the banks are so bullish here it's ridiculous... but most my charts are setup for either continued base building or a nice spike low on a bunch of them
the vix is acting like it wants to move to ridiculous levels... we could sell into the close and then tomorrow... or we just have a nice spike reversal.... I'll say that the hedgies are shitting themselves, as the redemption's are here, margin calls are there and they have to sell what they can....
Financial history doesn't repeat itself, but it often rhymes. You can't be stupid enough to trade off anything I say.... I'm lucky they let me out of the straight-jacket long enough to trade.
J. P. Morgan
Thursday, October 2, 2008
the setup
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