Did we rally today because of yesterday’s relatively high P/C Ratio? Could have been part of it, but probably only a little part. Maybe it’s because tomorrow is going to be quadruple witching and the market makers were setting things up so they would be easier to manage tomorrow. Just a guess. Oh, and that news that caused the big rally, I mean, come on, they’re just recycling the same old lines over and over again and nothing seems to get better. Anyone who doesn’t believe that the market is manipulated has to truly ask themselves why in hell the market reversed on an absolute none news event. The answer is because someone big decided to make it happen and use the short squeeze that followed to off load a ton of futures and options contracts.
I offloaded TNA today so I’m out and I’m pretty much done for a while. After holding TNA for four days I basically got out at break even. I’m not complaining because I didn’t lose much more than the commissions, but the point of being in the market is to make money not just waste time trying to work yourself out of a bad position.
I’ll be watching from the cheap seats for now and I’m probably not going to be updating the blog on any kind of regular basis until later in the summer. Behind the scenes I’m going to be working on a new page with all the breadth indicators that I follow and how to interpret them.
Be careful. This is a mean market and it’s likely to stay that way for quite some time.