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Ding Ding Ding Dinnggg!
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Ding Ding Ding Dinnggg!

by The MoleMarch 2, 2009

UPDATE 12:00pm EST: I return from breakfast and we are close to the 704 target – nice πŸ™‚

This is what I’m going to do: As we are touching 704 or perhaps hover above it I’m going to wait for the market to accept these levels and hold. Maybe let things settle down for an hour or so. Erik asked me if 650 is a possibility and I think we’ll get there, yes. However, we might not get there in this Minor wave and would have to wait for Minor 5 of (5). If we whipsaw around this level I might actually sell some OTM puts or get into a bull put spread, a more conservative trade.

UPDATE 12:20pm EST: Looks like the market is accepting this price level. I think we might still see 704 on the SPX but it’s not a must. I’m going to watch this for a bit longer though – not just ready to go long 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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