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No Bid Wednesday Rub Down
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No Bid Wednesday Rub Down

by The MoleOctober 28, 2009

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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Cheers,

Mole


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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