Make Up Your Mind

UPDATE 10:00am EST: So, last night I was already willing to kick the intermediate (5) scenario to the curb, unless we’d drop right away. Fat chance, right? Futures were already scraping 844 and everything looked bullish as hell. Well, truth (i.e. earnings) caught up with those intrepid futures traders and gapped the open yet again. I already mentioned on the Zero chart that I hated to be right on taking profits yesterday night as it introduces another level of uncertainty into our trading. But for now I expect volatility to only increase during this earning season as investors slide the ‘slope of hope’ all the way to the bottom. Sometimes I really wonder what’s going on in the heads of those guys. Were they truly unprepared for an onslaught of bad earnings reports? I don’t think so – thus what we’re seeing is good old fashioned speculation.

Frankly, I’m sitting happily hedged and won’t leg out until I see clear levels breached (not just touched). I frankly don’t care about a few points I might miss out on. It’s just too easy to get caught up into all this craziness. In the end truth will prevail – and by truth I mean the downtrend.

My NOV long trade has dropped a few points but is still well above support. My TLT is getting close to where I would want to take profits. We might drop a lot further but I am expecting a counter rally soon.

UPDATE 10:17am EST: Take a look at this:

I’m still cautious predicting a direction, but my trusted Yen/ES correlation chart looks very ominous to me.

Fuzzy, DrMalaka, moneyfarm, malusDiaz, Steveo, Keirsten – I’m going through your symbols now and will report back with yay or nays.

UPDATE 11:10am EST:

fuzzy:

ILMN – don’t like it
BMRN – don’t like it
GILD – should hold here
CBST – stay away
SGMO – conflicting – not sure

ATW – should hold here
DO – should hold but too far gone
NE – should hold but too far gone
PDE – should hold
HERO – should hold – maybe nice entry for long

DrMalaka:

UYG – conflicting

moneyfarm:

SHEN – long – nice one
GILD – should hold here
BIIB – long but too late right now
OIH – long
HAL – long
AAPL – was long but it’s too late obviously

malusDiaz:

NVDA – long – might be good entry
INTC – don’t like it
EBAY – forget it (for now)
DELL – not yet
CSCO – not yet

Steveo:

GLW – going down
SGP – could go even higher
ABC – could be good for a few more points

Lovely Keirsten:

EBS – could go higher – like it – decent entry too
NTRS – missed the entry – should reverse soon
MT – might break soon – careful

Sorry it took so long but Prophet charts are super slow again (apologies Tim but that’s the truth).