Intra-Day Update: What Just Happened?
UPDATE 2:47pm EST: Suddenly we dropped like a rock – what just happened. We are below the VWAP now on all three index futures charts. Not looking good for 957 today.
UPDATE 3:16pm EST: Okay, we’re back at the 919 pivot again. Now, besides the sudden selling pressure that showed up about an hour ago what really gets me today is that there is ZERO momentum in the tape. What I am saying is that we have not had such flat tape since before Christmas. Now, I usually try to be very careful about having expectations when trading the market, but I have to admit that this is a surprise to me. I expected a drop today but with some meat behind it.
I’m not sure what to make of this – but I might be forced to grab my puts right here as I’m getting sick of the whole affair and also am tired of staring at the tape hoping for 957, which may never come. If we turn around tomorrow I might either hold on them or cut them and reload as we climb. But the way it’s looking right now (and again this might be a trap) there is simply no buying pressure.
UPDATE 3:53pm EST: I got a lousy 60 votes on the latest poll since Friday. I mean come on guys – please take a look and vote!
UPDATE Closing Bell: Man, am I glad to hear the bell today – LOL. I basically day traded a few NQs today but otherwise I was sitting on my hands. Why? Because I sat here all day watching tape that was thinner than anything I have seen in months – pretty much the exact opposite of what I expected. And I don’t like to trade on emotions or guess work. We have not really gone anywhere or breached any significant retracement levels. So, I wait – because making a move here would have been gambling – and I don’t like to gamble.
It’s Berk’s turn for the update today but he’s in bed sick as a puppy, so I don’t think we’re going to see anything. Nothing much to say right now anyway – except that Gold dropped and the Dollar rallied, just as promised. Equities can kiss my shiny metal ass today – I should have just stayed in bed. I’m not upset about the sideways tape – I’m ticked off because of the lack of participation. The big boys stayed away today and I’m not sure if it’s a ruse or if they are waiting for a particular event. Not a very productive day – we didn’t learn anything. Let’s come back tomorrow and see if the market shows its cards.
UPDATE 4:50pm EST: BTW, who looked at the CSV Prophet watch list I posted? Didn’t see many comments – get with it, leeches!!! You can download it by clicking here.