05/23/2011 Intraday Watering

KENA · Post by **KENA** » Mon May 23, 2011 3:50 pm

Still a lot of support or resistance what ever you want to call it.We have to break thru 1310/1012 area to go dn..Maybe we will gap dn thru 1310 tomorrow.Wait and see.See you all tomorrow.

chickencoop · Post by **chickencoop** » Mon May 23, 2011 3:50 pm

uempel wrote:So far still in the ellipse:
SPXJ.png

does the edge of eclipse serve as a support/resistance? It looks like a shortterm buy in that case.

gabor · Post by **gabor** » Mon May 23, 2011 3:50 pm

Cobra wrote:volume surge, so could be a rebound of some kind here.

How is the rebound and the volume surge?

cletus · Post by **cletus** » Mon May 23, 2011 3:52 pm

LOOK AT SILVER POPPING

YEAHHHH!!!

KENA · Post by **KENA** » Mon May 23, 2011 3:52 pm

Mr. BachNut wrote:Observation: This decline since May 2 has been characterized by moderate to low volume and a pretty relaxed VIX. Even with today's gap down, there is no panic. Hmmm.

I think the big traders are covered with puts.

Post by **Cobra** » Mon May 23, 2011 3:52 pm

gabor wrote:
Cobra wrote:volume surge, so could be a rebound of some kind here.
How is the rebound and the volume surge?

volume surge usually means exhaustion.

this time the rebound seems failed SO FAR, still fighting though, not sure how the market closes today.

uempel · Post by **uempel** » Mon May 23, 2011 3:53 pm

chickencoop wrote:
uempel wrote:So far still in the ellipse:
SPXJ.png
does the edge of eclipse serve as a support/resistance? It looks like a shortterm buy in that case.

Yeah, very, very short term... It jumped up one handle and is now only slightly higher.

Post by **Cobra** » Mon May 23, 2011 3:57 pm

well, guess that's it for today. bulls cannot even establish a bear flag here (which means at least rebound a little) so the chart feels bearish. that said, if sharply rebound tomorrow, i'd be in bull camp which I'll explain in tonight's report, it's a little lower possibility of course, but you never know. thank you guys, I'll see you tomorrow.

nasa1100 · Post by **nasa1100** » Mon May 23, 2011 4:04 pm

finally a MDD

gabor · Post by **gabor** » Mon May 23, 2011 4:06 pm

Cobra wrote:well, guess that's it for today. bulls cannot even establish a bear flag here (which means at least rebound a little) so the chart feels bearish. that said, if sharply rebound tomorrow, i'd be in bull camp which I'll explain in tonight's report, it's a little lower possibility of course, but you never know. thank you guys, I'll see you tomorrow.

There are 3 touches on both side of the channel that you just made. I think the fourth will be a break.

Post by **Cobra** » Mon May 23, 2011 4:08 pm

nasa1100 wrote:finally a MDD

Nope, missed 0.03.

nikman · Post by **nikman** » Mon May 23, 2011 4:24 pm

Cobra wrote:
nasa1100 wrote:finally a MDD
Nope, missed 0.03.

What is a MDD?

Post by **Cobra** » Mon May 23, 2011 4:25 pm

nikman wrote:
Cobra wrote:
nasa1100 wrote:finally a MDD
Nope, missed 0.03.
What is a MDD?

Major Distribution Day = NYSE Down Volume : NYSE Up Volume >= 9

nikman · Post by **nikman** » Mon May 23, 2011 4:47 pm

nikman wrote:
What is a MDD?

Cobra wrote:Major Distribution Day = NYSE Down Volume : NYSE Up Volume >= 9

Thanks Cobra.

pablorynx · Post by **pablorynx** » Mon May 23, 2011 5:08 pm

Doesn't the market usually bounce out of MDDs? Specially when the arms index closes above 2?

Post by **Cobra** » Mon May 23, 2011 5:27 pm

pablorynx wrote:Doesn't the market usually bounce out of MDDs? Specially when the arms index closes above 2?

68% chances a green day tomorrow, not because of MDD. I'll explain tonight.

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05/23/2011 Intraday Watering

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