Neutral Zone

UPDATE 2:00pm EST: Up and down we go – I’m heading for the neutral zone until further notice.

Please observe how we rallied to the 826 pivot on a negative Zero signal. Not negative enough to trigger a short VTA/ETA but it was actually below the zero line. So, you guys probably know already what I’m thinking – thin tape on top of wild gyrations spells bloody market maker chop chop. Stay out unless you know how to trade the swings. I don’t see 822 being breached until we see a positive Zero signal.

UPDATE 2:02pm EST: GREAT, as soon as I post this the Zero went positive and I grabbed an ETA. Crazy day – if this one reverses I might just walk away for the day. So far I have remained profitable in the Zero account for today and I don’t want to test my luck.

BTW, NVDA is treating me well now and even NOV has pulled back 🙂

UPDATE 2:30pm EST: BigHouse just mentioned an abc-x-abc. I think this is what he means:

It looks a bit ugly but it’s a possibility. I usually don’t try to count below the minute level but his count would support one more leg up. Timing wise that could be the closing bell today.

Frankly, the wave count is getting a bit messy right now and I’m staying hedged until things resolve either way.

UPDATE 2:50pm EST: Looks like BigHouse was on to something as we already descented into the B wave. So, let’s see if we get a long VTA to the upside. Zero doesn’t like this types of whipsaw patterns, but I actually might be tempted to grab a contract if we push back up and pick up momentum.

UPDATE 3:40pm EST: May I just say that today’s tape was completely ridiculous. Zero was basically flat most of the day and the MMs just banged the tape where they wanted it. Glad I sat this one out – mostly.