Intra-Day Update: Burn the Churn

UPDATE 12:25pm EST: I have been following the tape a little bit this morning and really didn’t have much to say. There is a lot of indecision in the market and I don’t feel like forcing a trade. Until something dramatic happens I’m staying in cash. In the interim, feast your eyes on today’s retracement level chart. The full lines are the weekly RTs and the dotted ones the daily ones.

UPDATE 1:56pm EST: I guess I’m not the only one who’s falling asleep today. Market is good for some scalping – actually jumped in a few times, but this type of trading is usually not my cup of tea. Perhaps we’ll get a bit more momentum towards the close, but right now the wave count remains a toss up. Could go either way. We seem to be stuck below the 1182 pivot on the NQ – as the TNX is pointing down I don’t give it much of a chance of breaching today, but it’s expiration week and anything is possible. Stay vigilant my dear leeches, and don’t put in more than 5% of your capitial. This is whipsaw central, baby!

UPDATE 3:03pm EST: Wow, light sweet crude futures just dropped below 55. Baaaaad for equities. Interestingly FSLR has been climbing the charts today. Otherwise today is a coin toss – which has been elevated as the indicator of the day.

UPDATE 3:35pm EST: Since you guys probably are bored to death anyway, here’s some required reading. I would be really upset if the last six months hadn’t numbed me so much. Meh – nobody’s going to do anything – the gnomes and pirates have attached themselves permanently onto the public spigot, and they love it. It will take some real action to put some fear into these cats – maybe after January 20th, but I’m not keeping my hopes high.

UPDATE 7:21pm EST: This must be the quote of the day:

There are plenty of stupid people out there, and by God, we need their help. — Tim Knight

LOL 🙂