Monday, September 17, 2012

Nemo's Stream of (unconsciousness) blog, 09/17/2012

(Course on chart pattern recognition is available now:  

09/17/2012:  Had insomnia...timing couldn't have been better.  What a snoozer for the most part.  Reminded me of a Neil Young line when he was introducing a song on the CSNY 4-Way Street live album (a two record vinyl set....I'm old.)

"It sorta starts off real slow and then fizzles out altogether

Market kinda leaked downward for the day with financials finding the WPP, and then the market making a run north from there to make a VWAP run into the close.  Notice that SPY and FAS bottomed at tracked levels together, not IWM.  What does that say about risk in the market?  No specific opinion.  One day does not a trend make in OP EX week...canary in the coal mine...maybe?  For all intents and purposes the action of the last couple of days looks like a big ol' bull flag.

Headline risk now looks to have shifted from the Euro-orgy, to the Islamic Inferno and the Sino-Nippon conflict-that one could make for a real mess.