Wednesday, October 28, 2009

Flaccid Action

Disappointing work by the bulls here... where is the passion fellas?

After that predictable spike bounce the first time we touched the 50 day moving average, it's just been a slow bleed the last 2+ hours.

Barring our once common "miracle gains" in the last 30 minutes of the session we are poised to dump our calls, and TNA for a loss, erasing this morning's gains.  Looks like 1 trade too many this time around; we were overdue for a bad outcome eventually.  Still have not sold out (will edit the post when I do)l going to give it a few minutes as I want to see if they are going to push the S&P below support to trigger stop loss orders before taking it up into the close (trying to think like a hopeful bull).

A close below S&P 1047 and we'll have broken both the 20 day and 50 day within a week (actually in 3 sessions)... how quickly things change.

EDIT 3:35 PM - Crying uncle on those long index positions, taking losses on both the ETF and calls, and back to square one for the day.  Hiding in cash after an exhausting day.  If they reverse this back up in the last 10 minutes after clearing out all the stops (hand raised) I'm not going to be happy.

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