Before I go on, please note that you can just ignore Obama from now on. He's a lame duck at this point quacking away in his own little wonderland. Nothing he says or does matters anymore. The freaking militia is holding one of his federal facilities with many of them vowing to shoot it out with the police and yet nobody is saying anything to them. Obama is weak and the herd senses it. Several of the GOP candidates are openly saying they will un-sign any gun control he attempts to end-around Congress. So basically, the con man in chief is to be ignored as irrelevant from here on in. Many say he will start a war to stay in office, etc. I think not. In any case, stock price moves based on his blathering are not likely to hold.
Of course the main reason for bearishness is the chart. I think 5 waves up have finished and perhaps it was a C wave. So the best I see for it is a trip back to the level of the prior 4th down to $9. Thus today I bought the Jan 2017 $17 puts for $1.20. The spread was pretty wide but the volatility into what I am viewing as a DJIA peak suggests that a rapid collapse is quite possible here.
No comments:
Post a Comment