Tripwire Thursday Rub Down

Looks like RIMM is getting IV crushed after hours – good deal as Annamall talked me into a calendar on that sucker.

Except for loading up on puts at today’s peak I pretty much ignored the tape today – the ever diminishing participation on the Lite supported my decision. Besides, I enjoy playing voeyeur and watch others being abused by the market makers for a change – mmmwwuuuhaahahhaaaaaaa!!!

geronimo/ES: -0.5
resident.evil/ES: -0.5
resident.evil/NQ: -4.5
evil.rat/ES: +0.25
evil.rat/NQ: -31.75 (ouch – this thing got whipsawed to death today)

We’ve been having a tough time with evil.rat/NQ since its introduction and I decided that I might take this one down at the end of this month unless we see a strong recovery and that very shortly. Quite frankly, based on my stats most of evil.rat/NQ subs have shifted over to evil.rat/ES at this point – and although I suggested to give it three months I can’t blame them, especially after today’s draw down. But as the market seems to be rolling over I want to keep it running for another month before I make a final decision. If it keeps taking it up the rear then I will probably take it down and roll any remaining subs into evil.rat/ES or resident.evil/NQ (the latter seems to be a lot more resilient to whipsaws).

Wave count: It seems that we are panting a bear flag/wedge which might easily get us to 925 or 930 – there has been little participation throughout today’s session and the tape can easily be moved wherever the MMs want it to be before OPX. As you know I decided to load up on longer term positions at today’s peak and will sit through any ensuing short term rallies – in reason of course. Per my estimation 930 ought to be the limit for tomorrow but I’ve seen horses puke in the past few months and thus mentally prepared for some pain should the MMs decide to put on a show tomorrow.

BTW, although the comment count was ‘mysteriously’ a lot lot lower today I greatly enjoyed the substance to chat ratio – almost feels like a trading blog again – LOL. See you rats on the other side.

Quote of the week, courtesy of Karl Denninger:

We break a couple of key technical levels and I’m going to get so short I will be able to walk under my Suburban and not hit my head.

Enjoy this little goodie – hat tip to Tyler over at ZeroHedge:

My take:

Damn I love this guy 🙂