Hell Just Froze Over
11:16am EDT: Damn, I never thought I would say this but here’s a Fox News clip I would like you guys to see:
Damn, hell just froze over… Great clip and it’s kind of strange to find that level of truthiness on Fox News of all places (and no, I’m no sandal wearing granola chugging lefty – more in the center).
1:00pm EDT: The tape in equities looks completely psychotic today and I have better things to do than watch this crap. All we are getting are swings off the respective VWAP marks. I don’t see any real selling – downside pressure has completely evaporated. The daily RLs on both ends are miles away and I have no opinion on which way this will swing. I’m back in cash and probably will remain so for the next few days. I barely managed to pull into green for the day with some lucky/creative futures swing trading and have no intent to take on any further risk.
Psychologically, this is an interesting point in the tape – we’ve had wild swings in both direction and each camp is waiting for an opportunity to ‘kill it’ as a break (up or down – depending who you ask) is expected to be imminent – just the kind of tape that can go sideways for a while. But I took a step back and looked at where we are right now – and I have to tell you the odds are lousy and I’m not going to try to force it. Anyone who looks at this tape and sees good odds is either insane or deeply engaged in wishful thinking.
1:25pm EDT: I am the third revelation!
This one is for Tim 😉