How Do You Know It’s Monday?
If you are a bear – how do you know it’s Monday? Just look at your rear. If a bull is shoving a long green candle up your ass – that means it’s Monday – or Christmas – or a holiday week – or…… well, never mind 😉
Folks, sometimes I hate to be paranoid, but it seems to keep me out of trouble on too many occasions. As the old saying goes: Just because you’re paranoid doesn’t mean they’re not out to get you.
Now we are but a few handles away from breaching last week’s high of 1209.28 – set your clock for that as it most likely spells the end of Soylent Green. Theoretically there is a chance this is some large a-b-c up and I would have to adjust my count – yes – so, if you are convinced the bears are running this tape then wait for 1219.80. Personally I am a bit more skeptical – why?
That’s why. I actually did not update my VIX chart from Friday mid-session. My bad – because it didn’t just close up – it closed outside the 2.0 BB again. Which was step 1 towards an equities buy signal. Today we are but guaranteed to see step 2. Another close lower tomorrow and there you have it – a bona fide equities buy signal. The horror – the horror… this is what the bears get for not closing the deal – ever – even in the most overbought tape in decacdes.
The only thing saving the bears here would be a massive reversal and that now – today. Tomorrow morning it’s probably too late already. It’s early in the month and the funds are going to chase this thing all the way up I’m afraid. Maybe I’m wrong and a bit too paranoid – and trust me, brother – I would love to be proven wrong on this one. As it stands right now time is running out.
Before I run off – a quick look at the Zero chart:
Simple message for you guys. Follow the gold brick road until the signal drops below the lower border with confidence. That’s it – no reason to overthink this today.
UPDATE 4:00pm EDT: If you are a subscriber (or attentive freeloader a day later) you may have gone long CREE last week:
That trade alone was worth the price of five Starbucks ventis I may say – and it’s not done yet – there is plenty of space to run further. If you are interested in becoming a Gold member and see those types of setups and much more then don’t waste time and sign up here. And if you are a Zero subscriber it includes access to all Gold posts, so you actually get double the bang for your buck.