Strolling Down

UPDATE 11:11am EDT: As tape is being slowly walked down the only question for me is when and where it will break to the upside:

We’re a tiny bit higher since I took that snapshot but the channel is pretty valid I think.

Today is Mrs. Evil’s birthday and I’m going to be back after a special b-day breakfast I prepared for her. I sure hope she likes the wrench set I got as her present – if not my backup is a bottle of Old Spice.

UPDATE 11:31am EDT: The wrench set wasn’t as well received as I had hoped. I need to be brief as I’m bleeding profusely and require urgent medical attention:

Gold is taking its merry time but at least continues to move in the right direction which is nice. Except for the obligatory intra-day consolidation candle we should not get near 900 anytime soon. My GLD puts are looking a lot better but are quickly running out of theta, so time is of essence. When I warned about buying enough time when playing GLD I was not kidding – I got those about five weeks ago.

The old buck is acting a bit like trasuries a month ago – completely confused. I would not dare slapping a wave count on this thing as those directional changes are getting ridiculous. I find it curious that Gold is dropping alongside with the Dollar, which proves once more that it’s extremely dangerous to rely on fundamental correlations, especially in this manipulated market.

Finally, we are now above VWAP on both the ES and the NQ – let’s see if it holds.

Hey, should I be worried about blood leaking out my eye sockets?