Wednesday, July 15, 2009

Our Financial Overlords still Got Game

Uncanny...every single stock on my short list or "Hot Watch List" was stopped on an important Fib line today. Some popped a little higher in the exuberance, but then quickly slid back under the Fib and then chopped around. Every one.

I was stopped out on CTX, have to review. No time for charts now, except the ABOVE which is a 3200 tick chart on the ES. Shorted ES on the second peak (figured the financial overlords would want to extract one more pound of flesh from any still bold bears, and thus expected the double peak) at 929.5. What an honor to get to reset short futures at this high a level.

And further down is the ES chart from yesterday, and todays, for comparison. Expriy fireworks usually run through Wednesday, so be on guard for extended shanigans Thursday and by this I mean a gap down, chop around to bring in the bears, and then small rally enough to break the neo-bear tenuous positions, and then a big sell off towards "min pain" for the put sellers.

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Insightful and Useful Comment!