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Gone Fishin’ Monday Wrap Up
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Gone Fishin’ Monday Wrap Up

by The MoleMarch 28, 2011

Absolutely no participation today – basically a continuation of a phenomenon we saw on Friday. And clearly evidenced by the Zero Lite:

It really seems like they ramped this thing across SPX 1300, ran a few stops and then walked away to spend a week in the Hamptons. The drop in the last hour was of no surprise to me, when there is zero participation nobody wants to be caught holding the bag. I would not want to be long here right now as it’s very much possible that what we saw last week was nothing but distribution (i.e. a short squeeze and selling into strength). If the longs want to keep their coveted 1300 mark they’ll have to do better than this. Very strange tape…

ZeroFX is showing us nice divergences – I particularly enjoy the EUR/USD side. Maybe I need to slow this thing down a bit as it seems a lot more responsive than the S&P Zero – we shall see and I don’t want to jump to conclusions. The USD/JPY seems harder to swing trade – just look at those candles. Perhaps we’ll settle for a different FX pair in the end – please cast your votes but bear in mind that we want pairs that can be scalped or swing traded. Also – you can pick up to four favorites – not just one.

Anyway, in case you missed the previous announcement – you can sign up for ZeroFX for free right now by pointing your browser here. If you already have a Evil Speculator login then simply go here to add two free weeks to your account. Again, comments, thoughts, any input would be greatly appreciated.

Geronimo lost one today – no surprise in a completely sideways tape. This also confirms that the boyz are probably not even trying, which gives credence to more bearish tape to come. It’s quite simple – if institutions walked away after SPX 1300 then it could be that retail traders are now the ones holding the bag. And you know how that usually ends up (i.e. retail schmucks taking it up the rear).

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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