05/24/2011 Intraday Watering

[Cobra]

Small gap up within yesterday's range so chances are good that the gap will be filled. Here's a little statistics from Sentimentrader, seems very very bullish:

In the history of the S&P 500 SPDR (SPY), there were 17 times that it gapped down at least -0.5% the morning following option expiration, and closed at least -1% lower.

From Monday's close through Friday's close, SPY rallied 16 of those 17 times, averaging a return of +2.4%. The maximum loss during the week averaged -0.9% while the maximum gain averaged +2.9%.

That said, the global ES, however still looks like a Bear Flag so purely from the chart pattern, I'll assume the pullback isn't over yet.

[cletus]

Silver +3%. THAT is how we trade silver. Still holding longs for at least 38, possible 40 on the high end.

[chickencoop]

Silver +3%. THAT is how we trade silver. Still holding longs for at least 38, possible 40 on the high end.

good call.

[agnosia]

played /cl .. caught the move last night from 97 up to today's gap fill at 99.49... i sold out of my position for now until tonight's API and tmrw's report come out. done for the day. have a good one guys

[Mr. BachNut]

ARMS Index closed >2 yesterday. Suggests good chance for a green day today.
McClellan Oscillator remains oversold and hints for a rally.

What is ChiOsc saying Cobra?

[99er]

Good Morning.
So if this drop continues...
EURUSD: http://99ercharts.blogspot.com/2011/05/eurusd_24.html
Bear Flag.
Paris, anyone?

[stockcycle]

Hi Mr. Cobra,
May 24, 2011: Asia is about to close in green. Europe opened in green. US pre-market is green.

However with yesterday sharp drop and the intraday-gap-filled (gap of April 19-20), market may show skeptical and cautious psychology which will refrain any noticeable rebound.

The trading may be in range of 1312.70 – 1319 today (1312.70 is drawing from April 19 High and May 23 Low).
......
https://stockmarketwinner.wordpress.com

[99er]

ES
In dropping to the lower channel line (red), prices will fall out of that long-standing rising channel (grey).
http://99ercharts.blogspot.com/2011/05/es_24.html
To bounce or not to bounce...

[gabor]

Small gap up within yesterday's range so chances are good that the gap will be filled. Here's a little statistics from Sentimentrader, seems very very bullish:

In the history of the S&P 500 SPDR (SPY), there were 17 times that it gapped down at least -0.5% the morning following option expiration, and closed at least -1% lower.

From Monday's close through Friday's close, SPY rallied 16 of those 17 times, averaging a return of +2.4%. The maximum loss during the week averaged -0.9% while the maximum gain averaged +2.9%.

That said, the global ES, however still looks like a Bear Flag so purely from the chart pattern, I'll assume the pullback isn't over yet.

Hi Cobra, I highly respect statistics, but this market looks really bearish to me, just like for you.

[FJoe]

There is a 15-17 day trading cycle and 31-32 day trading cycle at work currently. Start from 1/28 and you will see the highs and the lows. Yesterday was 15 days from the May 2 top and 32 trading days from the 4/6 top. Plus it works in well with the 14-15 week cycle tops since the bottom in 2009.

Cycles change without notice, but I would follow this until it doesn't work. It means we should not see another low here...at least not much lower than the low of yesterday in the next 1-2 days. All in all, it suggests the next 2-3 weeks should be up and not down.

[99er]

ES-ZB
Gee...who could possibly be selling Treasuries?
http://99ercharts.blogspot.com/2011/05/es-zb_24.html
What is "Big Time" in Chinese?

[Cobra]

the open.

[Cobra]

ARMS Index closed >2 yesterday. Suggests good chance for a green day today.
McClellan Oscillator remains oversold and hints for a rally.

What is ChiOsc saying Cobra?

ChiOsc is nature. you can always go to my public chart list to see the real time chart. http://stockcharts.com/def/servlet/Favo ... =ID2393449.

[99er]

10-Year Note
Ghost Busters!
http://99ercharts.blogspot.com/2011/05/10y_24.html
Say what, Ben?

[BullBear52x]

GM,
Sell! let see, smell something.

[uempel]

Yesterday's ellipse chart still providing support and resistance levels:

[cougar]

Lovely ellipse!

[uempel]

Update:

[cletus]

For those who are with me on silver!

http://youtu.be/xMUgmU_Hsjc

But take a short-term position off at Silver 36.40 should be a pullback there. lol

[Cobra]

a little fib info here.