Just A Bit More Theta Burn

Pretty much what I expected to happen today – we are at an inflection point plus it’s the Friday before OPX. So, what’s better for those cattle prod wielding market makers than inflict just a bit more theta burn while we wait for a conclusion of this bear market rally saga?

No changes on the wave count – obviously this tape needs to pick a direction and don’t get your hopes up today as all I’m seeing is VWAP reversion on the ES futures.

The daily Zero continues to resemble the September pattern and as it’s been the only indicator at least I was looking at last week that suggested a snap back might be ahead. So, I’m watching that one very closely for a break from the fractal we have been monitoring.

I hate to say this but I’m actually looking forward to my business trip next week. The past few months undoubtedly have taken their toll and trading this tape is not fun, even if you manage to eek out some profits. The remainder of my intrepid stainless steel rats are getting worn out as well and with the testosterone flying around in the comment section you could two women pregnant. I hope Anna and Keirsten are using protection 😉

1:55pm EDT: Bankrupt just pointed out my chronic disposition towards humility. Here’s my response:

I had to reinforce those wheels on that sucker as the weight was starting to slow down the ball bearings.

Yes, of course I’m kidding. But as an A-type rated personality it’s always important to not take yourself too seriously and to be able to admit (to yourself and others) when you wind up being wrong. For some reason, despite my bloated megalomaniacal ego, I don’t think I recall defending a bad call when my line in the sand was breached. Perhaps I stayed in a trade longer than you would have but as soon as my line is breached I’m usually out. Which got me into a lot of heat earlier this week when I decided to drop my long term puts. Whether or not that was a good long term decision remains to be seen. Frankly, I wish this market would just get it over with and push to 1100 – I have a life to get back to.