Feeling The Blues
Feeling The Blues
UPDATE 2:00pm EDT: Sorry if I am a bit late with posting today but I had a very busy morning and that ISP outage was just the beginning of a litany of annoying issues to deal with.
Looks like we’re going with the blue plate special today – although you never know in this tape. I had to bring Mr. Green back from the dead more than once (and he reeks) but it’s looking good thus far. We’re now at the 23.6% fib line so expect some turbulence until we breach through the cloud cover.
However, this is one of those times when some more upside would have been more bearish. Looking at the VIX right now it seems doubtful that we’ll get that coveted sell signal confirmation today, thus we have no idea how shallow/deep the current retracement will be. And therefore we continue to be patient and wait for some price action that will give us a sufficient level of confidence to load up on the long side.
Nothing much to day in respect to Gold – hold your GLD puts until the tape tells us to either take profits or head for the hills.
Finally, that GS 135 April/May Calendar spread didn’t work out so well – it seems we picked the wrong strike and ATM would have been better. We’ll have to evaluate this and research it further as I don’t want to pick a direction during either earnings season or OPEX week – otherwise I might just play it straight up. I poked around in thinkback (the history tab in TOS) and it seems ATM would have been golden. Let’s try this for HOG and BBT in a day or so.
BTW, I updated the evil.rat stats – go take a look.
UPDATE 2:30pm EDT: Here’s your channel du jour:
Let’s see if we breach this thing for a late day rally – I actually wouldn’t mind as I want that sell signal on the VIX. Otherwise nothing else to talk/brag about.
Gawd – I hate expiration week so much…. 😉