We are still stuck in this trading range and the tape is still quite edgeless and dangerous for the intraday gamblers...or should I say traders. I continue to see these guys get slaughtered. I mentioned before there's this one gambler I've been following who has been absoultely horrific with this trading and has been self destructing before my eyes losing just about everything he has. It seems everything he touches turns to mush. Fading him would have been like having a liscence to print money and I was really tempted to do just for shits and giggles while I wait for a clean set up, but the problem is that he doesn't always post his trades real time. He was long puts on the market and long VIX calls for the past week or so and just now has threw in the towel. Now, with whatever few dollars he has left, he went all in long Janurary calls on SPY and he says that his system is to go long from now on. Uh oh! Should bulls be worried...in the short run yes! This guy is such a loser because he trades on pure impulsive emotion and so now he's impulsivley going long after getting spanked playing the bear side. But if history repeats, this guy will end up taking yet another loss and will give up on playing the long side. To support the ST bearish case, there's unfilled gaps in the chart down to about 1096.
In the meantime I continue to scour the TSX for individual names with good looking charts.
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