Just when we bears started to get excited that maybe, just maybe, the bull was ready to take a breather; another cup and handle appears in today's intraday setup. Many of you will recall I've not taken 106 off the table and it now appears Mr. Market wants to take one more shot at it. Ironically, this is the cleanest setup we've seen in some time. I hedged my shorts with a few long calls today and ultimately see the potential for 109 - 110 a distinct possibility. At this level I'm officially market neutral and plan to add to my put position higher if I get the chance. I should note that my calls go out to August only for now while puts have a longer life span of September - December. So there ya go, bulls. I'm ready to wait you out and take your money - no matter how long it takes.
Comments
imdp
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Epic failed breakout in the E-mini overnight gutted this setup! (Kinda happy about that...)
76mako
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i like that one
imdp
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I should note that I'm expecting a blow-off type move here tomorrow morning. Regardless, tomorrow has to close above $105 or else. There's no such thing as a "triple top."