Friday, May 14, 2010

Ramp Me Up Scottie!

If anyone can come up with a valid reason for the second in a row ending day ramp job in the face of impending implosion of the EU this weekend with rumors of France and Germany possibly returning to sovereign coin and 1,000 other reasons to be super bearish please let me know. I seem  to have missed that email. Looks like another few billion of your tax dollars just got pumped into the minis in the last 10 minutes. I really wanted "Flash Friday" to stick. That would have been cool to have called something like that first. Sadly I bammed (ruined) the day with that call out the chute. I'm in cash for the weekend as usual and looking forward to the fireworks. Remember last Monday? (ODA I'm sure you do.) I plan on spending a lot of time updating charts and will be ready for another great week next week. Enjoy your weekend and keep an eye on the futures.

Nice 11 point ramper (the dow almost picked up 100 pts - SSO scalp on the ramp picked up .75 cents on a not so well timed trade) to give the MSM something to cheer about this weekend. Nothing happened with the EUR or USD to move the markets. Minis set a low of 1123.75 to come within 2.25 of my first target from this morning's post. Not bad considering the minis were at 45 when I made the call. Hope you made some cabbage. Speaking of cabbage, that donate button on the right does work in case you were wondering. Some of the entries I am delivering should be worth a bone I'd think. No, it is not getting the overload shutdown problems that Zero Hedge and other trading platforms appear to be having.

Thanks for all the views and support. Have a great weekend!

SPX 1m - Support of the 38% retracement and the July low support line (pink dashed) could not crack. Might take something bigger to get thru this point.