Intra-Day Update: Toe Dipping
UPDATE 11:19am EDT: As you know Berk and I dipped our toes into a few short trades. The Yen seems to want to rally right now. It it can push through its NEXT pivot at 1.027 it’s rock & roll time. Below watch the 1.021 pivot – if that one is being breached I think we’re getting a strong rally in equities today. The TNX is dropping slightly after bouncing up in the morning. We are cautiously bearish right now, but this might of course change on short notice as there is a battle going on this morning.
BTW, the TED spread widened again – not good for the bulls, no matter where equities go today.
UPDATE 11:31am EDT: This is the list Berk posted this morning: BG, BIDU, CF, CHK, GOOG, FSLR, ICE, MA, RIMM. Honorable mentions would be WYNN, POT, and AAPL. I’m holding the ones in italics.
BTW, we appear to break important pivots on the YM (9020) and the ES (939). I expect a retest but this strengthens the bearish case right now. Again, we remain cautious.
UPDATE 1:09pm EDT: I just closed out my short trades as I see the Yen fail the upper pivot. Stochastics are a bit worn out as well, so we could get a bounce in equities now. I expect to jump back in once the Yen has dropped in my stochastics and is ready to swing back up.
UPDATE 12:24pm EDT: Am I good or am I good? 😉 Nailed the low and cashed out. Now we wait… BTW, based on the latest poll I learned that I will have to write that medium term indicator this weekend, and that many of you have short penises.
UPDATE 3:26pm EDT: I added that coveted medium term (weekly) indicators you leeches asked for. FYI – if his drop has any teeth Berk and I might grab some BIDU and MA. UPDATE: Not trusting this and we’re staying out for now.
Karl Denninger strikes again – if you’re currently underwater with your mortgage, then you need to read this.