Thursday, June 26, 2008

"You have to Come Yesterday"

Everything looked so good yesterday, at least YOU wanted it to...if you stubborn and and hopelessly romantic and ignored that post on the morning of June 25th
So far we have an oversold bounce

Anyhow, great day, sold most of V puts and could not resist temptation to sell to close (GLD) calls ( bought in expectation of powerless FOMC actions) - over 30% move in Sep2008 calls in one day - I'll take it, even in spite of the fact that is looks like it broke out of symmetrical triangle with possible target of about $95 and volume was good - just don't feel good holding any big position in anything going into holiday week.

Today on market close $TICK was well under-1000, $TICK/Q was -1100 ( I think), $TRIN, $TRIN/Q slightly above 2 - that lead me to believe that tomorrow morning we'll see at least a bounce - where I will dump 3/4 of QQQQ July calls I accumulated close to the end of the day today.

At least I cannot say any longer "Congratu...Lation - "we"'ve done NOTHING" as at the time of today's post DOW broke any reasonable support, any elastic trendline, any line on the sand you want to believe in - looks like very soon Americans will be applying for housekeeping positions in Sweden - long overdue unless PEOPLE will WAKE UP and TELL Government for corporations and by corporations:
"It is NOT about what WE can do for our country - it is what our Country can do for US after ignoring People's needs for over 30 years now - ENOUGH WITH BULLSHIT PROPAGANDA - it DOES NOT pay the bills"

P.S. Looks like my expectations of QQQQ at 46 by the end of June played out quite well. ( It is somewhere in comments part)