Where Do We Go Now?

UPDATE 12:12pm EST: Bullish sentiment galore!

Are we about to make new record lows in the CPC? If we rally from here to 920 or higher we probably will. OMG – this is going to be the shorting opportunity of a lifetime.

BTW, CNBS08 – you’re on a short leash – your contributions are not offsetting the conflict you create in here. Last warning – I mean it.

UPDATE 12:24pm EST: I took profits in NVDA:

I’m really happy here – that was a nice trade. The filling of the gap this morning was scary enough and although I think we might bust higher this is a good spot to exit for a discretionary trade.

UPDATE 12:18pm EST: I see a lot of back and forth here – some of the discussions even have turned angry. Can we please relax and just trade what we see? Everything else is just mental masturbation.

SPY: Yes, it’s a nice bearish wedge but that doesn’t mean it can’t go a lot higher. Never forget: the market can stay irrational a lot longer than you can stay solvent. Let’s just wait and see what happens and when. Usually things take longer to unfold than you want them to.

BTW, for the record – when I talked about a nasty wave (4) I wasn’t kidding – LOL – it’s been a tough few weeks. But we made money anyway – which is probably more than 90% of traders out there can say.

UPDATE 1:46pm EST: I was just about to post about XLU but damn T.K. already did an SDP post. I swear I did not read his post before pulling this – it’s part of my favorites list. Anyway, I’m looking to go short XLU soon – think it has a few more points to climb but maybe at the close today. I also like long: BGC, DE, WYNN.

UPDATE 2:16pm EST: Fed leaves rate unchanged. What a shocker 🙂