In other manipulated trading news – oil is once again at $109 this morning and once again we’re shorting it off that line (with tight stops). Yesterday we got a nice ride down to $108 and if "they" want to keep handing us a Dollar a day in the Futures, I guess we’ll have to take it. The same USO and DUG positions I mentioned yesterday will work again today but once again we are hoping they try to jack oil up to $110 and give us some really excellent shorting entries.
Deciding what to do with the market is a different matter. As we did on Tuesday, we caught another great shorting opportunity off of yesterday’s open but it didn’t last long and we grabbed the QQQ Weekly $56 calls at 12:45 for $1.10 as it looked like we were bottoming and those were good for .15 into the close. Of course we have our usual pre-market pump job this morning but only oil is making an exciting short entry so far – the indexes are not even back to yesterday’s open yet and if the pumpers can’t be bothered to put on a good show – I’m not going to play with them!
Americans watch protests against oppressive regimes that concentrate massive wealth in the hands of an elite few. Yet in the U.S., 1% of the people take nearly 25% of all income – an inequality even the wealthy will come to regret, Joseph Stiglitz writes in Vanity Fair:
The top 1 percent have the best houses, the best educations, the best doctors, and the best lifestyles, but there is one thing that money doesn’t seem to have bought: an understanding that their fate is bound up with how the other 99 percent live. Throughout history, this is