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Monster Monday Rub Down

Monster Monday Rub Down

by The MoleMay 18, 2009

Boy, my puts really took it up the rectum today – fortunately that evil.rat/ES trade more than made up for it. Disclosure – I actually jumped out 2/3rds up around 901 as I didn’t think further upside was possible. Serves me right – that’s what I get for mocking with the system.

Zero was pointing up all day but I didn’t trust the complete lack of participation. Which turned out to be treaturous – we all expected a turn around every 10 SPX points or so but it just kept on melting higher and higher. I decided to hold my puts into tomorrow but unfortunately believe that higher tape here is a very real possibility. One of the reasons I was also holding was that I got whipsawed out on the 11th only to watch it drop for three days afterward. But I’m not going to be stubborn here – probably have given this more than enough for a B wave.

I’m now upgrading Soylent Green to a 50% probability – sorry bears. We made it all the way to the 61.8% mark and holding puts much further is probably not a good idea. FYI – the closing breadth on the NDX was a whopping 12.5:1 advancing – on the SPX it was 12.4:1 advancing. Doesn’t look so rosy for the bears.

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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