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Equality 3.0

Equality 3.0

by The MoleFebruary 26, 2009

UPDATE 11:00am EST: I’m going to be in and out today as I have personal business to attend to. Market gave us bears a nasty open and it’s been up up and away since then.

We seem to run into a wall around 778 but there is a real chance we’ll make a push for 790 today which would represent equality for a c-wave. At which point I will load up on puts again – would you expect any less? 😉

In all seriousness though – the bulls are gaining confidence and if we breach 800 and push towards 810 or above I would probably run for the hills as the wave count would become soft at best. That’s pretty much the plan for now – there’s a battle going on to keep the tape below 778 but buyers are stepping in and I keep seeing higher highs and higher lows.

The XLF is making a hard push upwards and 8.75/8.8 might be the spot where it would correlate with the SPX at 790ish. I think that could be as good as any to dip into some puts – if this line is breached we might see more upside in averages as well.

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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