sp'60min
Summary
*awaiting a trio of econ-data at 10am.
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So.. a somewhat quiet open, but barring some bizarre ramp >1875, bears should be comfortable to sit back and wait.
Notable weakness: coal miners, BTU -2.3%
9.53am.. I've a tight stop on my SPY puts...lets see if I get the kick for a rather good initial gain.
I fear a 'stupid bounce'...with QE this morning.
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9.54am... KICKED from spy puts.... a nice gain to start the day. :)
If we keep falling..fine.... if we bounce...I'll just re-short the puts in the afternoon.
10am... typically, we'll keep falling until around 11am..so...the low 1840s are still very viable this hour.
Regardless, things look pretty good.
After all.. just how are we going to break >1875 now?
10.05am.. checking the econ-data, which seems to have come in a little better...hence the market wanting to bounce...and the QE will help.
Seeking a re-short..via SPY puts...in a few hours.
(I'm holding a huge SDS block though....regardless of the intraday nonsense).
10.09am.. twitchy bears..understandably covering....but hey...a bounce is to be expected...
The ultimate resistance remains 1875/77 (slightly higher, since it is slanted up!)
10.13am.. best guess..we get stuck around 1868/70....and roll over in late afternoon.
10.30am I'm looking at this...
15min cycle
Seeking an hour or two..stuck around 1868/70..and then rolling over....right now..could be as early as 12-1pm
The puts I sold earlier... -20%...and I'm hungry to pick em right back up today.
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10.40am.. VIX looks floored...
Re-shorted...secondary block.. spy puts..from sp'1866....will hold into Friday.
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