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Dollar Wedgie
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Dollar Wedgie

by The MoleSeptember 9, 2009

I was staring at that damn Dollar chart and in an epiphany something occurred to me which should have been obvious as we first dropped and bounced back today:

No, I didn’t see the Holy Mary in my Schnitzel – sorry – I think what we might be painting on the Dollar chart is called an ‘ending diagonal’ in EWT. Based on the rules it’s also still incomplete – so please bear in mind that we could fall through the support line tomorrow and it would completely ruin this scenario. Anyway, from our bible a quick excerpt for the noobs:

An ending diagonal occurs primarily in the fifth wave position at times when the preceding move has gone ‘too far too fast’, as Elliott put it. A very small percentage of diagonals appear in the C-wave position of A-B-C formations. In double or triple three cases, they are found at the termination points of larger patterns, indicating exhaustion of the larger movement.
A contracting diagonal takes a wedge shape within to converging lines (check).

The rules also state that:

  • A diagonal always subdivides into five waves.
  • An ending diagonal always appears as wave 5 of an impulse or wave C of a zigzag or flat.
  • Waves 1, 2, 3, 4, and 5 of an ending diagonal always subdivide into zigzags.
  • Wave 2 never goes beyond the start of wave 1.
  • Wave 3 never goes beyond the end of wave1.
  • Wave 4 never moves beyond the end of wave 2.
  • wave 4 always end within the price territory of wave 1.
  • With an contracting diagonal wave 3 is always shorter than wave 1, wave 4 is always shorter than wave 2, and wave 5 is always shorter than wave 3.
  • In a contracting diagonal wave 5 usually ends beyond the end of wave 3 (failure to do so is called a truncation).
  • In an contracting diagonal wave 5 usually ends at or slightly beyond a line that connects the ends of waves 1 and 3. (Ending beyond that line is called a throw over).

If all that’s too academic to you – here’s a picture:

So, there you have it – everything you always wanted to know about a wedgie and never dared to ask :-)

Yummie… Now, if we’re going to get to tap that hot wedgie is of course another question. The first zigzag in this supposed ending diagonal is not exactly clean and one could count it as a motive, but I’m not going to get completely purist as everything else seems to line up nicely right now.

But even if this is what’s happening we are not done yet – according to the count we only completed wave 3 and should now push up into wave 4 – probably tomorrow. Then one final drop – perhaps a throw over – and we’re off to the races. That’s the theory and I admit it’s a bit of Mole Mental Masturbation – the three lethal Ms.

What this could mean for equities would be that Soylent Green might still have a snowball’s chance in hell of playing out. So, keep one eye on the Dollar and the other on that 78.6% fib line – which should make you look like this:

BTW, we are at Mole’s Shitstorm Level Yellow right now – get your act together and start posting ;-)

Cheers,

Mole


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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  • MariAroma

    Hello, Mole — thanks for all your hard work. U aware that “disqus” had been “on” and “off” several times during this day? That may explain the perceived paucity of posts?

  • SpeedSkt1

    Mole–

    Good stuff here, as always. I know that I haven't posted much, simply because I don't have anything new to offer. It's been the same story for months now, and sometimes doing nothing is the best thing. Perhaps others feel the same way.

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

    “UN Wants New Global Currency to Replace Dollar”
    http://tinyurl.com/m77krk

    This is the EXACT headline you want to see if you are a dollar bull… the article is really strongly worded, too. “In a radical report”… buck's reserve status should be subject to “wholesale reconsideration”… “first time a major multinational institution has posited such a suggestion”… “the most radical suggestions for redesigning the global monetary system”…

    This would line up nicely with either a falling wedge or even the last few bits of a motive wave. Either way you get a washout move down, ostensibly in “reaction” to the news, followed by a bottom and sharp reversal, followed by puzzled sheep.

  • Trader_Steve

    Mole, Your EWT is better than mine because you work harder than me. Still, i'm not bad. But I know I don't do near the projected paths that you are capable of. My trading is too short term oriented (former floor trader) to have bothered to have spent much time even thinking of that aaspect.

    It's a pity to my equity that we are not getting many clear patterns and that is because, I think, we have wiped out about $1 trillion of hedge funds and now far to much of the volume involves turning the trading systems on and fewer players who at times cannot be stopped.

    At 12:28 PM on Tuesday I sent the scenario of a rare pattern in the dollar (ED) that MIGHT stop the dollar crucifixion to a national radio host friend of mine with the initials “HH.” He keeps having a psuedo-economist on named Wesbury who is calling for a “V” recovery of stocks being undervaalued (just as he said at 1496 with “there will be no sub-prime isssue”), and whose past is littered with disasterous calls. I stated that either the Dow is setting up to collapse while the dollar also does as fear to buy our assets will likley disconnect the DXY/SP correlational. OR, the extreme bearishness in the dollar is going to flip the market strongly, and that I think in doing so, it is possibly foretelling some event in the next few days that will drive people to buying the dollar.

    Sorry I didn't post what I saw at the time as it would have saved you some time. I don't yet know how to post charts or even build them for others to see online.

    Steve

  • Trader_Steve

    That was out, I think, for all of Tuesday's market and might in part account for Tuesday's decline.

    Steve

  • http://fatratbastard.com standard_and_poor

    Just shorted several Sept. ES at 1023 with 1026.00 (sept. es futures) stop based on my wave count.
    I consider it a low risk entry with the possibility of it extending into a long term trade.
    http://www.youtube.com/watch?v=9lngGPsJ1pQ

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

    For Anna — someone stole the first episode of Dexter season 4 and stuck in on Youtube. Hooray for theft!
    http://www.youtube.com/watch?v=ObujuzzKHjs

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

    Ha, shows how closely I pay attention to news (which is directly proportional to how important I think news actually is). In any case it's still an excellent sign — not quite an obituary, but pretty close.

  • http://twitter.com/manaau manaau

    XII institutional index from cobra's market view http://screencast.com/t/N3OuLkDE. Interesting because when SPX was double topping XII was bouncing off a 61.8% fib short. I used crazyfibs to draw the -23% target, which shows as hit at March lows, but in TOS it is short of the mark – the market hit a non-log fib when viewed on a log chart lol. Also interesting bcuz the major 61.8 extension short that failed recently on SPX is still in play, plus a few others converge hereabouts http://screencast.com/t/GbrjJiZY

  • http://fatratbastard.com standard_and_poor

    Good night rats, night owls, monkees etc. I'm tired of baby sitting my futures
    positions. So far so good – time will tell.

  • springheel_jack

    Great post Mole. This USD decline is near the low I think:

    http://www.screencast.com/users/springheel_jack

    katzo also pointed out that if USD gaps up today, which looks possible from the futs, then we may well get a bullish reversal morning star candlestick pattern.

  • springheel_jack

    We have a cluster of fib reversal dates at the moment. The last one was at the end of August, we have another today and another on about September 25th. These are always plus or minus a couple of days of course.

    From McHugh, who is no Prechter, but has a lot of good stuff anyway.

  • CatchTwentyTwo

    This SPX daily chart starting from the March lows I've tries to capture the high level picture.

    http://www.screencast.com/users/CatchTwentyTwo/

    (scroll through pics 1 to 5 to zoom in further).

    If the “HS2” pattern plays out in a similar way “HS1” did in June/July, we would see “right shoulder #2” in formation now, since last Thursday. This RS2 pattern should top out around 1027, and we would first visit the lower boundary of the rising wedge again before we make any new highs.

    We should in fact soon drop back to the bottom of the wedge support around 980-970. This would line up with the “soylent green” scenario, and from what I understood in the last posts, DavidDT, Cerebro82 and others are expecting something similar, too.

    What happens at this support level remains to be seen.
    If we are indeed in scenario “soylent green”, we will drop through the bottom of the wedge around Sep 16.
    But the wedge would still room for another bounce, to form the next higher HS pattern #3, topping around 1070.

    So far at least my flight plan seems to play out, we made a HOD at ES 1027 yesterday,
    and have been falling back from there after hours.

    Now, if I drop my hedge and add to my shorts here, would I take the other side of the trade of Annamall, considering her call for 1039? Given her track record lately, this is not something I feel very confident about….
    Also, the 1027 level has been pounded quite heavily yesterday, suggesting we might still break above it today.

  • springheel_jack

    An updated version of the SPX bear wedge, showing the smaller wedge that we broke out of last week.:

    http://www.screencast.com/users/springheel_jack

    Not sure about that smaller wedge as it only touched the upper channel twice before breaking but FWIW it broke downwards and we have come back now to retest the lower channel line of the smaller wedge.

    McHugh, who oddly seems to have missed this bear wedge and the many others like it on other indices says 'rising wedges are termination patterns, and highly reliable'. This one is also volume confirmed of course, unlike the inverse H&S pattern that McHugh is currently taking his rally targets from.

  • http://twojackstrading.blogspot.com TwoJacks

    odds favor a down day based on a TRIN study, C3PO
    http://twojackstrading.blogspot.com/2009/09/con

  • annamall

    God I love you Chicken! Dexter is just freaking awesome and I love Michael C Hall! He is so hot! He used to be in 6 ft Under (another one of my favorites) :)) thanks SSC

  • C's & 3's

    Mole – the fifth wave diagonal scenario could very well take us close enough to the Sept 15 date that you spoke of last week.

  • annamall

    Morning all, First thanks to SSC for the Dexter video! Much appreciated!
    Second Still looking for final leg up to 1038-40 area soon, so far the futs are flat, we may see a doji today before the big speech.

    BTW…someone mentioned to me that was i trading the news??? No I am trading a RIGGED game as best I can! LOL

    I am a BEARESS and only do bullsih positions sometimes in a BEAR market. 🙂

  • gmak

    Pre-market warm up.

    Nice TA on the USD. CAD and JPY are mildly weaker – which strikes me as contradictory. EUR and GBP are slightly stronger against the USD as I type. DXY is just down a smidge (a bit less than a tetch). Uncertainty and carefulness abounds.

    Equities:
    Asia was mixed with Shanghai up 1/2% and Hong Kong down 1%. Nikkei was down 3/4%. Europe is slightly green as I type. (less than 1/2%).

    Everything looks tepid, flat, and uninteresting. The calm before the storm?

    News:
    Kraft is said to be looking for $8 billion in Financing for the Cadbury attempt. Citigroup and DB are said to be working on it. This will be intresting given that the bridge financing would need to be replaced at some point with an “investment-grade” bond offering. I wonder what the appetite will be for that? Catalyst, anyone?
    China new vehicle sales exceeded the USA for the first time. Amazing what you can do when you make practically free money available as credit. Apparently for August, industrial output rost the most in a year and retail sales climbed at a 15% annual rate. Must be all those credit cards in all those empty malls and apartments that have been built. In fact ING's head of Asia research says that “credit tightening won't crash the economy”. Isn't denial a beautiful mind.

    Data:

    MBA mortgage applications up 17% for the period ending Sep 4, versus -2.2% in the prior period. The market yawned, but ES had already moved up a whopping 3 points an hour before.

    14:00 Fed Beige book. Has this ever moved the market? Or is it always head fakes both ways? Anyone?

    SPX Daily:
    No changes in the waves from yesterday, except we need to reach just below SPX=992 to have “officially” put in wave 4 of 5; If we go above 1039.47, then we're still in wave 3. Note that these are TD waves and are based on counts from the low of March. The rules aren't as demanding as elliott waves, but they do help see where we are. I don't have a target for wave 5 up, but it was 1135 up until the end of August (things change in TD Waves based on what has happened recently. For example, the wave 4 minimum target is based on the low of the last 13 bars).

    There is an indicator called TD Pressure, that acts like a more sensitive RSI. There are two signal lines, a red (above) and a green (below). When the TD pressure crosses the line and then comes back, that sets up what TD calls a “low risk opportunity” of either a buy or sell for the short term (several bars usually), along with a stop / threshhold for risk management. Right now, the daily one is kissing the underside of the red line. It will need to go above and then back down for the low risk sell to be on. The last one was 08/28 – just at the start of the 4 day decline. The signal doesn't always work, but the stop level helps to minimize the risk.

    Looking at the volume distribution from yesterday shows a very tight but un-normal distribution. In fact most volume was above and below the “market favoured price” (MFP) and it close above this point. Recently, we get 2 days of closing higher and 2 days of closing lower – but it's not a tradeable pattern. However, looking back 20 days suggests that it closes above the MFP on the way up, and below on the way down.
    Tight distributions seldom occur (recently) more than once or twice in a row before there is greater movement. I would expect today to be a tight distribution as well – just by the overnight and pre-market action.

    ES overnight:
    Quite flat. Looked like steps on the way down (3 – 5 points). The high was just reached at 1026, after wandering down from 1025 to 1021 earlier. Pivots:
    R2: 1036.17; around the high in the last 2 weeks.
    R1: 1030.58
    Neutral: 1021.42 = Acted like a floor overnight, except when we slipped below to 1020 when Europe opened (3AM to 5AM).
    S1: 1015.83
    S2: 1006.67

    These days are good for breaking in new TA, or trying things, since they seem to operate in slow motion. Not much for the P/L but good practice for the real thing. Based on the ES, I'm looking for another day like yesterday – maybe slightly red (less than 10 points), just because of the pre-market move up for no reason.
    NEWS trumps TA, but there isn't any on the horizon except the Beige book.

    Cheers.

  • humble1 ™

    a big problem for the bear case is that volume clearly picked up yesterday, indicating that the underinvested fund managers are on the verge of a paroxysm of “performance anxiety”. if so, i don't expect the market to wait: look for a quick move on good volume right above the upper trendline of The Great Bear Wedge of 2009.

    that is at about SPX 1050 today.

    the appearance of increasing M&A activity and the negative sentiment among professional investors is rocker fuel.

  • annamall

    I am favoring that date as well C's 🙂

  • annamall

    EUR/USD still gaining this morning looking for 1.4240 then on to 1.4280

  • gmak

    Are those the futures' quotes? I've got 1.452ish on the EUR.

  • biffermas

    From Capital Observer yesterday:

    We are seeing monster stock offerings today:

    •Fairfax Financial (FFH) did $1 billion this morning
    •Cemex (CX) just announced $1.5 billion
    •Barrick Gold (ABX) just announced a $3 billion offering
    •There are a lot of smaller deals as well, which in total add up to $7.5 billion

    I hope the bulls saved up some money.

  • annamall

    1.4532 on TOS looking to hit those next to points. 🙂

    BTW if the $DXY keeps falling, look for a higher day in equities.

  • humble1 ™

    that shows how much money there is out there and ready to come in. estimates
    of side money range from $5 trillion to $10 trillion, depending if you add
    “near money” and short term debt instruments.

    last i heard (a couple of weeks ago) it is being replinished almost as fast
    as it has been used to fuel the rally, only down about $50 billion from top
    levels at the lows.

  • annamall

    oops hit the wrong digit, it's early and I am dyslexic. LOL thank Gmak

  • Niktus

    FTSE making new highs for 2009 going for the 5000 level.

  • Smeagol

    The 78.6 Fib retracement of wave [i] (from 1038.75 on /ES) has almost been reached … A move higher than that could imply that this is not wave [ii] and that we could go higher.

  • Bankrupt

    are these markets for real or I am just dreaming?

  • springheel_jack

    A gap up on USD is starting to look much less likely than a gap down. EURUSD looks as though it is about to hit first pivot resistance at 1.5651.

    SPX futs above yesterday's resistance at 1026.

  • springheel_jack

    The whole world is dreaming of being back in the wonderful world of the credit bubble.

  • annamall

    Just saying same Jack! Looking for 1.4580 possibly point today.

  • gmak

    Just want to add that, yesterday, the TD range projection had SPX finishing higher than 1023 and it did. 1 for 1 on the daily indicator. Today's range looks higher, but we need to wait until after open for a prognostication.

  • annamall

    They are RIGGED bankrupt. they will fall when the run out of ways to manipulate. 🙂

  • annamall

    Isn't that the truth Jack! 🙂

  • MJSgl

    “HH” is a decent interviewer, which makes for good radio occasionally because of his high profile guests. Regarding economics, he is dangerous – he knows just enough to sound competent, but not enough to know how much he does not know. Yeah, he has Westbury and Kudlow on all the time cheerleading the economy. And has done a great disservice to his audience by harping about the “inevitable” inflation just around the corner.

    BTW, I stop taking him seriously as an honest broker of political opinion during the Harriet Miers affair.

  • Bankrupt

    you mean when the most of bears will be positioned long? are we there yet?

  • ultrabear

    Go to screencast.com and download their Jing widget – makes it all very easy.

  • Bankrupt

    they have a point jack. we bears are just pessimistic losers. if the market goes up, we lose and if the market crashes, we lose anyway.

  • annamall

    yea something like that, but like myDaddy (worked for S&P as analyst 35 years) the higher they go the further they fall 🙂

  • Bankrupt

    btw: has market prepared anything for Sept 9 2009, 9 hours, 9 minutes and 9 seconds?

    coming in 15 minutes

  • ropey

    Worth a walk around downtown wherever you are, i did it again the other day and surprise surprise, noticed a couple more commercial properties for lease, these are right in the heart of the city. This is up in vancouver of course and for some reason ( even though people have given me several reasons why ) ..i still scratch my head, almost london residential property prices, more CRE to let than i've seen in a while yet housing sales are up…no idea if we're lagging but it doesn't smell right. Too many people lining up to buy 5-6$ coffees, it's like there was never a recession so i'm a little perplexed. And folks tell me well it's all rosey ( if that were the case, the deficit here wouldn't be in such a mess either )…..scarey though is one of my friends says oh yes just got to mortgage broker X or Y and you can get >7< times your salary – this is one of the many reasons why the US/UK went kaboom…

    *Mole i couldn't post for hours with disqus, seems its fixed now

  • gmak

    Higher volume, not much movement? Sounds like distribution to me, which would be in favour of the bearish case.

  • centerline

    FWIW, I am watching carefully the early action today. Hedged my long term puts yesterday early in the day with OCT SPY calls. I am going to close them today one way or another. A strong breach of 1027 would be nice for those calls. However, my long-term position is short of course – and the sooner this monster rolls over, the better.

    Nice post BTW.

  • rhae

    Futures roll over today/ tomorrow? They might push them down to pick up lower prices for their new month… I could be wrong, was out surfing and that caught my eye, then lost the link.

  • Bankrupt

    ah, that was how the markets behaved back then.

    it's different this time. LOL.

  • Trader_Steve

    Oh I think it is indepth. His coverage of the war has been far more extensive from his guests than any other I’ve seen. If you don’t subscribe to Michael Yon, you should. His dispatches are on the mark. Hugh is a “party first” republican, that’s for sure.I cruised around Italy last year with him, David Allen White, and John Eastman. All are great guys to have drinks and cigars with. David Allen White is a TOWERING intellect, and a very, very unique man. All you have to do is ask him what he thinks of Vatican II and you get a history lesson about how the Church capitulated to socialism. I don’t know if it comes across on air, but for someone with Hugh’s background (he ghost wrote two books for Nixon) he has an exceptional sense of humor. I’ve never met a more optimistic man. That said, he will be out of all stocks by year end as he thinks what will end the mkt rally will be the inevitable strike by Israel against Iran. I spoke to him by e-mail about it last week and he thinks it must happen and that China and Russia will be very quick to tell Obama to stand down. That’s when we will see that Obama is anathema to Reagan, and a danger.SteveP.S. Hugh is a voracious reader. If you want one of the best books I’ve ever read, try Stephen Pressfield’s “Killing Rommel.” For reality, try these three: 1- “The Looming Tower…”. “The Nuclear Jihadist (A.Q. Khan). and “The Persian Nights.” Anyone thinking we can walk away from this war is very sadly mistaken. It would have been better had a nation declared war on us. We will not see an end to this in our lifetime.

  • Trader_Steve

    Oh I think it is indepth. His coverage of the war has been far more extensive from his guests than any other I’ve seen. If you don’t subscribe to Michael Yon, you should. His dispatches are on the mark. Hugh is a “party first” republican, that’s for sure.I cruised around Italy last year with him, David Allen White, and John Eastman. All are great guys to have drinks and cigars with. David Allen White is a TOWERING intellect, and a very, very unique man. All you have to do is ask him what he thinks of Vatican II and you get a history lesson about how the Church capitulated to socialism. I don’t know if it comes across on air, but for someone with Hugh’s background (he ghost wrote two books for Nixon) he has an exceptional sense of humor. I’ve never met a more optimistic man. That said, he will be out of all stocks by year end as he thinks what will end the mkt rally will be the inevitable strike by Israel against Iran. I spoke to him by e-mail about it last week and he thinks it must happen and that China and Russia will be very quick to tell Obama to stand down. That’s when we will see that Obama is anathema to Reagan, and a danger.SteveP.S. Hugh is a voracious reader. If you want one of the best books I’ve ever read, try Stephen Pressfield’s “Killing Rommel.” For reality, try these three: 1- “The Looming Tower…”. “The Nuclear Jihadist (A.Q. Khan). and “The Persian Nights.” Anyone thinking we can walk away from this war is very sadly mistaken. It would have been better had a nation declared war on us. We will not see an end to this in our lifetime.

  • springheel_jack

    🙂

  • BigBearz

    Not that I am very good at technical analysis (which i am not), BUT, this is jubilee time for the markets. Like I said about a month ago, DO NOT SHORT HERE, I know this is a bear site, however, they will BK the shorts before they BK the longs again.

    I would be starting to pare in after opex, maybe not til beginning of October. If you wanna make money buy some calls, and scalp until, we hit 1100ish on the S&P, then start paring in. If its not 100% obvious that they are totally manipulating this upwards to get every single lemming on board for the ultimate crash. But as a trader ya'll should be taking advantage of this opportunity.

    Just a dumb rant

  • centerline

    I can do that too. Bigger bubbles just pop with greater force. Bring it on!!!

  • springheel_jack

    Speak for yourself mate. I'm hoping to pick up my own investment bank at a bargain price after we reach the bottom.

  • annamall

    Morning Ropster! yes good point!

    yes, several peeps wrote they couldn't post.

  • springheel_jack

    Slip of the kb. Pivot resistance 1 is at 1.45651. Almost there now.

  • springheel_jack

    Just for historical interest, today is the anniversary of the peak in 1929.

  • edgetraderplus

    EW works when it works. The main problem is knowing the “when” times.

    Out of curiosity, from where does the oceanic “wedgie” photo come?

  • BigBearz

    Also, I have never said my thanks to all of you (especially Mole) for helping me learn more an more each day. I have had a wonderful last 5 months or so trading. I use this site and have a subscription to Reinhardt's Journal. Thanks!!

  • Douala

    I take it you saw the Dr's little write up on the #9? I never knew it worked out that way.

  • springheel_jack

    Almost hit your target now Anna. 1.4572.

  • Bankrupt

    oh those will not be happy times

    people like to exxagarate in both directions

  • annamall

    Heads up Gang $DXY getting creamed. below 77
    and my call for 1.4580 just got made!

  • stevew333

    Here's an interesting correlation.
    We all know POMO was entended by the FED to Oct 09 with a $300 B cap. Currently, there are 2 more POMO's scheduled one for SEP 15 and the other SEP 16. According to Precision Cap Mgmnt, the FED should be hitting theor $300B cap on the 16th, and they are unlikely to extend or increase their cap.
    The interesting correlation is this also lines up with Mole's 38.2% fib retracement time frame of P1 sell off.

  • AS2009

    We broke out of the mini inverse H&S formed yesterday … tested neckline and are bouncing off it as we speak … tgt 103.55 ..

  • Bankrupt

    you have a point, but only they know, how far they will stretch it.

    they got a lot of people aboard already….they can't have it all.

  • annamall

    Got my target Jack! 🙂

  • BigBearz

    I still believe they have a bit more optimism to hand out to the ol masses before the unexpected hammer falls. From my standpoint looking at this as a script, is that all the pundits and the fed and the government cannot be wrong yet again, they need an event that would be considered “unpredictable event” such as a huge earthquake or some other disaster bombs etc, and blame it on something they could not have predicted.

    Maybe 1-3 months of jubilee left IMO

  • springheel_jack

    Yes, interesting. Very much a plus or minus x for a turn today though.

    We're also coming up to an important turn date for gold according to Prechter. Tomorrow I think.

  • springheel_jack

    Human history is not a record of moderation in anything.

  • centerline

    Seems to me alot of the sub-patterns over the last few days stink of controlled distribution. Almost a force-feeding it seemed.

    “Just one more bite… come on… you can do it.”

  • Trader_Steve

    Thanks,

    Steve

  • annamall

    Come on guys if you are lurking out there, come on it and post some stuff, let's get this party started! 🙂

  • trabuco

    GS advising clients to short $,YEN and CHF…see max upside at 1.50 vs. euro, calls for euro @ 1.35 early 2010…long AUD, SEK, INR, IDR-

  • ultrabear

    Flatline yesterday, NYSE ticks where just flapping around zero all day. What little volume there was, was selling though. Bearish divergence, anyone?

    ES 5 min with TRIN (inverse log scale) and oscillator: http://screencast.com/t/t6t4upgg

    My prediction for today (can you guess? it hasn't changed and I've been solidly wrong so far – a 100% record, woo): POMO ramp at the open, stalls at the wave 2 high 1027.75, that moment of pure silence and then we see which way the wind is really blowing.

    Conkers-deep in long date puts and seeing no reason to change now. To quote some Roman emperor or other, “never change strategy in the middle of the battle”.

  • http://misinheritance.com/ misinheritance

    I'm sitting tight with puts on AIG, BAC, and COF. Especially AIG, where I have 1 OCT 45, 1 OCT 35, and 8 NOV 20's. This baby is a big fat 0 and I intend take it there.

  • fuw

    God I hate this market. Nothing else to say really.

  • Trader_Steve

    I did not know Hugh during the Meir's affair. I know him well enough now to tell him he is dead wrong on something, such as warning him about Geithner.

    I fed him a tough question for Wedbury last week who sounded like Ralph Cramden. He asked him if the real unemployment rate from BLS is 16.6, and possibly higher, how does he think this will can out to be a V shapped recovery when the consumer is strapped and credit is contracting?

    Steve

    P.S. Hugh's charity work is amazing. I have pointed out that he WILL get letters should this market tank and that he should have no one on as there is no upside for him in that regard.

  • Vardoger

    Thanks Gmak. Your pre markets posts make it much easier to get up to speed here on the west coast at 615am!

  • Vardoger

    It looks like the ED lows held overnight and are now?

  • http://www.finz.tv/posse bhbgrouptrader

    they will come in here to support the $dx shortly IMO…..keep your eye on the ball now…its going to be a great play!

  • annamall

    Long EUR is good so far!

  • Douala

    Can you share with me what Prechter says about gold. Currently holding gold miners.

  • Vardoger

    Good point. If they keep printing or extending the bond market would strongly disapprove, and that's the only market that matters. Look at the news about SS being broke! The supply of bonds is totally out of control and demand is getting weaker, I still think Ben needs to crash equities in order to finance our survival since it doesn't look like it worked this time around.

  • Vardoger

    “Australia's Retail Sales, Home Starts Fall, Easing Pressure for Rate Rise Australian retail sales unexpectedly fell in July and home-loan approvals ended a record nine-month run of gains, driving down the nation’s currency on speculation the central bank will keep borrowing costs at a half-century low. “

    -Bloomberg

    *Yesterday was Germany..

    deflation

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

    sold to close UNG Oct10 calls – 80% profit
    bleeding on sh /nq

  • springheel_jack

    I'm short Es from 1026 & moved my stop to there after the initial small drop.

  • centerline

    Anyone still riding the AIG piggy?

  • annamall

    Seeing 1023 on SPX as short term support!

  • Cerebro82

    Mornin' Folks, still short…. I liked that initial surge to the downside…. Right now just waiting for the market to fall apart. Stops are in place, it's a ol' fashion staredown

  • springheel_jack

    I'll dig it up for you. He's provisionally bearish though & thinks it will probably turn down.

  • annamall

    I am! short via Oct 40 puts

  • MJSgl

    Yes, I do believe he does much good in the world and that he is a good person. I also agree with him much of the time, I just don't think he is intellectually consistent – too much of a party before principles kind of guy.

    With all the disinformation out there, I don't understand how he can be so confident he knows what he is talking about, when he is so clearly getting spoon-fed to him the views of one side. It'd be like me devoutly and rigorously reading the NYT editorial pages for two years straight, day in day out, and being sure I could then hold a political debate with any and all comers. Not only are you just getting a small sliver of one perspective, you're not getting a very in depth one, either.

  • annamall

    Jack keep an eye on 1023 SPX 🙂

  • edgetraderplus

    28 August was a failed upside probe in es, and there is a developing potential of
    a failed upside probe to this current little TR. Strong volume down needs to confrim
    it, or it turns into yet another disappointment as the Fed keeps feeding this farce.

  • fuw

    Also short, but my patience is close to running out.

  • springheel_jack

    Stopped out. Glad I moved my stop.

  • TheMacroEconomist

    It depends on how much the Fed takes in the upcoming POMOs. So far they have bought about $281B of the $300B with $19B still to go.

    I was surprised they took $5B yesterday. But perhaps the 7-10 year maturities were their sweet spot. The one on the 15th is way out, like 25 years. The one on the 16th is way in, about 1 year maturity from now.

    So I don't agree that the Fed hits the $300B cap a week from today. Most likely the POMOs will be a bit smaller from here on out into October. (I think stocks drop around the 18th anyway.)

  • annamall

    Here we go, they will not let this tank before Obama's speech…just sayin

  • Socrato

    someone buy dollars please they are very cheap now lol

  • edgetraderplus

    A weak retest of yesterday's C$ high would set up a short against 94.00

  • Douala

    I appreciate that… When you have time of course.

  • Cerebro82

    after that surge, damn…. I am running out of patience too, but one must realize that's when to go short. When your emotion is at it's highest and the pain is unbearable. Let the stops do the work… Find something to take care of that anxiety. I do push ups, prison style lol.

  • CatchTwentyTwo

    Thanks!
    Same here, if we breach 1027 my calls will be in the green, and I wouldn't mind some additional cash to add to my puts later.
    So far we only made a head-fake to 1028.25 (ES), but it looks like there is still more upside to come.

  • Trader_Steve

    ZeroHedge had a good article by economist Rosenberg yesterday. M1, M2, and what was M3 are contracting rapidly.

    Steve

  • edgetraderplus

    Kiss that little TR observation goodbye…

  • Vardoger

    S&P leaders right now: GE, COF, ETFC, UPS, MS, ITW

    NYSE A:D 1.6:1

  • springheel_jack

    Right as usual Anna.

    It hasn't been much fun for anyone taking the other side of your positions lately. 🙂

  • springheel_jack

    Right as usual Anna.

    It hasn't been much fun for anyone taking the other side of your positions lately. 🙂

  • Cerebro82

    DAMN, this is getting really close. Past 1030.75 and I'm out. WTF? Still no bears lol, this is getting funny.

  • Vardoger

    You mean the socialist health care rally speech?

  • Anonymous

    Wow. I’m jealous of you getting to shoot the breeze with the all the above. Especially Eastman – brilliant legal mind. I’ve heard DAW a few times and agree, he sounds like he knows more than I can ever forget.

    Anyway – as to the “in depth” part, I was only referring to his economic knowledge, not general political, current events, war, etc. I agree – he can run circles around almost anyone on his knowledge of history and of current events. And, oh yes, I can tell he has a great sense of humor (exemplified by ribbing of Duane) and is the eternal optimist – which is why even though I think he is a party shill (again, the Miers thing really left a bad taste my mouth, as a “legal conservative”) and is doing serious harm to his audience on the perpetual inflation harping, I still love to listen to him when I get the chance.

    Agree with him that Israel will hit Iran. Just don’t think he’s gonna have time to “get out” before – if you think predicting exact top of P2 is tough, good luck predicting Israeli strike.

    I’ll check out Killing Rommel – fascinating historical figure. Have already read The Looming Tower, of course. 🙂

    I have little regard for politicians, but, yes Obama is one of the most empty suits ever to sit in the Oval Office.

    Yes, very big fan of Yon.

  • annamall

    Yep Var, watch and don't surprised at a huge move tomorrow. 🙂

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

    10:10Am EST big surprise for bulls?

  • rhae

    SPY 60m , playing with the lines… trendline rez target 103.50 maybe 103.79 but that is whorezontal rez. close enough, to early to sell Obama news?

  • annamall

    The financials are all in green, GS going higher, so careful on your shorts slopers! 🙂

  • edgetraderplus

    Missed the obvious: 1 September was the highest volume on a down day with a wide range…selling.
    The rally since has been on smaller bars, more labored… this rally is looking for a place to fail.
    The Fed may be interfering with natural supply and demand, but the article on astorlogy posted
    yesterday, and the negative alignments, makes eminent sense. One thing the Fed ain't bigger than
    is the Universe. As above, so below… Patience will pay off.

  • St Deluise

    OR- what if they tank it today and rally tomorrow? seems like a post-speech rally would have a bigger psychological impact.

  • annamall

    Dumped AIG puts earlier!

  • Autopsias

    I just love you Americans and the whole socialist thing!:)
    McCarty really got you by the balls!:)

    Do you really think that Health care reform is socialism?
    Is the UK and most European countries joining the Marxist faction then?

    Please don't take it the wrong way, not criticising the US or something, just find funny the idiosyncrasies so peculiar in each country… I'm sure we have plenty around here too!

    Ohh well, so funny, back to trading now…

  • de3600

    I know the old saying but my god how long can you keep bullshiting the world.

  • BigBearz

    When should I sell my 105 calls for spy? bought at .50 today

  • ultrabear

    The price goes up, but still the punters in the wider market are not net buyers according to NYSE TRIN. This thing is running on fumes.

  • springheel_jack

    Here it is. Had to trawl the archives. This was posted at EWI last Wednesday.

    http://www.screencast.com/users/springheel_jack

  • liamichael

    Hey Mole,

    I hope you're right. The ending diagonal I didn't even think of, but it does look pretty nice. It would also help Atilla's “no breach of 1044”, and help my trading account (A LOT). EW application is one method I will really need to catch-up on.

    Does that very slightest break 1029.50 this morning put you in cash, or has this ending Diagonal changed your get out point? I'm assuming that level is on SPX, not ES.

    Thanks,
    L

  • Vardoger

    XOM accounts for nearly 4% of the S&P, almost twice the weighting of the #2 stock. If it breaks north I'll cover my shorts but for now I looking to add index shorts here and might short XOM itself with some OCT 65's if I can get a great fill.

    http://dl.getdropbox.com/u/737329/9-9xom.png

  • CatchTwentyTwo

    FWIW, I have 1030.25 (ES) as the next target – extension long drawn from 1018.75.

  • bist

    Actually it looks like they're starting to roll over: JPM, BAC, C has been down all day…

  • anthem

    wow, you think the dollar looks bad against the Euro, look at the line on the USD/JPY – just fell off a cliff. . ..

    It's going to be interesting if this 1030 resistance line holds. I imagine a lot of cards will fall if it gets past 1030 (perhaps well into 1044 to 1050 at that point).

  • annamall

    that's ok, mooooooving on to greener pastures for today

  • Cerebro82

    Thanks!

  • Cerebro82

    Shorting the Euro.. Shorting more ES. Real close to my stop. Euro is in resistance zone. Check the chart… Sometimes standing alone is genius other times it insane lol… There is a thin line b/w the 2.

    http://content.screencast.com/users/Cerebro82/f

  • annamall

    I see 1.46 next stop Cere. just saying

  • Douala

    Thanks SJ… I owe you !

  • annamall

    Watch the 1030, may get a short squeeze if it can stay over this level for a bit. Just sayin….

  • fuw

    Is it just me, or is the Zero (both large and small) telling us something?

  • The_Grim_Reaper

    Adding more SDS right about now. I've been scaling in since yesterday and hope it will be profitable in 1-2 sessions.

  • de3600

    Pcln making new highs for the year

  • Autopsias

    You might be right, also looking at the Trin…

  • fuw

    yeah, also watching that. Really conflicting messages in the market.

  • annamall

    Oil inventories out at 10:30 5 min. this could take us either way. If bullish for oil then bullish for equities IMHO. 🙂

  • Vardoger

    Trying to hold back shorting here because I'm already fairly loaded but I'm watching JPM for indication.

    Beautiful .50 H+S may be building on support of 42.5. Left shoulder and head in, right shoulder may be forming. If that goes down I'll add to xlf and qqqq shorts. JPM is key imo, if they were pumping they'd be pumping the finnies!

    http://dl.getdropbox.com/u/737329/9-9jpm.png

  • Cerebro82

    If my analysis is wrong my stops will stop my foolishness ;-P. But the risk/ reward to me is worth it. Everyone is bullish right now

  • gmak

    Just a reminder that ES does have that resistance pivot at 1030…. and another at 1036 for defining your risk.

  • annamall

    I like your thinking Cere! I just closed out my EUR/USD long for a nice one, don't want to lose that! I may re-enter at lower price of course 😉

  • annamall

    Don't we have another POMO at 1pm today? Mole??

  • Cerebro82

    Everyone on the 2 most bearish blogs on the net is bullish. I love this…. I am bearish and will remain that way until I'm stopped out. Conviction!! The fact that everyone is bullish on equities and bearish on the dollar is very telling. ROOOAARRR!!!
    http://www.youtube.com/watch?v=eUk8OuF1C-A

  • gmak

    Update on the SPX TD Projected range. They have the range as being 1009.02 – 1023.85 and the decision is that SPX will close above 1023.85;

    Yesterday's worked…. still counting.

  • BigHouse(Aka Mr Vix)

    Another slow shit day in stocks.zzzzzzzzz

  • fuw

    11.00AM today

    “Notice: The Weekly Petroleum Status Report will be released on Thursday, September 10, 2009 at
    11:00 A.M. (Eastern Time) due to the closure of the Federal government on Monday, September 7.”

  • annamall

    Oh thank you Fuw! 🙂

  • Vardoger

    No I don't think health care reform is socialism. I do believe that many market participants, especially old republicans may view it that light. What I was really saying is that I don't believe the market will like the plan if it is passed, and I also believe that is Obama's #1 goal with his speech tonight. I was just being contrarian.

    Just so you know, America is the most diverse nation in the world. You could literally interview 100 people in the city and probably get 10 completely different views of the subject. Don't believe everything the morons put in the news.

  • Vardoger

    JPM broke down, added to Q puts and XLF puts 🙂

  • springheel_jack

    Well, impulse hour has finished & we didn't break 1030 with confidence.

  • Cerebro82

    Shorting 20 /NQ right here too. Stop 1670.25. This is going to be a great day or I'm gonna need a fresh bottle of Johnny Walker…

  • Cerebro82

    OK my account is fully short right now… Stops are in place, so let's see what happens.

  • Me_XMan

    US Dollar getting trashed again.

  • springheel_jack

    My pleasure Douala.

  • annamall

    No big down day today or significant.

    Barach called and told me so! LOL

  • MrBF

    FSLR looks like a good short here nearing its 50 and 200 dma's

  • springheel_jack

    Anna, EURUSD is still rising. Make it stop!

  • Bankrupt

    ah, i forgot he is da president. all will be good then…

  • AudioTactics

    Not today… the next POMO's are on 9/15 & 9/16.

    We do have a 10yr Trsy auction today at 1pm though…

  • annamall

    🙂

  • TheMacroEconomist

    Did the EIA's weekly crude inventories get postponed or something?

  • annamall

    I just took profits a few ago (a few seconds too early) LOL

  • Vardoger

    11 today

  • fuw

    dito. Huge divergence between TRIN and S&P.

  • Lordted

    Did he happen to say when?

  • Vardoger

    Dollar danger close

  • crush1618

    $SPX potentially forming head/shoulders on 1-min chart as of 9:45AM neckline 1028.

  • DeadPrez

    Odd, people keep promising me socialism is coming but that never seems to come to fruition. Hell, no of the healthcare proposals amount to socialism. So disappointing!

  • TheMacroEconomist

    I was sitting here like a dope waiting for the usual bounce at 10:30. :p

  • sela84

    The Weekly Petroleum Status Report will be released on Thursday, September 10, 2009 at
    11:00 A.M. (Eastern Time) due to the closure of the Federal government on Monday, September 7

  • Cerebro82

    Shit! LET'S MAKE SOME MONEY THEN :-D!

  • bist

    Yup broke down 30 cents!!! WOOT

    Haha I've been watching financials all morning they look like they're flagging or going sideways and consolidating…

  • fuw

    Posted about it below.

    Read about it here:
    http://www.eia.doe.gov/oil_gas/petroleum/data_p

  • http://chaugner.blogspot.com chaugner

    lol nice – I just shorted it … small position though. Just some taco bell lunch money.

  • crush1618

    Can place order below neckline.

  • AudioTactics

    Not sure what to make of today to be honest…

    I sold SPY at 103.44 then bought back at 103.25 for a quick trade.

    Most S&P sectors are positive so maybe we could continue the rally and eventually I think we will see the recent highs again but I also feel that the market is not going to run away to the upside.

    One thing I noticed that made me more confident about fading today's strength is that we saw initial selling on the open into overnight strength which brought us into yesterday's range and in addition, corporate and high-yield bonds are not participating today in the rally.

    I may try to fade the HOD again if we can get back up there.

  • Lordted

    We're right on the 78.6 Retrace on ES and SP500… As good a place to try a short as any… If it pushes through here we could touch the highs or simply be on Moles Higher count. Higher into next week would be OK for me as I am positioned in cash.

  • annamall

    Re-entered long EUR/USD @ 1.4580

  • TheMacroEconomist
  • ultrabear

    Just looking at GS too – interesting chart – *didn't* make new highs with the market 10 days ago. Looks like it has more love to give on the 5 min to meeee tho

  • ultrabear

    Just looking at GS too – interesting chart – *didn't* make new highs with the market 10 days ago. Looks like it has more love to give on the 5 min to meeee tho

  • http://bulldodger.blogspot.com scrow774

    Watching LMT (potential breakdown if it closes below 73).
    Triangles all over the place:
    Ascending: DO, DRQ, EBAY, CNQ,
    Descending: LMT
    Symmetrical: GWW, MON, OIH, PPG, TLM

    Hitting Resistance: ANR, CAT, CMG, POT, DECK

    Ill take action at EOD. My favorites are the resistance plays, and LMT. All others I will trade on the breakout (possibly tomorrow but likely not today).

  • fa_q

    I'm adding a quarter to my NQ short at 1667. AAPL not playing today, Qs could sell off nicely later.

  • annamall

    So glad I followed my gut and bailed on AIG now up 3.24

  • TheMacroEconomist

    Oh there we go, I missed it below!

    So tomorrow at 11. ;

  • anotherone

    Anybody want to guess how low the volume is going to be on the SPY over lunch? I have a couple of extra bucks laying around, maybe I can move the market while everyone else is getting something to eat. 🙂

  • St Deluise

    sigh. my gut is a numbskull.

  • Trader_Steve

    We (Marine Corps League Detachment) have been getting occasional e-mails from Chaplins in Afghanistan. The conditions are dire, we don’t have enough troops, and the military has no plans given to it by the WH. What should they expect from an empty suit who says to put extra air in your tires and we will have all the gas we need? The word I get is that the troops don’t feel he takes the war seriously. It doesn’t matter to them as they fight for the guy to their left and to their right, but it would be nice to respect the commander-in-chief, and they do not.

    It would be bad enough if Obama were just incompetent, but he is a lying Chicago thug. I’m not a John McCain fan by a long shot, but we would be far better off than with this devout Marxist. If you missed David Horowitz on with Beck the other night it should be on YouTube or Beck’s site. He does some job of deconstructing Obama.

    I’m not sure if Mark Levin has called him a communisst yet, but he has used the words Marxist and Leninist. Savage calls him a communist.

    John Eastman was right in answering a question I asked him on the cruise. He said we should hope only a Hillary Clinton gets the Supreme Court nominee. I talked with him for a while as we were both lost as to how to get out of some part of the top of St. Mark’s Cathedral in Venice. That trip itself was phenomenal.

    Hugh sat between DAW and me at 11 PM on the upper deck having drinks and cigars and David gives us 10 year, max, before our implosion. He gave such cogent reasons as to why secular nations fall. He was telling HH to relax as it’s already done as history says we have no chance. Hugh moved to the other end of the table saying 5 more minutes and he was jumping overboard….LOL

    Hugh and I couldn’t figure out the right route for a boat in Venice and I said we needed David and I asked if DAW was as smart as I think he is and Hugh responded that he is one of the few people who, when he is in his presence, he feel like an idiot. No wonder his classes at the Naval Academy were hard to get into.

    Give Davidd three scotches and bring up a topic that will light a fire and sit back and learn. He will get apoplectic at times as he delves into history to make his points. He loved that I knew a bit about the Weimar Republic. I said we have exceeded their decadence and he put his arm around me (we are both 6’2″ but he has about 80-100 pounds on me as he is built like a walrus with a beard to match) and shook me saying, “Good God, this man get it!”

    Best vacation I ever had by a long shot.

    Steve

  • annamall

    Lester asked me when it was down 2.00 why I bailed, I guess he now knows 😉

  • annamall

    Watch for that 1036-1038 level today IMHO

  • jclaude

    Possible EDT in progress from the 10am low on SPX 2 minute chart. This could be setting up a 5th wave failure on the SPX daily, along with a H/S top. The .786 retracement from the 1039.47 high to 991.97 low is 1029.31, and the .887 retracement is 1033.10. Patterns have failed to fulfill so many times over the past few weeks that i question this one too, given the Transports screaming up, and so early in the day ahead of the TV broadcast tonight.

  • BigHouse(Aka Mr Vix)

    Those March puts are really moving..BUT in the wrong direction…Grrrrrrrrrrrrr

  • mmTesla

    Hello everyone!

  • anthem

    hmm, dollar is gaining a little bit of strength back (though not much), but SP continues to go up. . . Maybe a last ditch stop sweep before going back down ?

  • annamall

    Hello MM! 🙂

  • Lordted

    Which TV broadcast is that? – US open Tennis by any chance?

    Seriously what is it? – O baby??

  • annamall

    Using your phrase WHHHHHHEeeeeeeeeeeeeeeeeeeeeeeeeeeeee

  • http://www.facebook.com/screasy v8muscle

    even though its in the 30-50 dollar range it still trades like a penny…. lol

  • annamall

    short squeeze coming!

  • harveydent

    obama-rama……sigh

  • Joe8888

    Transport weekly chart …..resistance level….!

  • mmTesla

    How goes the tradin?

  • http://www.facebook.com/screasy v8muscle

    something to watch out for.. http://screencast.com/t/D085jXhCH

  • anthem

    Hey annamall, I would think the squeeze or the clearing of the stops was from 1030 to 1033 as that probably cleared a lot of stops out. . . Not sure if there will be an even greater short squeeze to 1038, as there probably isn't that many people left to squeeze – ha ha. I think I'm going to grab some here at 1033 and some more if it does climb up. Might be trying to catch knives here though. I'll tell you how hard I'm hitting the Johnny Walker later.

  • thunda72

    Just added 50 more QQQQ Mar puts!

  • rhae

    SPY 60m 103.79 my strongest horrizontal line

  • Vardoger
  • annamall

    IMHO we go higher to 1038 anthem..I have been saying that for a week now or so.

  • Scrillhog

    I'd be happy with that… Will you be loading up on shorts around there?

  • annamall

    Oh so sweet Tesla! ;-D been right on target lately (yea) how about you?

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

    Per yesterday's post…. http://tinyurl.com/mz5u3p

    Transports at new highs for 2009 but also bumping what should be a tough resistance level. Tonight there's gonna be a jailbreak, or a would-be escapee shot dead by prison snipers? A close above 3835 is a BFD.

  • Tronacate

    The US peso

  • crush1618

    Looks like $NDX painted an intraday leading diagonal and is now painting an overthrow.

  • annamall

    hey Scrill hope all is nice and dry (no fire out there) 🙂

    I will do some day trading around it possibly, but next stop is 1070 area in my book. 🙂

  • mmTesla

    Well done anna! I have just been working on studying HFT patterns, not much trading recently 🙂

  • Vardoger

    A:D 3:1 now. I have top of spx channel at 1048, top of wedge at 1053 for reference (do not think we visit those today)

  • annamall

    Or could fool everyone and break up V8! (I am so contrary) LOL

  • fa_q

    And 1/4 short ES at 1033.5

  • Bear Claw

    UNCLE!

  • annamall

    Chicken, repost, thank you so much for that Dexter video!!! My favorite show, and I just adore Michael C Hall.. he is the best and was great in 6 feet Under as well!

  • http://www.facebook.com/screasy v8muscle

    lol sold a single iwm sept 60 call I bought yesterday at the close for a 100% gain. too bad it was only 20 bucks profit hahah

  • edgetraderplus

    Given the Miller article on astrology yesterday, [http://bit.ly/ogJEp],and knowing how markets
    can be directly affected, [Gann was all about astrology], another TR can develop over the
    next several trading days, setting up a potential high next week that could be the final failure high.
    Aything can happen, and market activity is still the final arbiter.

  • annamall

    Close to my call come on baby, let's rock!

  • http://twojackstrading.blogspot.com TwoJacks

    In “their” effort to gun his market “they” have succeeded in taking the TRIN to reading that is intuitively in line with price action, i.e. – less than 1. The TICK however has gone absolutely exponential apeshit banana wacko at an average reading of +600 for the last half-hour. “Someone” is making someone else pay the piper here in a big way, and I'm short in a system trade at the moment, fvckers!

  • http://twojackstrading.blogspot.com TwoJacks

    p.s. – there's our first sub-0 TICK reading since 11:09

  • Scrillhog

    Nice and dry with clean air now…

    Here's a chart for ya:

    http://img215.imageshack.us/img215/7450/spxfan.jpg

    I'm open to the possibility of 1100

  • annamall

    NEW POST BY MOLESTER!

  • 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„¸

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

    No prob, thought you would like it! My wife plays the wife of the dead guy in the courtroom scene – bastards apparently cut her role down in editing so she's only in the episode for like 2 seconds. I told her no worries though, it's still 2 seconds on one of the best shows of all time.

  • dynamo

    Busy with work, sorry, doesn't look corrective to me, looks like they're going to blow the roof off this sucker at some point today or tomorrow, added to Oct 108 calls but ONLY for a couple of days in the hope of a blow-off spike, and bought some Oct 104 calls at SPX 1033;
    Hoping to add to long-term put positions on spike, feeling lucky that I've played the long side a few times since 991…
    We just took a knock down from heavy resistance area around 1036-9 (we look overbought on short-term charts) but will add a few calls if pullback stays strong (above 1033). Again, these will be sold on any spike, too dangerous to hold calls for too long right now.

    Looking to sell once we pass 70 RSI on the daily SPX if we get there in the next few days.

    GL everyone!

  • http://www.hotoptionbabe.com annamall

    Heads up Gang $DXY getting creamed. below 77
    and my call for 1.4580 just got made!

  • stevew333

    Here's an interesting correlation.
    We all know POMO was entended by the FED to Oct 09 with a $300 B cap. Currently, there are 2 more POMO's scheduled one for SEP 15 and the other SEP 16. According to Precision Cap Mgmnt, the FED should be hitting theor $300B cap on the 16th, and they are unlikely to extend or increase their cap.
    The interesting correlation is this also lines up with Mole's 38.2% fib retracement time frame of P1 sell off.

  • AS2009

    We broke out of the mini inverse H&S formed yesterday … tested neckline and are bouncing off it as we speak … tgt 103.55 ..

  • http://www.hotoptionbabe.com annamall

    Come on guys if you are lurking out there, come on it and post some stuff, let's get this party started! 🙂

  • http://chartsandthat.blogspot.com/ ultra

    Flatline yesterday, NYSE ticks were just flapping around zero all day. What little volume there was, was selling though. Bearish divergence, anyone?

    ES 5 min with TRIN (inverse log scale) and oscillator: http://screencast.com/t/t6t4upgg

    My prediction for today (can you guess? it hasn't changed and I've been solidly wrong so far – a 100% record, woo): POMO ramp at the open, stalls at the wave 2 high 1027.75, that moment of pure silence and then we see which way the wind is really blowing.

    Conkers-deep in long date puts and seeing no reason to change now. To quote some Roman emperor or other, “never change strategy in the middle of the battle”.

  • http://misinheritance.com/ misinheritance

    I'm sitting tight with puts on AIG, BAC, and COF. Especially AIG, where I have 1 OCT 45, 1 OCT 35, and 8 NOV 20's. This baby is a big fat 0 and I intend take it there.

  • Socrato

    long time lurker – mole big respect – best site out there….didnt realise disqus was so easy wouldve done it ages ago….call me crazy but im just short DAX for friday via options… http://screencast.com/t/aAVV9itfy

  • fuw

    God I hate this market. Nothing else to say really.

  • Vardoger

    It looks like the ED lows held overnight and are now?

  • http://thebhbgroup.com TheBHBgroup

    they will come in here to support the $dx shortly IMO…..keep your eye on the ball now…its going to be a great play!

  • http://www.hotoptionbabe.com annamall

    Long EUR is good so far!

  • Vardoger

    Good point. If they keep printing or extending the bond market would strongly disapprove, and that's the only market that matters. Look at the news about SS being broke! The supply of bonds is totally out of control and demand is getting weaker, I still think Ben needs to crash equities in order to finance our survival since it doesn't look like it worked this time around.

  • Vardoger

    “Australia's Retail Sales, Home Starts Fall, Easing Pressure for Rate Rise Australian retail sales unexpectedly fell in July and home-loan approvals ended a record nine-month run of gains, driving down the nation’s currency on speculation the central bank will keep borrowing costs at a half-century low. “

    -Bloomberg

    ~Yesterday was Germany..

    *Deflation

    NYSE A:D 1:1.4

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

    sold to close UNG Oct10 calls – 80% profit
    bleeding on sh /nq

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

    I'm short Es from 1026 & moved my stop to there after the initial small drop.

  • centerline

    Anyone still riding the AIG piggy?

  • http://www.hotoptionbabe.com annamall

    Seeing 1023 on SPX as short term support!

  • Cerebro82

    Mornin' Folks, still short…. I liked that initial surge to the downside…. Right now just waiting for the market to fall apart. Stops are in place, it's a ol' fashion staredown

  • http://www.hotoptionbabe.com annamall

    I am! short via Oct 40 puts

  • http://www.hotoptionbabe.com annamall

    Jack keep an eye on 1023 SPX 🙂

  • edgetraderplus

    28 August was a failed upside probe in es, and there is a developing potential of
    a failed upside probe to this current little TR. Strong volume down needs to confirm
    it, or it turns into yet another disappointment as the Fed keeps feeding this farce.

  • fuw

    Also short, but my patience is close to running out.

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

    Stopped out. Glad I moved my stop.

  • TheMacroEconomist

    It depends on how much the Fed takes in the upcoming POMOs. So far they have bought about $281B of the $300B with $19B still to go.

    I was surprised they took $5B yesterday. But perhaps the 7-10 year maturities were their sweet spot. The one on the 15th is way out, like 25 year maturitiess. The one on the 16th is way in, about 1 year maturity from now.

    So I don't agree that the Fed hits the $300B cap a week from today. Most likely the POMOs will be a bit smaller from here on out into October. (I think stocks drop around the 18th anyway.)

  • http://www.hotoptionbabe.com annamall

    Here we go, they will not let this tank before Obama's speech…just sayin

    1038 here we come!

  • Socrato

    someone buy dollars please they are very cheap now lol

  • edgetraderplus

    A weak retest of yesterday's C$ high would set up a short against 94.00

  • Cerebro82

    after that surge, damn…. I am running out of patience too, but one must realize that's when to go short. When your emotion is at it's highest and the pain is unbearable. Let the stops do the work… Find something to take care of that anxiety. I do push ups, prison style lol.

  • Trader_Steve

    ZeroHedge had a good article by economist Rosenberg yesterday. M1, M2, and what was M3 are contracting rapidly.

    Steve

  • edgetraderplus

    Kiss that little TR observation goodbye…

  • Vardoger

    S&P leaders right now: GE, COF, ETFC, UPS, MS, ITW

    NYSE A:D 1.6:1

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

    Right as usual Anna.

    It hasn't been much fun for anyone taking the other side of your positions lately. 🙂

  • Cerebro82

    DAMN, this is getting really close. Past 1030.75 and I'm out. WTF? Still no bears lol, this is getting funny.

  • Vardoger

    You mean the socialist health care rally speech?

  • http://www.hotoptionbabe.com annamall

    Yep Var, watch and don't surprised at a huge move tomorrow. 🙂

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

    10:10Am EST big surprise for bulls?

  • rhae

    SPY 60m , playing with the lines… trendline rez target 103.50 maybe 103.79 but that is whorezontal rez. close enough, to early to sell Obama news?

  • http://www.hotoptionbabe.com annamall

    The financials are all in green, GS going higher, so careful on your shorts evil ones!

  • edgetraderplus

    Missed the obvious: 1 September was the highest volume on a down day with a wide range…selling.
    The rally since has been on smaller bars, more labored… this rally is looking for a place to fail.
    The Fed may be interfering with natural supply and demand, but the article on astorlogy posted
    yesterday, and the negative alignments, makes eminent sense. One thing the Fed ain't bigger than
    is the Universe. As above, so below… Patience will pay off.

  • St. Deluise #A

    OR- what if they tank it today and rally tomorrow? seems like a post-speech rally would have a bigger psychological impact.

  • http://www.hotoptionbabe.com annamall

    Dumped AIG puts earlier!

  • Autopsias

    I just love you Americans and the whole socialist thing!:)
    McCarty really got you by the balls!:)

    Do you really think that Health care reform is socialism?
    Is the UK and most European countries joining the Marxist faction then?

    Please don't take it the wrong way, not criticising the US or something, just find funny the idiosyncrasies so peculiar in each country… I'm sure we have plenty around here too!

    Ohh well, so funny, back to trading now…

  • de3600

    I know the old saying but my god how long can you keep bullshiting the world.

  • BigBearz

    When should I sell my 105 calls for spy? bought at .50 today

  • http://chartsandthat.blogspot.com/ ultra

    The price goes up, but still the punters in the wider market are not net buyers according to NYSE TRIN. This thing is running on fumes.

  • liamichael

    Hey Mole,

    I hope you're right. The ending diagonal I didn't even think of, but it does look pretty nice. It would also help Atilla's “no breach of 1044”, and help my trading account (A LOT). EW application is one method I will really need to catch-up on.

    Does that very slightest break 1029.50 this morning put you in cash, or has this ending Diagonal changed your get out point? I'm assuming that level is on SPX, not ES.

    Thanks,
    L

  • Vardoger

    XOM accounts for nearly 4% of the S&P, almost twice the weighting of the #2 stock. If it breaks north I'll cover my shorts but for now I looking to add index shorts here and might short XOM itself with some OCT 65's if I can get a great fill.

    http://dl.getdropbox.com/u/737329/9-9xom.png

  • CatchTwentyTwo

    FWIW, I have 1030.25 (ES) as the next target – extension long drawn from 1018.75.

  • http://spychart.net spycharter

    Actually it looks like they're starting to roll over: JPM, BAC, C has been down all day…

  • anthem

    wow, you think the dollar looks bad against the Euro, look at the line on the USD/JPY – just fell off a cliff. . ..

    It's going to be interesting if this 1030 resistance line holds. I imagine a lot of cards will fall if it gets past 1030 (perhaps well into 1044 to 1050 at that point).

  • http://www.hotoptionbabe.com annamall

    that's ok, mooooooving on to greener pastures for today

  • Cerebro82

    Thanks!

  • Cerebro82

    Shorting the Euro.. Shorting more ES. Real close to my stop. Euro is in resistance zone. Check the chart… Sometimes standing alone is genius other times it insane lol… There is a thin line b/w the 2.

    http://content.screencast.com/users/Cerebro82/f

  • http://www.hotoptionbabe.com annamall

    I see 1.46 next stop Cere. just saying

  • http://www.hotoptionbabe.com annamall

    Watch the 1030, may get a short squeeze if it can stay over this level for a bit. Just sayin….

  • fuw

    Is it just me, or is the Zero (both large and small) telling us something?

  • The_Grim_Reaper

    Adding more SDS right about now. I've been scaling in since yesterday and hope it will be profitable in 1-2 sessions.

  • de3600

    Pcln making new highs for the year

  • Autopsias

    You might be right, also looking at the Trin…

  • fuw

    yeah, also watching that. Really conflicting messages in the market.

  • http://www.hotoptionbabe.com annamall

    Oil inventories out at 10:30 5 min. this could take us either way. If bullish for oil then bullish for equities IMHO. 🙂

  • Vardoger

    Trying to hold back shorting here because I'm already fairly loaded but I'm watching JPM for indication.

    Beautiful .50 H+S may be building on support of 42.5. Left shoulder and head in, right shoulder may be forming. If that goes down I'll add to xlf and qqqq shorts. JPM is key imo, if they were pumping they'd be pumping the finnies!

    http://dl.getdropbox.com/u/737329/9-9jpm.png

  • Cerebro82

    If my analysis is wrong my stops will stop my foolishness ;-P. But the risk/ reward to me is worth it. Everyone is bullish right now

  • Anonymous

    WOW. Can’t believe you got to spend time like that with all those guys.

    No surprise the troops feel that he doesn’t take it seriously – he doesn’t. So clear the difference between the heartfelt reverence GW held for our troops vs. the disdain BO holds.

    John McCain is one of the worst candidates the GOP could’ve put up. He is vindictive, smug, and wrong in the way only someone not intellectually curious enough to know there is much he does not know can be. I used to work in GOP election law, and have had a couple big players (including a former FEC member) tell me stories of McCain’s petty behavior that would make your jaw drop. That said, of course I held my nose and voted for him, too. I think, though, that McCain and Obama are both small men without the ability to rise above the events that define their time. I am not sure it would be better to have McCain being whipsawed by events instead of Obama.

    Heh re. HH almost jumping overboard. I, too, like DAW, have accepted reality as it will likely be, which is why I don’t get so exercised about politics any longer. Sort of fatalistic, I know. I’m sure his cogent args about why we’re done for were crystal clear and coherent.

    You’re making me think I should sign up for one of these cruises.

    Semper Fi,

    Marshall

  • gmak

    Just a reminder that ES does have that resistance pivot at 1030…. and another at 1036 for defining your risk.

  • http://www.hotoptionbabe.com annamall

    I like your thinking Cere! I just closed out my EUR/USD long for a nice one, don't want to lose that! I may re-enter at lower price of course 😉

  • http://www.hotoptionbabe.com annamall

    Don't we have another POMO at 1pm today? Mole?? 10 year note?

  • Cerebro82

    Everyone on the 2 most bearish blogs on the net is bullish. I love this…. I am bearish and will remain that way until I'm stopped out. Conviction!! The fact that everyone is bullish on equities and bearish on the dollar is very telling. ROOOAARRR!!!
    http://www.youtube.com/watch?v=eUk8OuF1C-A

  • gmak

    Update on the SPX TD Projected range. They have the range as being 1009.02 – 1023.85 and the decision is that SPX will close above 1023.85;

    Yesterday's worked…. still counting.

  • BigHouse(Aka Mr Vix)

    Another slow shit day in stocks.zzzzzzzzz

  • fuw

    11.00AM today

    “Notice: The Weekly Petroleum Status Report will be released on Thursday, September 10, 2009 at 11:00 A.M. (Eastern Time) due to the closure of the Federal government on Monday, September 7.”

  • http://www.hotoptionbabe.com annamall

    Oh thank you Fuw! 🙂

  • Vardoger

    No I don't think health care reform is socialism. I do believe that many market participants, especially old republicans may view it that light. What I was really saying is that I don't believe the market will like the plan if it is passed, and I also believe that is Obama's #1 goal with his speech tonight. I was just being contrarian.

    Just so you know, America is the most diverse nation in the world. You could literally interview 100 people in the city and probably get 10 completely different views of the subject. Don't believe everything the morons put in the news.

  • Vardoger

    JPM broke down, added to Q puts and XLF puts 🙂

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

    Well, impulse hour has finished & we didn't break 1030 with confidence.

  • Cerebro82

    Shorting 20 /NQ right here too. Stop 1670.25. This is going to be a great day or I'm gonna need a fresh bottle of Johnny Walker…

  • Cerebro82

    OK my account is fully short right now… Stops are in place, so let's see what happens.

  • Me_XMan

    US Dollar getting trashed again. BTW when Benny will wake up and smell the coffee?

  • http://www.hotoptionbabe.com annamall

    No big down day today or significant.

    Barack O called me personally and told me so! LOL

  • MrBF

    FSLR looks like a good short here nearing its 50 and 200 dma's

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

    Anna, EURUSD is still rising. Make it stop!

  • Bankrupt

    ah, i forgot he is da president. all will be good then…

  • AudioTactics

    Not today… the next POMO's are on 9/15 & 9/16.

    We do have a 10yr Trsy auction today at 1pm though…

  • http://www.hotoptionbabe.com annamall

    🙂

  • TheMacroEconomist

    Did the EIA's weekly petroleum inventories get postponed or something?

  • http://www.hotoptionbabe.com annamall

    I just took profits a few ago (a few seconds too early) LOL

  • Vardoger

    11 today

  • fuw

    dito. Huge divergence between TRIN and S&P.

  • Lordted

    Did he happen to say when?

  • Vardoger

    Dollar danger close

  • crush1618

    $SPX potentially forming head/shoulders on 1-min chart as of 9:45AM neckline 1028.

  • DeadPrez

    Odd, people keep promising me socialism is coming but that never seems to come to fruition. Hell, none of the healthcare proposals amount to socialism. So disappointing!

  • TheMacroEconomist

    I was sitting here like a dope waiting for the usual bounce at 10:30. :p

  • sela84

    The Weekly Petroleum Status Report will be released on Thursday, September 10, 2009 at
    11:00 A.M. (Eastern Time) due to the closure of the Federal government on Monday, September 7

  • Cerebro82

    Shit! LET'S MAKE SOME MONEY THEN :-D!

  • http://spychart.net spycharter

    Yup broke down 30 cents!!! WOOT

    Haha I've been watching financials all morning they look like they're flagging or going sideways and consolidating…

  • fuw

    Posted about it below.

    Read about it here:
    http://www.eia.doe.gov/oil_gas/petroleum/data_p

  • http://chaugner.blogspot.com chaugner

    lol nice – I just shorted it … small position though. Just some taco bell lunch money.

  • crush1618

    Can place order below neckline.

  • AudioTactics

    Not sure what to make of today to be honest…

    I sold SPY at 103.44 then bought back at 103.25 for a quick trade.

    Most S&P sectors are positive so maybe we could continue the rally and eventually I think we will see the recent highs again but I also feel that the market is not going to run away to the upside.

    One thing I noticed that made me more confident about fading today's strength is that we saw initial selling on the open into overnight strength which brought us into yesterday's range and in addition, corporate and high-yield bonds are not participating today in the rally.

    I may try to fade the HOD again if we can get back up there.

  • Lordted

    We're right on the 78.6 Retrace on ES and SP500… As good a place to try a short as any… If it pushes through here we could touch the highs or simply be on Moles Higher count. Higher into next week would be OK for me as I am positioned in cash.

  • http://www.hotoptionbabe.com annamall

    Re-entered long EUR/USD @ 1.4580

  • TheMacroEconomist

    http://www.marketwatch.com/story/first-solar-na

    A 2-Gigiawatt field??? (25-square miles of land. Everything in China is on BIG scale, hehe.)

  • http://chartsandthat.blogspot.com/ ultra

    Just looking at GS too – interesting chart – *didn't* make new highs with the market 10 days ago. Looks like it has more love to give on the 5 min to meeee tho

  • http://bulldodger.blogspot.com scrow774

    Watching LMT (potential breakdown if it closes below 73).
    Triangles all over the place:
    Ascending: DO, DRQ, EBAY, CNQ,
    Descending: LMT
    Symmetrical: GWW, MON, OIH, PPG, TLM

    Hitting Resistance: ANR, CAT, CMG, POT, DECK

    Ill take action at EOD. My favorites are the resistance plays, and LMT. All others I will trade on the breakout (possibly tomorrow but likely not today).

  • fa_q

    I'm adding a quarter to my NQ short at 1667. AAPL not playing today, Qs could sell off nicely later.

  • http://www.hotoptionbabe.com annamall

    So glad I followed my gut and bailed on AIG now up 3.24

  • TheMacroEconomist

    Oh there we go, I missed it below!

    So tomorrow at 11. 😉

  • anotherone

    Anybody want to guess how low the volume is going to be on the SPY over lunch? I have a couple of extra bucks laying around, maybe I can move the market while everyone else is getting something to eat. 🙂

  • St. Deluise #A

    sigh. my gut is a numbskull.

  • http://www.hotoptionbabe.com annamall

    Lester asked me when it was down 2.00 why I bailed, I guess he now knows 😉

  • http://www.hotoptionbabe.com annamall

    Watch for that 1036-1038 level today IMHO

  • jclaude

    Possible EDT in progress from the 10am low on SPX 2 minute chart. This could be setting up a 5th wave failure on the SPX daily, along with a H/S top. The .786 retracement from the 1039.47 high to 991.97 low is 1029.31, and the .887 retracement is 1033.10. Patterns have failed to fulfill so many times over the past few weeks that i question this one too, given the Transports screaming up, and so early in the day ahead of the TV broadcast tonight.

  • BigHouse(Aka Mr Vix)

    Those March puts are really moving..BUT in the wrong direction…Grrrrrrrrrrrrr

  • mmTesla

    Hello everyone!

  • anthem

    hmm, dollar is gaining a little bit of strength back (though not much), but SP continues to go up. . . Maybe a last ditch stop sweep before going back down ?

  • http://www.hotoptionbabe.com annamall

    Hello MM! 🙂

  • Lordted

    Which TV broadcast is that? – US open Tennis by any chance?

    Seriously what is it? – O baby??

  • http://www.hotoptionbabe.com annamall

    Using your phrase WHHHHHHEeeeeeeeeeeeeeeeeeeeeeeeeeeeee

  • http://www.facebook.com/screasy v8muscle

    even though its in the 30-50 dollar range it still trades like a penny…. lol

  • http://www.hotoptionbabe.com annamall

    short squeeze coming!

  • harveydent

    obama-rama……sigh

  • Joe8888

    Transport weekly chart …..resistance level….!

    http://www.screencast.com/users/chartwiz/folder

  • mmTesla

    How goes the tradin?

  • http://www.facebook.com/screasy v8muscle

    something to watch out for.. http://screencast.com/t/D085jXhCH

  • anthem

    Hey annamall, I would think the squeeze or the clearing of the stops was from 1030 to 1033 as that probably cleared a lot of stops out. . . Not sure if there will be an even greater short squeeze to 1038, as there probably isn't that many people left to squeeze – ha ha. I think I'm going to grab some here at 1033 and some more if it does climb up. Might be trying to catch knives here though. I'll tell you how hard I'm hitting the Johnny Walker later.

  • thunda72

    Just added 50 more QQQQ Mar puts!

  • rhae

    SPY 60m 103.79 my strongest horrizontal line

  • http://www.hotoptionbabe.com annamall

    LOL johnny boy huh? IMHO we go higher to 1038 anthem..I have been saying that for a week now or so.

  • http://twitter.com/Scrillhog Scrillhog

    I'd be happy with that… Will you be loading up on shorts around there?

  • http://www.hotoptionbabe.com annamall

    Oh so sweet Tesla! ;-D been right on target lately (yea) how about you?

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

    Per yesterday's post…. http://tinyurl.com/mz5u3p

    Transports at new highs for 2009 but also bumping what should be a tough resistance level. Tonight there's gonna be a jailbreak, or a would-be escapee shot dead by prison snipers? A close above 3835 is a BFD.

  • Tronacate

    The US peso

  • crush1618

    Looks like $NDX painted an intraday leading diagonal and is now painting an overthrow.

  • http://www.hotoptionbabe.com annamall

    hey Scrill hope all is nice and dry (no fire out there) 🙂

    I will do some day trading around it possibly, but next stop is 1070 area in my book. 🙂

  • mmTesla

    Well done anna! I have just been working on studying HFT patterns, not much trading recently 🙂

  • Vardoger

    A:D 3:1 now. I have top of spx channel at 1048, top of wedge at 1053 for reference (do not think we visit those today)

  • http://www.hotoptionbabe.com annamall

    Or could fool everyone and break up V8! (I am so contrary) LOL

  • fa_q

    And 1/4 short ES at 1033.5

  • Bear Claw

    UNCLE!

  • http://www.hotoptionbabe.com annamall

    Chicken, repost, thank you so much for that Dexter video!!! My favorite show, and I just adore Michael C Hall.. he is the best and was great in 6 feet Under as well!

  • http://www.facebook.com/screasy v8muscle

    lol sold a single iwm sept 60 call I bought yesterday at the close for a 100% gain. too bad it was only 20 bucks profit hahah

    edit: sold the rest of the longs I had for some great gains, heavily delta negative again

  • edgetraderplus

    Given the Miller article on astrology yesterday, [http://bit.ly/ogJEp],and knowing how markets
    can be directly affected, [Gann was all about astrology], another TR can develop over the
    next several trading days, setting up a potential high next week that could be the final failure high.
    Anything can happen, and market activity is still the final arbiter.

  • http://www.hotoptionbabe.com annamall

    Close to my call 1038 come on baby, let's rock! settle for 1036 🙂

  • http://twojackstrading.blogspot.com TwoJacks

    In “their” effort to gun his market “they” have succeeded in taking the TRIN to reading that is intuitively in line with price action, i.e. – less than 1. The TICK however has gone absolutely exponential apeshit banana wacko at an average reading of +600 for the last half-hour. “Someone” is making someone else pay the piper here in a big way, and I'm short in a system trade at the moment, fvckers!

  • http://twojackstrading.blogspot.com TwoJacks

    p.s. – there's our first sub-0 TICK reading since 11:09

  • http://twitter.com/Scrillhog Scrillhog

    Nice and dry with clean air now…

    Here's a chart for ya:

    http://img215.imageshack.us/img215/7450/spxfan.jpg

    I'm open to the possibility of 1100

  • http://www.hotoptionbabe.com annamall

    NEW POST BY MOLESTER!

  • 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„¸

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

    No prob, thought you would like it! My wife plays the wife of the dead guy in the courtroom scene – bastards apparently cut her role down in editing so she's only in the episode for like 2 seconds. I told her no worries though, it's still 2 seconds on one of the best shows of all time.

  • dynamo

    Busy with work, sorry, doesn't look corrective to me, looks like they're going to blow the roof off this sucker at some point today or tomorrow, added to Oct 108 calls but ONLY for a couple of days in the hope of a blow-off spike, and bought some Oct 104 calls at SPX 1033;
    Hoping to add to long-term put positions on spike, feeling lucky that I've played the long side a few times since 991…
    We just took a knock down from heavy resistance area around 1036-9 (we look overbought on short-term charts) but will add a few calls if pullback stays strong (above 1033). Again, these will be sold on any spike, too dangerous to hold calls for too long right now.

    Looking to sell once we pass 70 RSI on the daily SPX if we get there in the next few days.

    GL everyone!