Tuesday, December 4, 2012

Charts 12-4: Breakdown

Permabear Doomster mentioned that this may take longer to play out than expected, which sounds good after today.  The next move I'm looking for is a return to 1343 and a sharp bounce.  The full wave 3 down takes the entire month of December, finishing up 12/31.

Today was annoying, never quite getting that breakdown through 1400.  Meanwhile, I'm holding some toxic ETF like UVXY, bumping up my stop a few dimes at a time.  It actually behaves nicely, oscillating gently between Bollinger bands on the 2-min chart, until SPX jerks north and UVXY just dies, taking out my stop and many others.

You can't hold UVXY without a stop.  If the 1500 / blow-off top crowd is right, it's going back below $10.  Hopefully I'll get another nice entry on it soon.

/ES is up 6 points tonight, but it could just be a halfway-back overnight move.  I guess we'll know in the morning where this goes. 

Dropped by Value Village on the way home tonight, found a double DVD copy of John Waters's "Pink Flamingos" and "Female Trouble".  Score!

SPX 12-04

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