No Bid Wednesday Rub Down

Interesting day today – we haven’t seen such an ordered sell off in a long time. Which was exactly what made me nervous actually – I mean there was not even an attempt to fight back. What also supports that notion is that we had no Geronimo alerts today – none – which is quite unusual. As you might know already – Geronimo anticipated program trading raids to the long side sponsored by some of the big players in the game. And when I say big players I mean those guys:

BTW, note the principal to agency ratio of 19!!! Not sure what happened to customer facilitation, the NYSE decided to reformat this report. If I’m reading this thing wrong – please let me know.

In any case, I don’t think those cats have been silent today/yesterday without a purpose.

Yes, perhaps I’m too jaded and I’ll miss out on a long drop tomorrow – possible – but we’re at what seems at the beginning of a downtrend and I decided to take profits on my short term puts earlier today. At some point there’ll be a bounce and heck – I’m not in a rush – we’re above the 1000 mark and then there’s this:

Mr. Vix pushed from close to 20 to nearly 28 in four days – that’s a major move. Good chance we’ll push outside the BB tomorrow if we get another drop. Which would be a first step towards a buy signal.

The Zero was solidly in negative territory – this market did not catch a single bid (breath). That despite an accumulation of divergences which led me to scale out of my short term puts and load up on a handful of short squeeze candidates which were banging against their respective Bollingers. Worth a shot – and I know – sometimes you get burned being a contrarian – we shall see.

Program Trading Report:

No program trades today – again, interesting…

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• Anna just started her own blog – which probably explains the drop in the comment count. Some of of you guys are actually happy and I personally have mixed feelings. I always appreciated the energy she brought to the blog but I couldn’t stand all the attention mongering by various mentally lazy sycophants following her around to leech the next good trade. I guess that comes with the territory and perhaps some of those hobby traders now finally have a playground where they can roam free. I however wish Anna the best of luck and hope she can keep up the energy. It’s one thing to post once or twice and deliver something brilliant or at least moderately interesting. It’s another to keep up the energy for weeks/months/years. I have been posting here for over a year now nonstop and although I occasionally do get support from a few core contributors, in the end when the going gets tough I often find myself on my own devices. Today was such a day and I think despite all the flak I received as of late I posted some mentally stimulating content. Whether or not I’m completely off the mark – well – we shall see – shan’t we? 🙂

Cheers,

Mole