BTW.

  • http://channelsandpatterns.blogspot.com/ springheel_jack

    Alphahorn, what's your take?

  • buyemsellem2000

    sold Faz 5.33

  • cuvo

    A trending market? No tricks? Is it possible?

  • thelefteyeguy

    just like they did late last week…when I thought 920 was it…then it popped to 927….it will get there 1 way or the other

    905-910…my guess..

    then I will buy back my 50% that I unload today and short it back to 880 at least

  • http://www.hotoptionbabe.com annamall

    Yes, to reload Ropey

  • zenith191

    EWI suspects we make one new high before starting the next Primary wave down. However, back on March 6th they were saying there was “one more” new low before Primary A started. This of course never materialized. So if they can be off one wave on the downside I suspect they may be off one wave on the upside. So I lean towards Neowave's interpretation.

    Then again Bob Hoye thinks we'll top out this Summer and possibly into Fall.

    Who ever is right one thing is for sure – there is a lot more downside than up in the year ahead.

  • thelefteyeguy

    here comes the ppt…

    EDIT…sorry premature ejack

  • DoubleNaughtSpy

    Possible but not likely…

  • http://www.hotoptionbabe.com annamall

    Seawolves! LOML yes it's all relative. But it wasn't 25K, (would have been nice) just a few hundred, but LIke Keristen said a lil bit is even good. I look for those to be good signs! 😀

  • http://www.hotoptionbabe.com annamall

    yes, it does Count! real good

  • https://evilspeculator.com molecool

    They are 'trying' – seems like the bears are making a stand.

  • http://www.hotoptionbabe.com annamall

    Hi Ropey,
    You know I will! Looking for some good ones this earning season. i think we've seen the rally for the year and will not see the earnings the bulls were looking for 😀

  • http://oahutrading.blogspot.com/ steveo77

    Alright, glad you like it. Still many bugs to work out. Some traders have said they cannot post chart links into the post, and…as the operator i have seen the same thing. Sometimes, I copy my chart link into Word, and then drag it over…and that works….at any rate, expect better things in the future.

    Right now a mini bear flag, good proportions…

    Steve

  • Keirsten

    Enough to buy a supply of Latisse- have you tried it yet?

  • http://thetaildoesnotwagthedog.blogspot.com/ dnarby

    IMO this is *exceedingly* bearish for equities.

    http://247wallst.com/2009/06/22/gold-fields-dro

    They wouldn't do this unless they expected the market and/or gold to drop, and/or the dollar to rise.

  • thelefteyeguy

    looking at June 15th …today's action looks very similar

  • cuvo

    Financials in the crapper. Where's Dick Bove?

  • http://www.mylifemytrade.com MyLifeMyTrade

    GS back to (edit: On the way to) where it needs to be – crap hole.. I would love to see GS trade in low 2 digits some day.

  • anthem

    S&P not moving. /NQ is melting slowly upward. Wish I kept hold of my AAPL calls, but got out of them at a small profit. I'm not holding anything but my very far out SPY put overnight though. . .

  • http://www.mylifemytrade.com MyLifeMyTrade

    There is your big blue candle.. just the way my daughter would say “big blue blankie”

  • Keirsten

    Indeed BaldEagle- the amoeba that floats on top of the pond scum. LOL

  • http://alphahorn.blogspot.com/ alphahorn

    Hey everybody, been on autopilot all day, looked at the t.v. and bottom of the pool more than the monitor today and haven't traded a share, sitting pat on my late friday positions. But this market sure looks weak. We're burning up STOCHs, but making little advance.

  • http://www.mylifemytrade.com MyLifeMyTrade

    The tape is getting volatile… big move coming IMO… which will define the next couple of days…

    Take your bets 880 or 920

  • troym

    they might be sniffing a bounce soon and reposition the terms in their favor a week down the line or two…

  • thelefteyeguy

    pretty huge swings…im seasick again <lol>

  • faafa

    Hi Mole,
    “We don't do anything until we get a bounce.”
    By “bounce”, do you mean the 903.79 on your chart above? TIA.

  • http://channelsandpatterns.blogspot.com/ springheel_jack

    Looks good for bears

  • http://www.genxantihero.blogspot.com LostIllini

    Went long Palm July 13 calls

  • http://alphahorn.blogspot.com/ alphahorn

    tru dat double tru

  • thelefteyeguy

    looks like shorts didnt even bother covering…

  • cuvo

    Europe closed down abt 3% today, looks like S&P will do the same <pinches self>

  • http://www.hotoptionbabe.com annamall

    Hi guys (and gals) 🙂
    that was a classic EOD bulltrap and I didn't buy it! the trend has clearly moved into the bear's camp and they are coming out of Winter hybernation. God it's about time!!
    As I said before on any bounce now I sell into it.

  • https://evilspeculator.com molecool

    BTW, participation here today is lousy and I'm not talking about the fucking Zero either.

  • http://www.hotoptionbabe.com annamall

    LMOL good post molester! BTW what;s that crap on the floor??

  • gusrock1414

    Mole, great job on the put play from last week and especially Friday. That was like taking candy from a baby. I can hear the bulls weeping now.

  • http://www.hotoptionbabe.com annamall

    I would prefer it to be a penny stock in my dreams! 😀

  • http://www.hotoptionbabe.com annamall

    hey Anthem! My only long hedge is an apple call spread. Actually didn't do bad today. 🙂

  • cuvo

    wow, this was not the market I've come to know and loathe. congrats to bears and FAZers.

  • Keirsten

    For the bulls, it's de nile.

  • DoubleNaughtSpy

    Ooooo…is it bull crap… hehehe 🙂

  • http://twitter.com/Scrillhog Scrillhog

    Hmmm, so do you think this downside is a result of Curly pulling liquidity last week? If so, we should have much more to come.

    As Johnny Drama would say, “Victoryyyyyy!!!!!”

  • disrespekt

    Am I the only one who gets sexually aroused by the sight of massive amounts of red prints on my watch screen?

    I know it's an evolutionary biological maxim that red is a danger sign but I can't get enough of this color…WE ARE THE FUTURE, NOT THEM

  • http://channelsandpatterns.blogspot.com/ springheel_jack

    Yes, what a beautiful close. I think we'll drop further tomorrow morning.

  • http://www.hotoptionbabe.com annamall

    Futures still dropping

  • icetigaurus

    880 first, then possibly 920 after some chopping around for a while

    or we could just go right through it

  • CandleStickEmUpper

    what a F*in awesome day! Lets not get carried away with our emotions now..

  • http://thetaildoesnotwagthedog.blogspot.com/ dnarby

    Maybe.

    If I were them I'd wait until September-November.

  • Count_de_Monee

    Well, just like I thought would happen. They tried to close SPX above 900, actually managed to kiss it and then it fell apart. Made a little scalp trade shorting ES and the NQ when they popped and just closed out my position. 100% cash and waiting again. I don't trust holding overnight as I don't think the bulls will give up 900 that easily. Nonetheless, the character of this market is changing again in favor of the bears. You can smell the fear coming back to the bulltards. Their days of easy money are gone IMO.

    All in all a great day. Hope everyone did well.

    See you tomorrow.

  • http://www.hotoptionbabe.com annamall

    heh heh heh Mole said it was the bulls puking, but your's sound even better Jethro!

  • http://www.ambgtrading.com/ amgrant

    Hey guys, was very quiet day for me. Other than the morning, didn't trade that much which was good because despite the loss from my long, I more than made up for it with today's tape.

    Anyways, I have a target of 872 on this leg and I'll show why on in my post tonight. Hang onto shorts.

    p.s. that last EOD crap was a huge bull trap.

  • isaiah64v4

    Did you anyone watch this video [posted earlier by someone, sorry I don't remember who] of the former market-timing consultant at Goldman Sachs. Interesting. If we break 850 we will test the lows.

    http://tinyurl.com/nn43qb

  • http://www.hotoptionbabe.com annamall

    I concur SHJ!

  • http://channelsandpatterns.blogspot.com/ springheel_jack

    Might have a bounce overnight. Bought back some of my ES shorts at 888 to see if I can short from higher later. I think we go down tomorrow morning.

  • http://www.hotoptionbabe.com annamall

    heh heh heh nice. 😀

  • http://channelsandpatterns.blogspot.com/ springheel_jack

    Thanks, I'll be catching that later.

  • https://evilspeculator.com molecool

    ¤ø„¸¸„ø¤º°¨¤ø„¸¸„ø¤º°¨
    ¨°º¤ø„¸ N E W „ø¤º°¨
    ¸„ø¤º°¨ P O S T “°º¤ø„¸
    ¸„ø¤º°¨¤ø„¸¸„ø¤º°º¤ø„¸

  • chilling

    Best day in a while! want no chops. just trends.

  • https://evilspeculator.com molecool

    Oh, this was just the overture. Let's talk later this year when those bulltarts on Wall Street will be lining up on window sills. NEXT!!!! Take number please – no cutting in line – the clean up crew below is understaffed….

  • https://evilspeculator.com molecool

    I have to admit – he beat me to the punchline here.

  • https://evilspeculator.com molecool

    SNORT!!! You crack me up Keirsten.

  • thunda72

    LOL…. Johnny Drama…

  • anthem

    Annamall – rode appl down for a few points and then went long. bailed out after it didnt look too promising but probably should have stayed in a little longer.

    Glad you made out ok. I really wish I rolled my GOOG puts over from last week. . . seriously thought hard about it, but after its down 8 out o f9 days, figured I'd give it a rest. . . oh well.

  • http://trading-to-win.blogspot.com/ DavidDT

    the only sorrow – this scenario (BTs on the sills) is not gonna happen – back in my time there they made windows from break proof glass and they cannot be open – so watch the roofs now

  • CowboyTrader

    Denninger seems to think so http://market-ticker.denninger.net/archives/114