10/11/2011 Intraday Watering

[Cobra]

so far goes as planned. Let's see if it could make a new high. a decisive new high would of course invalidate my plan.

[SB73]

ChiOsc on 60 approaching nose bleed territory.

[MM111]

Lets hope not then. 1200 must be significant resistance.

[Cobra]

remember the 3rd push, higher high is not a must, so it could fail at any time. Personally, I tend to "overestimate" the current trend a little (usually works because trend change isn't easy), so I usually gives it one more higher high/lower low before a possible failed attempt.

[janez]

anyone looking to short PCLN with me ?

I see 500 as a great spot to go short but im going to start getting in a bit early. Sell off from 550 high to 420 was super strong so its def not 1 legged down as our God snake would say. But im liking 500 as a good area to load up on a short term trade to the downside ...lots of good resistance there

Do you use cash or option?

[Dow Trader]

and this is Crude hourly chart

[StrikePrice]

I start to put up spread sheet, how many people buy/sell at what price, no I didn't take name, just to see how good we as a group performed, please if possible post your entry number I am careless of exit.

Entered shorts at 1/10 of position at 1170, 2/5 at 1190, and 1/2 at 1198...stop 1210ish....watching today's close. Up 40% in last month, but only 20% ytd.

Entered short at 1195. A little underwater right now.

[Cobra]

the bigger picture, I think a pullback of some kind is due. I have 2 concerns:

ChiOsc too high.
RSP is lagging.

Plus TICK chart I mentioned last night.

so chances are high a pullback of some kind is due. But before that bulls should make at least one attempt to break the morning high.

[tdo722]

Man this type of market is only good for scalpers. I suck at scalping.

[SB73]

the bigger picture, I think a pullback of some kind is due. I have 2 concerns:

ChiOsc too high.
RSP is lagging.

Plus TICK chart I mentioned last night.

so chances are high a pullback of some kind is due. But before that bulls should make at least one attempt to break the morning high.

Cobra do you have any perspective on pullback size?

[Al_Dente]

Remote post here, my only one today
TRUST NO BOND QUOTES OR BOND CHARTS COMING FROM stockcharts.com
Last night they updated fresh EOD end of day quotes on bonds, when the bond market was closed yesterday. Not joking.
$UST 10 yr bonds off -1.05% YESTERDAY. $USB 30 yr bonds off -1.89% YESTERDAY (yes, I’ve double checked v. friday).
Those are big percentages in bonds... and they broke below support…. on a closed day…THIS IS RIDICULOUS…
Only TLT(the 20s) is holding up…. a bit misleading, don’t u think, as it is among the few bond “proxies” we can actively trade in the equities mkt…… what kind of proxy is that?…..so, is TLT being “held up” by the active trading volume in the ETF stock market? And does that now give us a DISTORTED PICTURE of "real" bonds, rendering TLT functionally useless as indicator of true bond mkt action?
The irony is we pay money to suckcharts.com for their spurious quotes on the biggest market in the world, then we have to troll free sites to find the truth. So I’ve thrown ALL my stkchrts bond info into the trash, along with $LIBOR where feeble quotes persisted all last week.
The only inkling we’ve had on this board about the massive bond dump has been jarbo’s EXCELLENT posts from the bond floors all last week. We kept reading those reports, then checking TLT, MUB etc… couldn’t see the effect yet…didn’t get too alarmed…. Big mistake.
BTW: here was a saturday heads up on the wholesale treasury dump, from zerohedge, which I did not post yesterday as I thought it was a bit too tinfoil for this board. Ignore the part where Tyler hypothetically blames geitner, et al., and read the real meat.
http://www.zerohedge.com/news/did-forei ... -treasurys
Has the bond market changed the game on us here folks? Or is Al just overreacting because he is so furious?
Use finviz.com until we can find a better view and sort this out.

[bullbear52]

winning number? no wonder we lost money no buy today since I start this.

[uempel]

This is annoying, I hate these stagnant markets. SPX doesn't show any sign of weakness and 377 is looming at 1212...

[heavenskrow]

Bulls looking strong
EEM breaks KEY resistance, bonds break down from bear flag.
I am surprised but still on the right side of the trade so im happy

[bullbear52]

How long euro will lead? bears looks to be in trouble again here.

[heavenskrow]

Summary: Mixed picture. No full on bull. Maybe doji today like others were saying

[agnosia]

BTW, this crude daily chart

my daily resistance line is up at 86.70. today's inverted h&s target it 86.4.. we almost hit it already. a close above 86 and i am going swing long for a play to 90 ( even though crude has been up 5 days in a row.. over 10 bucks. crazy )

[Cobra]

I see tiny 3 push up here (you could see it clearly on 1 min chart), so this L3 might mean pullback of some kind. Let's see.

[ActiveTrader]

This is annoying, I hate these stagnant markets. SPX doesn't show any sign of weakness and 377 is looming at 1212...

SPXE.png

You and me both. Grind, grind, grind times 1,000.

[StrikePrice]

the bigger picture, I think a pullback of some kind is due. I have 2 concerns:

ChiOsc too high.
RSP is lagging.

Plus TICK chart I mentioned last night.

so chances are high a pullback of some kind is due. But before that bulls should make at least one attempt to break the morning high.

Morning high looked like an overshoot to me.

More often then trying for it fails in that case. I think the wedge just broke down and the Evil Plan is in effect.