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The Trap Door
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The Trap Door

by The MoleNovember 20, 2009

gmak update.

Bulls must be feeling the rope around their collective necks as this has been the first negative OPEX week in a long time. Here is an SPX 5 min chart.

The yellow picket fence is a TD momentum indicator. It is located at the same level as the purple dashed intra-day VWAP. When it is double density (like the red one below) it means that the Price Exhaustion target of the red picket fence is qualified and “on the table”.  I watched it flash qualified not 3 minutes ago – which if not a definite go ahead, is certainly a bearish indication.

SPX has breached the red dashed line as I type – this is an important TD support level and suggests that SPX has more room downwards.  Below that is the red picket fence at 1085.78; SPX was in a tight range between the VWAP (purple dashed line at 1091.62, and the TD buyers level at 1090.02. GIven how the brown and green 9 pMA and 34 pMA (moving averages) are in a bearish cross, I can see that 1085.78 target being attainable on a longer than “scalpers” time frame.

Here is SPX a bit later. Notice how the yellow picket fence went away.

And right away came back. 1085.78 is DEFINITELY on the table.

My market picture volume chart shows that SPX is below where “the market wants to be”. The shape of volume distribution is quite normal looking (statistically speaking).  Unfortunately, it is proprietary to Bloomberg so I cannot show a picture. Suffice to say that SPX is at a level where one would expect a move up. So where are the bulls?

Tick Tock. Tick Tock.

Living inside a broken clock.

Cheers.


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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  • CorporalCarrot

    Gmak,

    You are an excellent addition to the contributory team on this site.

    Thank you.

  • Cerebro82

    Even though the bears are celebrating this opex the bulls are still firmly in control. This is probably a B wave (see daneric's count) because there has been little in terms of the sell of intensity. I am not bullish by any means, but feel that if I go short here a trap is coming.

    http://www.screencast.com/users/Cerebro82/folde

  • Cerebro82

    channel is very much still intact

  • Joe8888
  • Me_XMan

    SPX 1088 is a tough line to break?

  • dollar

    looks good Joe!

  • CorporalCarrot

    Cerebro, as myself and Bob posted a few days ago when the dow was over 10,400….that was the time to short, except most bears were shitting themselves and covering instead of following logic. That was a low risk/reward setup given the previous runup.

    Now that we have had a few days of selloff, we are back into “don't know” territory. I don't think anyone has a clue which way its going, and there is definitely greater risk shorting.

    Personally, I would be waiting for us to bounce again, or confirm a significant trend breach on the downside before doing anything, because they could easily bounce this up and down all day .

  • Cerebro82

    I agree. Shorting in no mans land can cause you a chunk of cash. I myself am either waiting for the 1120 area or waiting for a significant trend change as well. Sitting on my hands waiting for this OPEX business to be over. I have learned my lesson over the past couple months lol

  • standard_and_poor

    Won't increase( 5%) short position unless downside momentum increases considerably below 1086. If we casually float downward to 1086 I'll close out
    shorts and look for long entries.

  • marcopolo101520

    will break 1088, but I do not feel will have a sell off today. Maybe Monday?

  • CorporalCarrot

    The action looks a bit weird today but I suppose thats to be expected on opex.

    The equities look weak while the EUR/USD looks to be painting a bull flag which is strange.

  • marcopolo101520

    1087.66 saw that dump?

  • marcopolo101520

    1086.94?

  • Nightwind

    spx – bounce at 1085?

  • marcopolo101520

    lower

  • marcopolo101520

    TLT telegraphed the down move about 15min before

  • marcopolo101520

    SPX paints like a wedge…hmm

  • marcopolo101520

    so edz

  • Me_XMan

    I wouldn't mind to see it's pierced and then bounce.

  • http://www.flickr.com/photos/dabasia/sets/ Croozer

    SPX seems to to be leading the fall with it having fallen through support….dow lagging considerably.

  • Me_XMan

    SPX forming a bull flag.

  • marcopolo101520

    where?

  • Publius Federali

    News: Audit the Fed passes first hurdle. And if we are talking about trials for treason I would put Barney Frank right on the top of the list. I pray I live to see the day this man hangs from the gallows for what he has done to this country. He leads the esteemed body that allows their DEA stormtroopers to arrest cancer patients for smoking week while his boyfriend gets high in the room next to him. Or perhaps his boyfriend of years past was running a gay prostitution ring from inside his house. The laws do not apply to these criminals in CONgress and when people stand up to demand what is right he does whatever he can to stop it.

    Barney Frank is not my leader. Barney Frank is a criminal and a traitor to this country.

    http://globaleconomicanalysis.blogspot.com/2009

  • Me_XMan

    Totally agree.

  • http://www.flickr.com/photos/dabasia/sets/ Croozer

    What timescale are you looking at MeX

  • marcopolo101520

    me thinks the boyz are setting the tra(m)p

  • marcopolo101520

    Mole,

    Any Venice Channel Work in progress, looks like we are setting up for some channels here.

  • CorporalCarrot

    Its not exactly a rush for the exit but at the same time, equities look surprisingly weak considering that the Euro is substantially off its LOD. In fact, the USD/Equities correlation has been arse-about-face this week.

  • marcopolo101520

    1085+ or- a point my take

  • marcopolo101520

    would not put much hope though will be nice to bid on live execution tickets

  • gregn

    gmak, what platform do you use? Those TD indicators are pretty, pretty good.

  • bobthehorse

    Correlations have been breaking down which I generally interpret as a sign of imminent trend reversal. Key today will be price action over the next hour after Europe closes. A weak pm session in the US could trigger a big down move Monday.

  • marcopolo101520

    EDZ either a wedge or a bullish flag. anybody else sees this?

  • Publius Federali

    Do you think that perhaps this is signal that market is in for a trend change. While the dollar is starting to trend up the market has not gotten the news yet? I personally believe the dollar is the leader an the market follows.

  • texpresso

    cannot guess what will happen today, but look at SPX 6 month chart, it is maintaining cycles perfectly, should get down to at least ~1030 over the next 10 days

  • ultra

    s'bloomberg innit – yours for $3.5k pcm

  • marcopolo101520

    i would love that

  • gregn

    Have you used it? I guess it's worth it if the likes of our Canadian friend gmak uses it.

  • Publius Federali

    Front row seats would be going for 10k each but no one could afford them because all the bankers who stole our money would be on the execution line.

  • texpresso

    IMO there will be no trend change as long as the LEI continues its 6 month trend

  • CorporalCarrot

    Didn't it reverse yesterday somewhat, coming in weaker than expected, and below the trend?

  • ultra

    nah, not personally – it's standard on all the trading floors tho.

    wlt see the graph of bb terminal sales vs. spx – daresay there might be quite a good correlation – remember a couple of years ago my friend on the inside telling me that sales had gone parabolic and were in no way sustainable – think that may have been summer 07 lol…

  • texpresso

    this just in , H1n1 is about to kill us all, send more money to Congress!

  • texpresso

    my bad, i thought you guys were talking more general

  • CorporalCarrot

    I agree with your general thoughts. Heres my take on the same cycle except on the Dow.

    http://stockcharts.com/h-sc/ui?s=$INDU&p=D&b=5&

    When it has reached the bottom of that channel I will be looking to assess and position for another fun up to year end.

    My last comment was specifically on the LEI, not on your 1030 call which probably corresponds with my Dow 10,100 area.

  • marcopolo101520

    1088 should stop this move up or bears are in for some pain

  • gregn

    Fairly obvious chart, 50 period SMA below 200… more downside over next week or so at least: http://screencast.com/t/MzJjNDZiN2Mt

  • texpresso

    ok, the LEI numbers i saw were generally up a little again, and as long as they are increasing…

  • kryxtal

    Falling wedge forming on SPX, I feel like we might close the opening gap by the close today. I expect more downside Monday though as selling pressure resumes.

  • CorporalCarrot

    I hear you, except while they had been increasing (0.6% August, 1% Sept) didn't they go back to 0.3% in October? So even though theres an increase, the rate seems to be slowing or potentially reversing, with CFC and other govt stimuli out of the equation. I may have this wrong. Let me check

  • molecool

    YAWN – good morning everyone!

  • texpresso

    leading up .3, coninc flat, lagging 'better' (uh, less bad lol) at -.2

  • gregn

    Top of the mornin' to you.

  • marcopolo101520

    people not buying this ramp up, plus bears are lubricated and educated now.

  • gregn

    Sounds good 🙂

  • texpresso

    my bellweathers have no Vol, this flag should die

  • ultra

    cable – same old fib levels are still in play after 5 months on the hourly and a nice 161.8% extension on the 5 min – http://screencast.com/t/NTU0ZmYy

  • dollar

    Harvard professor Brandon Adams says some of the best potential traders are professional poker players: “They’re used to skirting the edge of ruin and they learn the tools of how to do that.”

  • texpresso

    i saw that, kenny rogers would agree, know when to hold em…

  • ultra

    I remember they hired a pro poker player as a trader back when I was working at [object of hate] – apparently he didn't last that long…

  • gregn

    Support at 1088.39 is holding: http://screencast.com/t/ZmJiMWNhZDct

  • TransworldDepravity

    Very interesting as I am a decent no limit cash player

  • gregn

    For the sake of symmetry, we could paint a H&S, bouncing back up to 200sma around 1100 before continuing downward.

  • marcopolo101520

    maybe he was too close to skirting the edge of ruin

  • ultra

    went all in on the first hand I heard

  • dollar

    not too good at skirting apparently

  • texpresso

    have any of us 'skirted the edge of ruin?' i usually just skirt the edge of disappointment

  • marcopolo101520

    so ge was handicapped? one hand only? Man no second chance, second hand?

  • amokta

    ive seen it all before, supposedly markets going to tank big style – yeah, yeah…
    p.s c-rsi divergence??

  • Duuuuuude

    Slacker!

  • texpresso

    check out EDZ marco, my chinese longs are popping

  • marcopolo101520

    checking…..

  • marcopolo101520

    wedge was

  • centerline

    This is the pattern I am expecting. Can everyone say “island reversal” into a “pattern that shall not be named? Would be nice to see it play out that way.

  • marcopolo101520

    FXI strange…flat last 5

  • marcopolo101520

    OPEX oucgh

  • K.I.M.

    same picture with me, and start shorting it on top of RS.

  • marcopolo101520

    Me? No, God's apprantice boy.

  • texpresso

    didn't keep going up

  • marcopolo101520

    who? SnP, FXI, EDZ? Something is cooking

  • http://sshamster.blogspot.com/ Stainless_Steel_Hamster

    good morning, but i was here before my lunch time

    excelent lunch balvinie 12 years malt to end it with some good friends

  • gregn

    Are you partial to any Glenmorangie spirits?

  • marcopolo101520

    SnP/FXI down EDZ scared in the corn field… FXP acting like a slacker or poker player?

  • http://sshamster.blogspot.com/ Stainless_Steel_Hamster

    hi brainy, remember what I said about the abc?

  • texpresso

    CFSG and ASIA, but Vol never picked up

  • wex

    A number of high end hedge traders and prop guys have done well at the World Series of Poker.
    A couple of years ago I believe one hedgie won it.

  • marcopolo101520

    i see an effort but as you said need a bigger push.
    Anyone got the Falco song, push, push?

  • wex

    A couple of years ago they went from selling access to terminals to charging for per person(logon). Price remained the same but you couldn't have people share any longer. I think that was part of the reason for the increase.

  • Cerebro82

    Yup. Giving it more time was right.. I don't see it as an impulse. The waves
    are overlapping too much corrective to me. What do you think

  • http://sshamster.blogspot.com/ Stainless_Steel_Hamster

    well the crazy hamster missed the start of the session (nice lunch though, excelent octupus, delicious risotto, marvelous wine, decent whisky)

    mad hamster isgoing to… sell? no, buy? no, sleep?

    yes

    this is a 1085 day, monday will screw bears or bulls, and certainly those that baill out at today's close. monday will open many points beyond todays close

    up? down? naughty boys, hat's the big question isn't it?

    well, my take is down, with gold hanging up there

    nightie night

  • centerline

    remember that we are in OPEX here. major moves rarely happen on OPEX. it'll find a pivot and bounce off of it all day. typical BS.

  • amokta

    anyone trade pink sheet stock, or is that 'beneath' you professionals on this blog
    by the way, i am feeling less emotionally attached to shares that i trade – is this a good sign?

  • http://sshamster.blogspot.com/ Stainless_Steel_Hamster

    hve you seen my spx:gold chart? take a look

    we're at (v) of iii of 1 (possibly)

    .38 was broken? seems so, then either P3 (or w5 of p3) is starting because A was november to january, or this is B and likely a flat

    950 on the spx would be nice (or loer if gold drops)

  • http://sshamster.blogspot.com/ Stainless_Steel_Hamster

    not haf bad, most people doon't know it

  • dollar

    12:19 PM The European Central Bank follows up talk with action, taking a first step into unwinding stimulus measures by tightening rules for accepting asset-backed securities as collateral. President Jean-Claude Trichet has indicated the bank won't renew its 12-month auctions of unlimited cash after a third tranche next month.

  • gregn

    I think the Nectar D'Or is delectable. Great with a cigar as it is not smoky/peaty like most scotches.

  • texpresso

    have a couple pink sheets, feel emotional about none; you know they get pumped and dumped, and dumped and pumped regularly right?

  • gmak

    EUR 1.4880 seems to be the level to watch. Apparently EUR shorts are nervous that their trade isn't panning out, and a breach of this area will probably trip a lot of cover stops. As well, it is just above a TD risk level (on the 3 minute chart) that was resistance before the selloff at 7 AM.

    Meanwhile, DXY is seeing some support from above its R1 pivot at 75.535

  • texpresso

    you are probably thinking “no shit” but i have been surprised how often they go on little runs, which is why i never think of them as anything but light on the computer screen

  • Cerebro82

    I haven't seen it. Can you repost it? w5 of p3? don't get that count. Maybe if I saw it visually. 950 on the SPX would be nice. I don't know tho. The Euro bounced off the 50 daily SMA, if we can close below that, then I think we can get some traction to the downside. I really like daneric's count of this being a B wave. Would fit nicely with one final push to the 1120 area.

    Thoughts?

  • Cerebro82

    Plus I am not even remotely exposed to the downside (other than a Euro short), mostly cash, so this is what I am waiting for.

  • weasel_whisperer

    There are a lot of large European companies that trade as pink sheet stocks (e.g. Volkswage, Nestle, BASF, Bayer). They trade as pink sheets to avoid having to file SEC reports (saves them money).

  • http://www.genxantihero.blogspot.com LostIllini

    Nah, I love me some Six Flags & Lehman Bros. they are fun trades and will keep your Mailbox full of bankruptcy notices/lawsuits etc. It's a special feeling really. Not birthday special more like shortbus special…

  • texpresso

    i make a bit of my annual income on BK and de-listed companies, if you like research it can be quite profitable

  • molecool

    ¤ø„¸¸„ø¤º°¨¤ø„¸¸„ø¤º°¨
    ¨°º¤ø„¸ N E W „ø¤º°¨
    ¸„ø¤º°¨ P O S T “°º¤ø„¸
    ¸„ø¤º°¨¤ø„¸¸„ø¤º°º¤ø„¸

  • amokta

    thanks for all the comments – yes i know they get pumped & dumped

  • http://sshamster.blogspot.com/ Stainless_Steel_Hamster

    have to try that one, but I like the smoky/peaty touch

    as ar as cigars… give me smal partgas or decent monte cristo or cohibas…

  • http://sshamster.blogspot.com/ Stainless_Steel_Hamster

    just one “load more comments” on my profile and you should get there

    😉 laizy brainy

  • gregn

    Are you talking of the Cuban variant? Over here in the US of A it is somewhat more difficile to procure such smokes. My favorite Cuban is the Hoyo De Monterey. My favorite cigar is probably the Nicaraguan Oliva V. Spicy, earthy c'etait parfait.

  • Cerebro82

    Ahhh!!! I see.. Good stuff SSH! So now I get it, you expect equities to fall
    while gold stays put. More analysis needed on my part when it comes to Gold,
    but I like the thought process. Don't see that chart much in the blog world,
    great stuff!

  • CorporalCarrot

    Gmak,

    You are an excellent addition to the contributory team on this site.

    Thank you.

  • Cerebro82

    Even though the bears are celebrating this opex the bulls are still firmly in control. This is probably a B wave (see daneric's count) because there has been little in terms of the sell of intensity. I am not bullish by any means, but feel that if I go short here a trap is coming.

    http://www.screencast.com/users/Cerebro82/folde

  • Cerebro82

    channel is very much still intact

  • Joe8888
  • Me_XMan

    SPX 1088 is a tough line to break?

  • dollar

    looks good Joe!

  • CorporalCarrot

    Cerebro, as myself and Bob posted a few days ago when the dow was over 10,400….that was the time to short, except most bears were shitting themselves and covering instead of following logic. That was a low risk/reward setup given the previous runup.

    Now that we have had a few days of selloff, we are back into “don't know” territory. I don't think anyone has a clue which way its going, and there is definitely greater risk shorting.

    Personally, I would be waiting for us to bounce again, or confirm a significant trend breach on the downside before doing anything, because they could easily bounce this up and down all day .

  • Cerebro82

    I agree. Shorting in no mans land can cause you a chunk of cash. I myself am either waiting for the 1120 area or waiting for a significant trend change as well. Sitting on my hands waiting for this OPEX business to be over. I have learned my lesson over the past couple months lol

  • standard_and_poor

    Won't increase( 5%) short position unless downside momentum increases considerably below 1086. If we casually float downward to 1086 I'll close out
    shorts and look for long entries.

  • marcopolo101520

    will break 1088, but I do not feel will have a sell off today. Maybe Monday?

  • CorporalCarrot

    The action looks a bit weird today but I suppose thats to be expected on opex.

    The equities look weak while the EUR/USD looks to be painting a bull flag which is strange.

  • marcopolo101520

    1087.66 saw that dump?

  • marcopolo101520

    1086.94?

  • Nightwind

    spx – bounce at 1085?

  • marcopolo101520

    lower

  • marcopolo101520

    TLT telegraphed the down move about 15min before

  • marcopolo101520

    SPX paints like a wedge…hmm

  • marcopolo101520

    so edz

  • Me_XMan

    I wouldn't mind to see it's pierced and then bounce.

  • http://www.flickr.com/photos/dabasia/sets/ Croozer

    SPX seems to to be leading the fall with it having fallen through support….dow lagging considerably.

  • Me_XMan

    SPX forming a bull flag.

  • marcopolo101520

    where?

  • Publius Federali

    News: Audit the Fed passes first hurdle. And if we are talking about trials for treason I would put Barney Frank right on the top of the list. I pray I live to see the day this man hangs from the gallows for what he has done to this country. He leads the esteemed body that allows their DEA stormtroopers to arrest cancer patients for smoking weed while his boyfriend gets high in the room next to him. Or perhaps his boyfriend of years past was running a gay prostitution ring from inside his house. The laws do not apply to these criminals in CONgress and when people stand up to demand what is right he does whatever he can to stop it.

    Barney Frank is not my leader. Barney Frank is a criminal and a traitor to this country.

    http://globaleconomicanalysis.blogspot.com/2009

  • Me_XMan

    Totally agree.

  • http://www.flickr.com/photos/dabasia/sets/ Croozer

    What timescale are you looking at MeX

  • marcopolo101520

    me thinks the boyz are setting the tra(m)p

  • marcopolo101520

    Mole,

    Any Venice Channel Work in progress, looks like we are setting up for some channels here.

  • CorporalCarrot

    Its not exactly a rush for the exit but at the same time, equities look surprisingly weak considering that the Euro is substantially off its LOD. In fact, the USD/Equities correlation has been arse-about-face this week.

  • marcopolo101520

    1085+ or- a point my take

  • marcopolo101520

    would not put much hope though will be nice to bid on live execution tickets

  • gregn

    gmak, what platform do you use? Those TD indicators are pretty, pretty good.

  • bobthehorse

    Correlations have been breaking down which I generally interpret as a sign of imminent trend reversal. Key today will be price action over the next hour after Europe closes. A weak pm session in the US could trigger a big down move Monday.

  • marcopolo101520

    EDZ either a wedge or a bullish flag. anybody else sees this?

  • Publius Federali

    Do you think that perhaps this is signal that market is in for a trend change. While the dollar is starting to trend up the market has not gotten the news yet? I personally believe the dollar is the leader an the market follows.

  • texpresso

    cannot guess what will happen today, but look at SPX 6 month chart, it is maintaining cycles perfectly, should get down to at least ~1030 over the next 10 days

  • http://chartsandthat.blogspot.com/ ultra

    s'bloomberg innit – yours for $3.5k pcm

  • marcopolo101520

    i would love that

  • gregn

    Have you used it? I guess it's worth it if the likes of our Canadian friend gmak uses it.

  • Publius Federali

    Front row seats would be going for 10k each but no one could afford them because all the bankers who stole our money would be on the execution line.

  • texpresso

    IMO there will be no trend change as long as the LEI continues its 6 month trend

  • CorporalCarrot

    Didn't it reverse yesterday somewhat, coming in weaker than expected, and below the trend?

  • http://chartsandthat.blogspot.com/ ultra

    nah, not personally – it's standard on all the trading floors tho.

    wlt see the graph of bb terminal sales vs. spx – daresay there might be quite a good correlation – remember a couple of years ago my friend on the inside telling me that sales had gone parabolic and were in no way sustainable – think that may have been summer 07 lol…

  • texpresso

    this just in , H1n1 is about to kill us all, send more money to Congress!

  • texpresso

    my bad, i thought you guys were talking more general

  • CorporalCarrot

    I agree with your general thoughts. Heres my take on the same cycle except on the Dow.

    http://stockcharts.com/h-sc/ui?s=$INDU&p=D&b=5&

    When it has reached the bottom of that channel I will be looking to assess and position for another fun up to year end.

    My last comment was specifically on the LEI, not on your 1030 call which probably corresponds with my Dow 10,100 area.

  • marcopolo101520

    1088 should stop this move up or bears are in for some pain

  • gregn

    Fairly obvious chart, 50 period SMA below 200… more downside over next week or so at least: http://screencast.com/t/MzJjNDZiN2Mt

  • texpresso

    ok, the LEI numbers i saw were generally up a little again, and as long as they are increasing…

  • kryxtal

    Falling wedge forming on SPX, I feel like we might close the opening gap by the close today. I expect more downside Monday though as selling pressure resumes.

  • CorporalCarrot

    I hear you, except while they had been increasing (0.6% August, 1% Sept) didn't they go back to 0.3% in October? So even though theres an increase, the rate seems to be slowing or potentially reversing, with CFC and other govt stimuli out of the equation. I may have this wrong. Let me check

  • https://evilspeculator.com molecool

    YAWN – good morning everyone!

  • texpresso

    leading up .3, coninc flat, lagging 'better' (uh, less bad lol) at -.2

  • gregn

    Top of the mornin' to you.

  • marcopolo101520

    people not buying this ramp up, plus bears are lubricated and educated now.

  • gregn

    Sounds good 🙂

  • texpresso

    my bellweathers have no Vol, this flag should die

  • http://chartsandthat.blogspot.com/ ultra

    cable – same old fib levels are still in play after 5 months on the hourly and a nice 161.8% extension on the 5 min – http://screencast.com/t/NTU0ZmYy

  • dollar

    Harvard professor Brandon Adams says some of the best potential traders are professional poker players: “They’re used to skirting the edge of ruin and they learn the tools of how to do that.”

  • texpresso

    i saw that, kenny rogers would agree, know when to hold em…

  • http://chartsandthat.blogspot.com/ ultra

    I remember they hired a pro poker player as a trader back when I was working at [object of hate] – apparently he didn't last that long…

  • gregn

    Support at 1088.39 is holding: http://screencast.com/t/ZmJiMWNhZDct

  • TransworldDepravity

    Very interesting as I am a decent no limit cash player

  • gregn

    For the sake of symmetry, we could paint a H&S, bouncing back up to 200sma around 1100 before continuing downward.

  • marcopolo101520

    maybe he was too close to skirting the edge of ruin

  • http://chartsandthat.blogspot.com/ ultra

    went all in on the first hand I heard

  • dollar

    not too good at skirting apparently

  • texpresso

    have any of us 'skirted the edge of ruin?' i usually just skirt the edge of disappointment

  • marcopolo101520

    so ge was handicapped? one hand only? Man no second chance, second hand?

  • amokta

    ive seen it all before, supposedly markets going to tank big style – yeah, yeah…
    c-rsi divergence??

  • Duuuuuude

    Slacker!

  • texpresso

    check out EDZ marco, my chinese longs are popping

  • marcopolo101520

    checking…..

  • marcopolo101520

    wedge was

  • centerline

    This is the pattern I am expecting. Can everyone say “island reversal” into a “pattern that shall not be named? Would be nice to see it play out that way.

  • marcopolo101520

    FXI strange…flat last 5

  • marcopolo101520

    OPEX oucgh

  • K.I.M.

    same picture with me, and start shorting it on top of RS.

  • marcopolo101520

    Me? No, God's apprantice boy.

  • texpresso

    didn't keep going up

  • marcopolo101520

    who? SnP, FXI, EDZ? Something is cooking

  • http://sshamster.blogspot.com/ Stainless_Steel_Hamster

    good morning, but i was here before my lunch time

    excelent lunch balvinie 12 years malt to end it with some good friends

  • gregn

    Are you partial to any Glenmorangie spirits?

  • marcopolo101520

    SnP/FXI down EDZ scared in the corn field… FXP acting like a slacker or poker player?

  • http://sshamster.blogspot.com/ Stainless_Steel_Hamster

    hi brainy, remember what I said about the abc?

  • texpresso

    CFSG and ASIA, but Vol never picked up

  • wex

    A number of high end hedge traders and prop guys have done well at the World Series of Poker.
    A couple of years ago I believe one hedgie won it.

  • marcopolo101520

    i see an effort but as you said need a bigger push.
    Anyone got the Falco song, push, push?

  • wex

    A couple of years ago they went from selling access to terminals to charging for per person(logon). Price remained the same but you couldn't have people share any longer. I think that was part of the reason for the increase.

  • Cerebro82

    Yup. Giving it more time was right.. I don't see it as an impulse. The waves
    are overlapping too much corrective to me. What do you think

  • http://sshamster.blogspot.com/ Stainless_Steel_Hamster

    well the crazy hamster missed the start of the session (nice lunch though, excelent octupus, delicious risotto, marvelous wine, decent whisky)

    mad hamster isgoing to… sell? no, buy? no, sleep?

    yes

    this is a 1085 day, monday will screw bears or bulls, and certainly those that baill out at today's close. monday will open many points beyond todays close

    up? down? naughty boys, hat's the big question isn't it?

    well, my take is down, with gold hanging up there

    nightie night

  • centerline

    remember that we are in OPEX here. major moves rarely happen on OPEX. it'll find a pivot and bounce off of it all day. typical BS.

  • amokta

    anyone trade pink sheet stock, or is that 'beneath' you professionals on this blog
    by the way, i am feeling less emotionally attached to shares that i trade – is this a good sign?

  • http://sshamster.blogspot.com/ Stainless_Steel_Hamster

    hve you seen my spx:gold chart? take a look

    we're at (v) of iii of 1 (possibly)

    .38 was broken? seems so, then either P3 (or w5 of p3) is starting because A was november to january, or this is B and likely a flat

    950 on the spx would be nice (or loer if gold drops)

  • http://sshamster.blogspot.com/ Stainless_Steel_Hamster

    not haf bad, most people doon't know it

  • dollar

    12:19 PM The European Central Bank follows up talk with action, taking a first step into unwinding stimulus measures by tightening rules for accepting asset-backed securities as collateral. President Jean-Claude Trichet has indicated the bank won't renew its 12-month auctions of unlimited cash after a third tranche next month.

  • gregn

    I think the Nectar D'Or is delectable. Great with a cigar as it is not smoky/peaty like most scotches.

  • texpresso

    have a couple pink sheets, feel emotional about none; you know they get pumped and dumped, and dumped and pumped regularly right?

  • gmak

    EUR 1.4880 seems to be the level to watch. Apparently EUR shorts are nervous that their trade isn't panning out, and a breach of this area will probably trip a lot of cover stops. As well, it is just above a TD risk level (on the 3 minute chart) that was resistance before the selloff at 7 AM.

    Meanwhile, DXY is seeing some support from above its R1 pivot at 75.535

  • texpresso

    you are probably thinking “no shit” but i have been surprised how often they go on little runs, which is why i never think of them as anything but light on the computer screen

  • Cerebro82

    I haven't seen it. Can you repost it? w5 of p3? don't get that count. Maybe if I saw it visually. 950 on the SPX would be nice. I don't know tho. The Euro bounced off the 50 daily SMA, if we can close below that, then I think we can get some traction to the downside. I really like daneric's count of this being a B wave. Would fit nicely with one final push to the 1120 area.

    Thoughts?

  • Cerebro82

    Plus I am not even remotely exposed to the downside (other than a Euro short), mostly cash, so this is what I am waiting for.

  • weasel_whisperer

    There are a lot of large European companies that trade as pink sheet stocks (e.g. Volkswage, Nestle, BASF, Bayer). They trade as pink sheets to avoid having to file SEC reports (saves them money).

  • http://www.genxantihero.blogspot.com LostIllini

    Nah, I love me some Six Flags & Lehman Bros. they are fun trades and will keep your Mailbox full of bankruptcy notices/lawsuits etc. It's a special feeling really. Not birthday special more like shortbus special…

  • texpresso

    i make a bit of my annual income on BK and de-listed companies, if you like research it can be quite profitable

  • https://evilspeculator.com molecool

    ¤ø„¸¸„ø¤º°¨¤ø„¸¸„ø¤º°¨
    ¨°º¤ø„¸ N E W „ø¤º°¨
    ¸„ø¤º°¨ P O S T “°º¤ø„¸
    ¸„ø¤º°¨¤ø„¸¸„ø¤º°º¤ø„¸

  • amokta

    thanks for all the comments – yes i know they get pumped & dumped

  • http://sshamster.blogspot.com/ Stainless_Steel_Hamster

    have to try that one, but I like the smoky/peaty touch

    as ar as cigars… give me smal partgas or decent monte cristo or cohibas…

  • http://sshamster.blogspot.com/ Stainless_Steel_Hamster

    just one “load more comments” on my profile and you should get there

    😉 laizy brainy

  • gregn

    Are you talking of the Cuban variant? Over here in the US of A it is somewhat more difficile to procure such smokes. My favorite Cuban is the Hoyo De Monterey. My favorite cigar is probably the Nicaraguan Oliva V. Spicy, earthy c'etait parfait.

  • Cerebro82

    Ahhh!!! I see.. Good stuff SSH! So now I get it, you expect equities to fall
    while gold stays put. More analysis needed on my part when it comes to Gold,
    but I like the thought process. Don't see that chart much in the blog world,
    great stuff!