Historically, the current pattern is the perfect calm inside the eye of the hurricane. It would suck to have QE Global distorting this event into an outlier.
What is very disturbing if you have a bullish bias is the violent backtest of the TL that held the SPY during 3.6.2009 Major Lows & 2.5.2010 Major Lows. (Light blue)
Co-relational we're also backtesting the dark purple TL which was the catalyst for the Oct. 08' harvest of speculative capital. The dark purple TL held the SPY during the LEH-Man Ritual, failed to hold it during the Bail out Ritual on 9.29.2008. SPY then violently backtested it on 10.1.2008 before the Final Harvest.
I've got some 112 May puts and some 110 May puts, that I picked up today. You could go out to June, but I plan to be out of them this week, as I expect the next leg down to occur very soon (maybe into the close, or at the latest by Wednesday).
the $DJI closed @ 10,868 last Wed. before Thursdays debasement
10,868*1.0054 = 10926 5.4.2010 close
I captured it this time… Thanks.
http://reddragonleo.com/wp-content/uploads/2010…
I see a 116.56 print on 1m SPY
I'll take the 7% odds that the $SPX is not going to print 1210 the rest of May which means it's not going to Penetrate the 5.4.2010 gap
So the current pattern that your following should continue to play out
RED check yahoo page again right now. 0,54% red
Historically, the current pattern is the perfect calm inside the eye of the hurricane. It would suck to have QE Global distorting this event into an outlier.
If this is a wave 3 down coming, we could go down to that yellow line below 102.50, or even the light blue line below that one.
SPY TL Sequence 2
http://www.flickr.com/photos/47091634@N04/45960…
What is very disturbing if you have a bullish bias is the violent backtest of the TL that held the SPY during 3.6.2009 Major Lows & 2.5.2010 Major Lows. (Light blue)
Co-relational we're also backtesting the dark purple TL which was the catalyst for the Oct. 08' harvest of speculative capital. The dark purple TL held the SPY during the LEH-Man Ritual, failed to hold it during the Bail out Ritual on 9.29.2008. SPY then violently backtested it on 10.1.2008 before the Final Harvest.
yeah but people will be shooting at you in it!
I've got some 112 May puts and some 110 May puts, that I picked up today. You could go out to June, but I plan to be out of them this week, as I expect the next leg down to occur very soon (maybe into the close, or at the latest by Wednesday).