Well, it was another insane, manic day in the market. Looking at SRS, "the widow-maker", is a sight to behold:
And remember, this isn't even a 3x fund!
I was tempted, based on the tortured pattern below, to go long the /ES, but the countertrend rally is so long in the tooth that I simply would not. On the contrary, I entered a short position of 10 /ES at 865. But the monotonous situation I've been stuck in for weeks now ("IRA kicking but, everything else lame") continues to prevail.
The big earnings announcement post-close today was GOOG, and I guess whatever they said was encouraging. The line I've drawn below suggests a sorta-kinda H&S pattern, and wouldn't you know it, the after-hours trading on GOOG is exactly at that level. I actually put more credence at the line (not shown here) at the higher 421.60 level, which marks the 50% retracement line for GOOG's entire history as a public company.
I am a "nervous long" on OIH, which broke above the long-cited 88.15 level today, only to close at 87.58. Unless OIH cracks into the 90s within the next two or three trading sessions, this is probably a false breakout. I am long in a pretty big way OIH, but as I said, I'm jittery about it.
I'll probably do a comment-cleaner late tonight, but I'll leave it at this for now.
