02/02/2012 Intraday Watering

[BullBear52x]

SLV the way I see it not trading it. but here is what I will do now.

BB how's the TVIX chart looking today...??? If we start to roll over soon, it may get a bounce...

>16.80 before I would think of buying it.

[SWalsh]

so far the rebound is weak, looks like a bear flag.

If the 5 waves up that you see overlapped is correctly labeled an ending diagonal, your target should be well exceeded. But I have come to know the salmon can be drained from the bear's stream quite quickly.

[SWalsh]

another way of measuring target, which I think is more trustworthy. overall, bulls are fine.

YIKES...that reminded me of Cramer's "Bear is fine".

[Petsamo]

Da banks aren't interested in selling off

SPY needs to bust yesterday's low

[Cobra]

strong rebound. not sure if the low was in. the normal pattern would like this.

[FinancePhD]

initial target reached. I said this target is trustworthy.

Cobra, do you think the morning dip would be bought again today? Thanks.

[FinancePhD]

strong rebound. not sure if the low was in. the normal pattern would like this.

It is being bought. No need to ask anymore. Thanks anyway.

[TraderGirl]

Da banks aren't interested in selling off

this market has been on fire, but BAC and GS still have not made a higher high than Oct 28....

[Al_Dente]

China, france
http://stockcharts.com/h-sc/ui?s=EWG&p= ... listNum=15

Pink ….http://www.youtube.com/watch?v=mW1dbiD_zDk

[Unique]

[BullBear52x]

one thing missing for bears, no Neg D. on DBV

[Al_Dente]

one thing missing for bears, no Neg D. on DBV

Baron:
Where’s the beef?
http://stockcharts.com/h-sc/ui?s=SPY&p= ... =254800720

[Unique]

[KENA]

Commodities are dn 1.60, this is a good sign.Like to them dn more.Lets see.

[cougar]

SLV the way I see it not trading it. but here is what I will do now.

Nice BullBear!
Silver is a quite heavy metal! Gravity applies!

[1der]

Nice P Bar on SPY to 137, sheesh

[SWalsh]

For those looking at the chart and trying to apply EW Theory, that middle wave before the drop is an overlapping 5 wave move. If that is right (it is) then the drop should have been a wave 1 down and this rally should not hold.

Now for the caveat. There is no such thing as a 5-5-5 wave. Never saw one in my life UNTIL 2009. I have often said EW is broken and even gamed by the algos. We held a parallel channel, which is common before a 3rd wave starts. For the bears to have control of the game it needs to close below this recent low. I have a 62% retracement at 132.71. We really shouldn't be able to do that much of a retracement with a 5th wave failure preceding a drop.

[BullBear52x]

one thing missing for bears, no Neg D. on DBV

Baron:
Where’s the beef?
http://stockcharts.com/h-sc/ui?s=SPY&p= ... =254800720

not yet, it will show up today or tomorrow.

[BullTart]

Perfect setup will be a doji candle today in a tight, rangebound day.

This is what happened at the last NegD, double top setup.

Then tomorrow is when the fun starts.

So I expect a doji today, without much movement in either direction.

[SWalsh]

RE: your chart with two channels...

The one on the left has a move up before that sharp drop looking like a slow, 3 wave move. This one in the middle looks like a 5 wave move. I guess we'll know by the end of the day if it matters anymore. It used to very much matter.