Sunday, May 13, 2012

Dead calm on the market

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As we grow older ( shall I say “OLD” leaving out that compromising “er” part that is inserted by old farts who are afraid of death) we learn to appreciate finer things in life and gradually come to understanding that some of the finest things are free.  While market doing its “nottin” thing I am enjoying view from my balcony of Hull’s Nantasket Beach, doing my regular double track on the wet sand (boardwalk is said to be over 1 mile long, so for the old-er fart  like me 4 miles is not such a bad daily deal )



Speaking of market’s nottin – SPX has lost about 60 points since my last lazy post on March 27th and did it in such a boring way that only people who sell options and collect time decay could be fascinated by that “move” – for me it is as exciting as watching flies f** … make love (Thank you George!)


Weekly chart (SPX)




And daily of course – 1340 is TDST support – watch for bounce – protect short profits for now.



Word of caution to short side players – if you look at daily wave you will see that W2 retraced almost 75% – be warned that W4 ( if that is where we are at now) might be very shallow – 25-30% might just doo it – I might even start looking at long positions soon.


P.S. If you noticed URL has changed to – not sure if you have to redirect or do nothing. Just make a note of it, please.

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