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Intra-Day Update: Here We Go Again
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Intra-Day Update: Here We Go Again

Intra-Day Update: Here We Go Again

by The MoleOctober 27, 2008

UPDATE 9:42am EDT: Be very careful for the next hour or so. TNX is pushing up again, and the Yen is dropping – this feels a lot like the routine we went through last Friday. I suggest you don’t yield to greed (or fear) and let the dust settle before you make a move in either direction.

UPDATE 9:58am EDT: Watching the action right now, I’m really glad I got into cash on Friday. The TNX has stopped moving up and is taking a breather around the Friday high/close, which is also the psychological 3.7% level. Yen is shot to hell on an intra-day basis – if we don’t breach the 8350 pivot on the YM or 877 on the ES, I might try my luck at a teeny weeny index put. Well, as, I’m typing this those levels are being tested – buying pressure still feels very strong.

UPDATE 10:08am EDT: Did anyone check out the cartoon on the right this morning? It’s hilarious!! 🙂 R1 on the YM succeeded on the first try, then we bounced off of R2 at 8420, and now we’re re-testing R1 again. Watch these pivots folks:

  • YM: 8160, 8220, 8280, 8350, 8420
  • ES: 845, 857, 866, 877, 886
  • NQ: 1173, 1189, 1210

UPDATE 10:40am EDT: I just want to impress upon you leeches, that a crash was prevented for the 3rd time now. Thur/Fri/Mo the futures are down, Asia/Europe scores massive losses, and then a buyer steps in the second the market opens. Manipulation or not, we have not crashed and the longer we keep churning here, the more the probabilities start favoring the election day triangle I talked about yesterday. Either that, or the rally T.K. has been expecting. Again, a lot can happen in the coming hours, but this tape is strangely reminiscent of the past two days. I would strongly discourage anyone from taking positions unless we see a break in either direction. The pivots I posted should help – also compare last night’s chart with today’s tape and make your own assessments accordingly.

UPDATE 12:51pm EDT: If I still had bearish exposure I would be getting very nervous right now:

The bullish 'force' is strong today.

The bullish 'force' is strong today.

We might get a strong pop in a very short order, especially if we breach the 1210 pivot on the NQ.

UPDATE 2:44pm EDT: I continue to be amazed by how precise those fibs are when it comes to support/resistance levels:

DJI bouncing between fibs.

DJI bouncing between fibs.

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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