[Picture is a find of Gold_Gerb]
Interesting action today..I would not be full of it (as oppose to my usual mental state) if I'd say that today's action was expected and good for those who had a plan and traded that plan. I added (well – my orders got filled close to SPY 115) yet another few long puts and now instead of "very small short position" I am holding "small short position" (well – with options it is ALWAYS small – not even suicidal maniac like myself will commit more than 10% to derivatives.)
SPY jumped to TDRL on daily and managed to close under it, red on the session after yet another non-event FED meeting.
UUP…poor's man dollar index printed TDSequential Countdown BUY 13 today on daily. Close is within TDRL area for prior buy setup.
Everyone is 100% certain that market finally broke out on the open and there is no way back…it could be so, but paranoia keeps me alive and first time in a while I am bearish now (as some of you recall Special K turned bullish on July 2nd and I followed her footsteps after DeMark-ian woo-doo confirmed bullish price flip), then we turned bearish when SPY was unable to move about TDRL area in the beginning of August, and once again we turned short term bullish right on the back to school day and corresponding Buy Setup Daily. DeMark0ian faith is not a Wholly Grail..but coupled with such a great traders who gathered on this site it shows great potential (when we do not let our biases to ruin the day.. or two… or few months…)
Once again – don't get me wrong – I am NOT expecting big decline right now… may be to 107 area and then we will see.
Trade well
