By Sell Puts
Well, damn ill admit yesterday was quite the surprise to me, i should have seen it coming. HA
"Wouldacouldashould" is trading jargon for a trade you look back in hindsight and say "if only", screw that garbage. Only dwell on a thought like this for 30 seconds, if you dwell longer you will never let it go.
My theory today, which Zero Hedge dovetailed on, is one of manipulation. Manipulation cloaked in the the guise of a positive outlook, 3% for this BS please. MOre likely than not institutions are selling into this propped up market. WE are at the top of the channel, either we break out or break down, something is going to happen and my guess is we mind the channel. Based on three puzzle pieces.
1. The vix is in a neutral trading pattern, but is very oversold. WE are near the breakout zone, ie nearer to the two green lines imminent intersection on the right.
2.The bulls are simply tired. Why are they tired? a. "They" the bulls are actually buy programs, not mom and pop buying up the market because the government splitting the dollar 2:1! TURN THE THE MACHINES BACK ON
3. Bank of America was down today. Why? a. Gordon Gekko is selling all the shares into the pop from it's recent UPGRADE.
As for Google, i have posted charts of google in the past, basically showing a megaphone pattern formation, with google minding the channel. Past charts HERE & HERE. As you may all know already i do not make many "calls" i tend to focus on the general market as a whole, but i did highlight an entry point on google around 370 with a target of 415 intermediate term. It looks like we are still on target, we will see how close we come to 600PPS. IF the market takes a dive, it looks like we are heading down below the mid line of the channel, in that case i will set a new target of 330PPS.
