Thursday, July 30, 2009

finita la comedia lungo

image015 This is the picture of my pet Timmy – he thinks that he is scarier, stronger and definitely smarter than most of his opponents.






First I wanted to make a video – then I realized it’ll be more than one 10min part, so I passed on that.

Then I wanted to plaster 20 charts all over the wall of my blog – tired of charts.

So, based on knowledge that my readers are intelligent and disciplined traders – I will throw in just one chart, if you seen that one – you’ve seen them all (or most of them, because they look awfully similar)


2009-07-30-SPX case if you are wondering what the hell am I talking about, you’d better brush your Italian, but to hint you in – at this point all long trades are out of the questions for me for a while, I think RALLY IS OVER,  but shall it continue - all my short positions will be liquidated on weekly SPX close above 981.13 (most likely) – in this rotten trading environment where the only way for “All King’s men”  to overcome meaningful key resistance points is to pump few million dollars into futures in illiquid pre-market session there is no place for logical trader like me.  If, by some corrupt miracle SPX shall close up tomorrow – my bets are off for a while.

(remember that unprecedented Obama statement: “We will do everything to stabilize markets” – what, for God sakes, has Presidente to do with stock market – votes and election campaign money? Best propaganda machine for John Q. Public? Or is it just easier to mess with the market instead of caring not for corporate profits for fat cats, but for stable employment for dumb sheeple?  Or fixing the ROOTS of underlying problem that caused that mess on the first place?)

Let see what is going to happen on Monday August 3rd – that was the deadline UBS (and I suspect a lot of other “caring brokers”) imposed for liquidating UltraShort ETFs’ positions – no wonder move up continued on no volume whatsoever.

There is time when we have to be long market, other times we have to be short – this seems to be a great time to be OUT OF THE MARKET – let them screw themselves.


P.S. This is what I wrote on Disqus at 10:19AM EST today

DavidDT Today 10:19 AM

“only in hindsight we'll know that today was "the day when shooting star fell from moronic better than worse sky"
...or not...”

Now we know…