Time To Bank Some Coin
Time To Bank Some Coin
We have not only breached that important low I pointed out this morning, we also dropped to a point where I feel more than comfortable (calling George Carlin! :-)) to cash out my November chips:
I simply measured the length of what I consider a textbook third wave (okay, not necessarily on the Dow, but sue me) and projected its length on the current drop. Voila – we’re right at the 61.8% fib line and this is where I say goodbye. And yes, I am holding my long term puts over the weekend – those suckers are either going to expire worthless or I’ll invite you guys to my private island party next year 😉
2:03pm EDT: alerts us that the Trannies are at support:
If you are sitting on front month puts or short positions – now might be a good time to scale out and call it a week.
I think we all deserve a good Rammstein induced drum solo. And let’s not forget who really called the top so far – wasn’t me – it was Rammstein 😉
Mr. VIX got a wee bit ahead of himself – expect a snap back shortly. If not today then Monday. And no, I am not hedging, I am holding my long term puts – enough of the short term games. If you feel like hedging grab some futures so you can get in/out quickly (assuming you have a futures account and enough margin).
