Monday, November 19, 2007

Shame in a Single

This is getting annoying.

The market is flirting with the recent lows, new 52-week lows are expanding nicely, breadth is miserable today - but where is the god-damned beef?

Volume is pathetically low, Financials are down again but refusing to make lower-lows and the NDX is still a hero; refusing to give it up on the downside.

I'm chewing on ham bones and beef jerky, drinking coffee and ice-water non-stop, throwing CNBC-clickers into the drywall - wondering when (if ever) I'm ever really going to be able to fire at this market again.

For now (forever! it seems), I'm holding my same paltry amount of short positions (retail uglies JCG and COH and I'm long a small length of Ultrashort QID),

To be honest, I doubt now we're really setting up to break this. Maria is way too excited and Bob Pissanti is pointing out as I write about all the clear breakdowns throughout the market. Who hired this guy - this is awful.

It's not that I don't think we will go lower - we very well might. But the set-up is not there and if it ain't right, I can't trade it; not with any meaningful sized position.

Hence the vehemence.

That might sound shallow, I suppose, but I just can't do it; especially short, since the counter bounces there can be so dramatic. I'm a little peeved that I let go of most of my position late last week and prices kept drumming lower, but still...I couldn't really justify it when the re-trend lower failed to impress on so many levels. Indeed it still does.

I need panic, I need blood, I need to see broken indices sticking bones right through the skin.

This is a flesh wound.

On top of that, seasonal holiday strength is coming Wednesday, so we are running out of time; as far as a green-light set-up is concerned.

So I wait; barely short; scrawling and drawling. I even bought a little ONXX long today (Ave. 56.675). That's how upset I am.

What a pisser.

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