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Don’t Chase!
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Don’t Chase!

Don’t Chase!

by The MoleFebruary 17, 2009

UPDATE 9:41am EST: We just plunged below 800 – boy that was fast 🙂

Whatever you do – if you are not in the market already since Friday do not start chasing the tape right here. If we get a counter rip – that is the time to get positioned. Yes, perhaps we don’t get a chance for a reload and we keep sliding from here (which I doubt) – if so we have to remain disciplined and sit it out.

FYI – the RLs are fair game this week – you can talk about them all you want. I also have turned on the Zero-RL, so that you rats can watch the interplay between those two. I’m a bit surprised about the weakness of the signal I’m seeing right now – a minus 1.8 is pretty measly considering this plunge. Which gives me added reason to not chase right here.

UPDATE 10:02am EST: I’m getting popular request for ‘Break On Through [To The Other Side]’ but I won’t play that one until we breach the November 21 low at 741 😉

UPDATE 10:15am EST: A lot of symbols on my watch list are turning the corner – I cannot wait for a decent rip to dip in. However, more significantly XLU has finally breached its triangle:

That is a very bearish signal and supports the wave (5) scenario. I bought this sucker two weeks ago – but if you are not already in there wait for a retest. Perhaps we get one last kiss goodbye before it embarks to my 22 target.

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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