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The New Drill

The New Drill

by The MoleJune 24, 2009

3:22pm EDT: Okay, I’m done kicking my tree outside:

Ouch that hurts – on with business:

The drill here now is to wait for 880 – assuming you are still short of course. If we push below yesterday’s lows then have confirmation that further downside is in the works. Since I unwisely dumped my puts during the obligatory pre-FOMC fake out I’m going to have to sit this one out. Not happy about it but I made my bed and I’m not about to chase this tape now. Discipline is everything  – especially after you screwed up or made a call and wound up on the wrong side.

3:35pm EDT: Now that the cast is drying on my broken leg I had a little epiphany. We could also be in a 3rd leg up as shown on the updated chart above. This would make me very nervous actually if I was short and thus I feel a bit better about going into cashes (I know – paltry excuses galore).

Seriously though – the confirmation line for this blue scenario would be today’s highs, which cannot be breached otherwise the short term bearish play is off the table.

3:41pm EDT: Another tidbit that just popped into my demented mind: If this is a 3rd wave down – boy, considering wave {1} we would drop massively here – this is going to get very interesting and that quickly.

3:50pm EDT: I have to apologize to you rats – because I wasn’t able to see the forest before the trees:

How could I not see this damn channel earlier?

About The Author
The Mole
Mole created Evil Speculator amidst the chaos of the financial crisis in early August of 2008. His vision for Evil Speculator is a refuge of reason, hands-on trading knowledge, and inspiration for traders of all ages and stripes. You can follow him and his nefarious schemes at the usual social media waterholes.
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