Strange Tape
Strange Tape
UPDATE 12:30pm EST: I just played the ES futures a little bit and got in at 675 the bottom and out at 682. BTW, had you been a Zero subscriber you’d been riding along 😉
The tape is really strange today. Take that big spike in the morning for instance – followed up by a drop and then another rally attempt which seems to be falling apart right now. Frankly, I’m not sure yet how to interpret that – either we keep sub-dividing on a Minuette wave degree level or we might be bottoming here. I don’t think I’m selling out my Zero subscribers by mentioning that there is no participation at this point and the signal has gone flat. There was a beautiful divergence we played an hour ago which I’ll post as part of the wrap up later.
I still would prefer to see 650 before we bust higher but we’re spending an awfully long time down here. Above my SPX chart once more – I think the trigger point for Minor 4 remains a breach of that SPY channel I keep rubbing in your faces.
Again – I don’t see enough long ideas – keep working on that, my evil rat minions!
UPDATE 2:00pm EST: FYI – this is the kind of stuff Keirsten keeps seeing on her SPY Level II screen for the past two days now:
I don’t know about you rats, but I have very little confidence down here – throw in a flat Zero signal and you’ve got the recipe for a monster slingshot rally. The sooner we touch 650 and get this over with the better. I myself will probably go long at that level – I will keep you apprised.
For you rats who haven’t seen a Level II order history screen before: These are large block orders by institutionals – the reason why they are white is that they are hiding those blocks, so you don’t know if those are sell or buy orders. I do have a inkling what’s going on and it involves buying massive amount of calls (or selling large chunks of puts) ahead of a buying frenzy in the commons. I could be wrong – so please do not take my word on this – it’s just a theory. I’m sure many here will disagree – interpret this at your own risk. Or, if you can’t make heads or tails out of it it’s probably best to stay out and watch.