Sucker Rally Monday Rub Down
Damn, it feels good to be back – and a perfect day for my return I might add. Extremely interesting tape today – let me show you what the Zero was painting today:
That’s right – a complete flat line while we are painting new highs. Sucker rally anyone? As you know my target zone starting at 1100 was hit today (by 2 cents) and that was good enough for me to back up the truck (see previous post). Another reason was the non-participation as evidenced by the Zero Lite – no, it’s not infallable but in my book this was a good enough opportunity to start exposing myself to the short/dark side.
Crude is painting an interesting exponential right now and it stopped right at last year’s Intermediate (4) high. Let’s see if we’ll get a breach of this resistance line or if we keep pushing into the stratosphere. BTW, for the record – I was extremely pissed seeing gasoline retailing at 2.25 in Colorado when we Californians are paying over a buck more per gallon (yes, I know they don’t pay gasoline taxes like we do). I am really starting to wonder why I keep living here – the weather is great yes, but the cost of living are spiraling upwards. I just heard that water cost are going to double in my district – not sure why but I’m confident it’s one of those tax payer squeezing measures of those idiotic politicians who have been running this state into the ground for decades now. Zero foresight and they were spending like crazy during the boom days – and even then they were constantly broke.
As a result an increasing number of Californians find themselves having to move to your local tent city. Of course this rarely makes the news. Just like the long line of Chicago residents who applies for government assistance a few weeks ago – I think the number was around 50,000. Just guess how many application forms the guys in charge brought along for the event? 3000 – that’s right – everyone else had to go home empty handed. Did I hear a peep about this on local or national news? Of course not – I looked very hard – I had to learn this watching french news (Mrs. Evil is from Paris) where they had a long report on this. I encourage all of you to start watching/reading foreign news – it seems that their coverage on the U.S. economy and especially that of the average citizen is a lot more comprehensive than what we get over here.
Okay enough of my bitching here’s the Program Trading Update:
Not happy about geronimo today but I guess after yesterday’s 10 point run I grant it one loser 😉
UPDATE 4:33pm EDT: Looks like AAPL beat expectations as the futures just went apeshit. Oh well, nothing like that sinking feeling when you realize that – for the fourth time now – you’ve been too early shorting the market. Which btw is why I told you guys to not follow me into the abyss – hope you guys didn’t. NQ now at 1768 – ouch…