GO AHEAD … EXPLAIN THIS DAY IN TORTURE

 

“Long, Wrong, & Gone ... should have read the DOW30 Tutorial Skippy!”

Just when you think trading conditions can’t possibly get any worse in the 

stock indices, specifically the DOW30, along comes today, to prove once again 

the words “can’t, never, not possible” do not belong in a traders vocabulary. 

What we got here folks, is a classic “Flying Wedge of Death” [FWD] with an 

approximate 300 index point range … “what could possibly go wrong with a 

200 point rally, then a 250 point break, followed by a blistering 290 point rally to 

new highs for the day, and then the nail in the coffin of a fast, vicious 240 point 

break? … and there’s still 90 minutes to go”? [Next 16 minutes sees a 100+ 

point rally, then immediately turns around and breaks 100 points straight 

… and you maybe think if you’re caught on the wrongs side of this 

clusterfark, the scumbag LP is gonna show you any love? … haha, good one!]

And while Friday & Monday saw bigger daily ranges, the day’s trading action 

internals were far better than today, where half to two thirds of all the M1 

candlesticks for the day were greater than 20 points! Great you think, perfect 

for scalping … right? [“Umm, no Skippy”.]

Only one trade today … PAMM up a couple bucks, nothing significant.

The one decent “Teacup Handle Turn” [THT] that I got long on, immediately 

upon filling my order, the scumbag LP blew the spread out to 10 points 

… “oh wonderful, just what I need … when it got up on the trade, I got the hell 

out … seriously, who needs shit like this”? 

To be perfectly blunt: “this is a capital preservation trading day … it doesn’t do 

me any good, to lose thousands, then make thousands, rinse & repeat while I’m 

getting taken out back and shot in the head with slippage from the scumbag LP 

… and trust me, if you were 1 millisecond late to the turn, you were toast … all 

the while the DOW30 is putting in a “doji” spindle daily candlestick with a large 

range. I took the one THT that was available, and leaving the other 3 alone cuz 

it does no good to buy 40 points away from the THT neckline … it’s a good thing 

I did in retrospect … this is simply a kind of day, whether you were long or short 

doesn’t matter, where the gaps in price on the M1 were simply atrocious … you’re 

up 10 points in the trade and go to hit the liquidate button and get filled 25 points 

lower; 3 seconds after that it’s 40 higher … now what? … in other words, risk 

control today is/was impossible, cuz you have no idea where the next 50+ point 

swing in 100 seconds is gonna come from or what direction it’s going in … and 

if you happen to put a string of these losers together, how do you get the money 

back in a market that overall isn’t going anywhere”?

So, view today as one big lesson in risk control, cuz when it ain’t there, you put 

your hands in your pocket and walk away … anything you do is going to be 
trouble, and the slippage from the scumbag LP’s is guaranteed. “Yup, it’s 
official now … with the next 100 point break just occurring, the DOW30 has just 

put in a “double reversal with range” to the downside… something you almost 

never, ever see, especially with a 300+ [now 600 & counting] point range 

… maybe during the 2008 bear market there was one I seem to remember, but 

these are as rare as Unicorn meat”.

Good grief, a 700+ point range day, with no volume and worsening liquidity. 

This most recent serious break started in the New York afternoon, and 

although in the DOW30 tutorial I state don’t even think about getting long in 

a “high volatile” DOW30 market, if after 2:30 P.M. in New York the market 

starts to move lower, personally I feel more comfortable with “anything” in the 

P.M. to avoid if price starts to weaken … leave the buy side alone and walk 

away or you get hurt. So, we’ll see what tomorrow brings … I’m outta here 

… until tomorrow mi amigos … Onward & Upward!!

PAMM spreadsheet directly below.

 

Have a great day everybody!

-vegas

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