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Wednesday, May 9, 2012
S&P 500 Head and Shoulders
CRITICAL H&S on the S&P ES --target 1280
This is also the Bernoulli Channel, I shorted the rip today, even using some weekly options for extra juice. Closed the weeklies (theta is a killer), kept the futures short, Euro short (tight leash)
It could definitely take a day or two to take a stab at that mini-blimp and then down.
Yesterday was a price up while up down volume was a clear sell day. Seems impossible. Seems like Fed is buying dying stocks and HBB is selling to them at the ask, even though the Fed keeps increasing the ask. Tin foil hat distribution.
If so that means scary sled ride down, the scarier the better to justify QE 4/5 and save the election.
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Insightful and Useful Comment!