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Intra-Day Update: Pivot Bounce Day
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Intra-Day Update: Pivot Bounce Day

Intra-Day Update: Pivot Bounce Day

by The MoleOctober 16, 2008

UPDATE 10:12am EDT: Berk and I are daytrading some tech options today, as it’s a perfect opportunity. FYI: During the last few days of expiration week front month options turn into little mini futures contracts as they become extremely gamma sensitive. We grabbed some FSLR, GOOG, and MA – so far so good. Anyway, this takes some of my attention, but I will keep checking in here during the smooth cruising periods.

UPDATE 10:38am EDT: Mr. VIX now at 76.5 – that’s insane!

UPDATE 11:14am EDT: Mr. VIX now at 81.13 – that’s even insaner! How are my stainless steel rats doing out there? So far Berk and I are having a good day.

UPDATE 1:09pm EDT: Boy, I was spot on with that headline – LOL. Bouncy bouncy!! The market makers are just having too much fun today – right now we’re in the mid day chop and I’m playing it downhill again. I expect some turbulence around the 1240 area on the NQ, but if that breaches we should re-test today’s lows. The Yen looks a bit sickly right now though, so I remain on guard and am prepared to cut my ‘mini futures contracts’ (i.e. IMT options) on any sign of a new bounce.

UPDATE 1:50pm EDT: For the last 1.5 hours the NQ has been chopping between 1265 and 1240 –  it’s getting a bit annoying, but I chalk it up to a typical mid-day chop. I’m playing this to the downsite right now as the Yen’s stochastic is slowly crawling to the upside.

UPDATE 2:44pm EDT: Visual representation of how the MMs are whipping the market between pivots.

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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