Mojitos And The ECB

What a party.

Last night, with futures down nearly 20 points, after taking nearly all day to get above the 38% retracement level, after failing to reclaim the 200dma, after taking nearly two days to get above the measly 23.6% retracement level, after rising on the most tepid volume for op-ex I've ever seen (where's a stat jockey when you need one), another stimulus rumor sent futures on a meth-fueled joyride up Algo avenue.

Forget Bullard's QE4 crap the other day. Forget the Japanese GPIF regiggering rumor. This was the one everyone was really waiting for -- that the ECB would do something so spectacular, so crazy, that it would go far beyond anything the Fed has done so far.

Buying European corporate bonds were the magic words.

That was good for a violent 30 point reversal in futures and so much green in Europe you'd think it was St. Patty's Day.

Regardless, the expectation here in Bonfire land was for higher prices, and higher prices materialized. It matters not how. But it always matters what things look like under the hood.

And let's just say "not so good." Which is fine, because when I have a bear suit on, I want the market to go as high as possible on punk internals, so that I can short it. And I'd love to have another crack at it actually in front of my screens instead of a smartphone in a hotel room watching CNBC.

The 1920 area is of keen interest to me, especially 1923.06 where the S&P could potentially get its first overlap.

The 61.8% retracement level is at 1943.39 and the all-important arbiter of all things corrective sits at 1970.36.

Slowly adding UVXY against SPY calls.

But anyway, I've got this going for me now, which is cool because I've always liked the smart and witty ones.

Kate kindly followed me after I found out that I was in Puerto Rico the same time she was. But the amazing thing is that she would follow me at all when there was a mojito pic on my Twitter page.

One of her funniest quotes on Below Deck was "only terrorists and a—sholes order mojitos.”

At least I was ashore when I ordered mine . . . .