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Tumultuous Tuesday Rub Down
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Tumultuous Tuesday Rub Down

by The MoleJuly 7, 2009

I am not a happy camper today as I was doubting the tape all the way down. I think Annamall has a point when she said that we had little participation on the way up – but it wasn’t that flat on such a big move. Again, the only paltry justification that comes to mind is something I suggested a long time ago: After all the fun and games finally come to an end there won’t be anyone left to post a bid – plus by discouraging short trading you won’t get buying squeezes on the snap backs. Thus the tape simply trickles to the downside on a daily basis – perhaps this is what we witnessed today, otherwise I have a hard time fathoming such consistent drop and a complete lack of buying. Anyway, let’s look at today’s corpus delicti:

Well, I think this explains my hesitance today – there was zero participation. So, it’s either what I described above – or this sell-off was condoned and we’ll get a monster bear squeeze tomorrow. However, the wave pattern now distinctly points to the downside – even if we get a bounce tomorrow – let me be very clear on that.

Program Trading Update:

evil.rat/ES: +12.5 (nice!)
geronimo/ES: +2.5 – even nicer as it took advantage of the only little bounce we got today.

Okay, I do have to make a confession however – promised my subs that I’ll repent: At the evil.rat/ES alert I told my subs that I wasn’t taking it – and I’m pretty sure that some of them jumped out. I actually rarely interfere and this one should be a big lesson to me. So, Mole today officially earned the ‘dunce of the week award’:

Alright, I’m going outside now to kick my tree again:

See you later once my medication starts kicking in.

Cheers,

Mole


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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