Son Of Whipsaw
UPDATE 12:24pm EDT: Back from breakfast and I see that we’re testing the VWAP on the NQ just now. Boy, the tape looks as annoying as it did yesterday – what a pain to watch. I pity the fool who’s trading this market – oh, wait – that’s us…. never mind.
Zooming out a little it seems that we bounced off the 78.6% fib mark of A of (B) – we might retest the lower line of that diagonal shown on the chart. Unfortunately it’ll be slow and painful it seems until we breach 826.83, the low of A. If you’re not already holding positions I recommend you stay the heck out.
UPDATE 1:04pm EDT: I would be very very cautious today, folks. Not to give anything away but the Zero readings are extremely miniscule today and have been for the last two hours – we are talking flatline here. So, whoever is left pulling the levers basically can drive the tape in any direction they want.
If you are not already in a trade stay the heck out.
Some channels for you guys – get them while they’re hot. Just looking at the tape of the last three days is giving he teethaches – this is NASTY! Not liking this at all…
UPDATE 2:35pm EDT: For Pete’s sake – this is some horrible nasty mind numbingly bad tape! I’ve been quiet on the blog as I was busy catching up on dozens of emails. I’m not even trying to trade this tape – at this point I’m just hoping for the closing bell – this is ridiculous.
There is really not much else to say – we are not near any inflection points which would discredit/disqualify the current wave count – we’re basically just melting up on fumes and it’s worse than it was yesterday as there is very little participation.
This is not fun – keep it small and safe.
UPDATE 3:08pm EDT: I think this summarizes my sentiment:
Before you jump to conclusions – I’m actually not losing much money today (and the tape ain’t over yet). But this has been one of the most annoying whipsaws recently – just want to hit the gym and forget all about it.