UPDATE 2:00pm EST: POT is making up for some SPY ugliness today:
I don’t think I could have gotten a better entry here – so far so good.
Before you girls get all moist about the sudden drop – that channel on the NDX is holding thus far and as I’m typing this we’re pushing up hard again. Trust me on this leeches – the MMs are going to tease this out all the way and burn through as many stops as possible.
UPDATE 2:28pm EST: Sorry folks – the server crapped out again – grrrrr. Since then we’ve breached that channel and have plunged below the VWAP on all index futures. A good start but nothing more – we need to see some hardcore drop here, otherwise I’m afraid it’ll just be a reload for the bulls. I’m talking double penetration, leeches – this better be good. Actually, as I’m typing this we’re bouncing off the YM pivot and off lower 2.0 standard deviation lines on the VWAP. I think now it’s do or die for the bears.