06/03/2011 Intraday Watering

[shumushu]

Market bouncing to test lower trendline

[AK84]

the open. should see some rebound first.

CObraaaaaa! How didd you know this ? HOW DO U KNOW EVERYTHING ? Are you sure you're not Paul the Octopus oracle ?

[BullBear52x]

GM, it was a bear flag yesterday just double check it
I am greedy, not cover yet until my special RSI is trading above 30

[Cobra]

the open. should see some rebound first.

CObraaaaaa! How didd you know this ? HOW DO U KNOW EVERYTHING ? Are you sure you're not Paul the Octopus oracle ?

Paul was dead. Snake on the other hand lived since Eve time! Otherwise, you, human, would still without cloth.

[KENA]

Lots of dippers right now.I do think we will back test the lowes of today. Then I will see if I take profits.

[cougar]

Cougar asked me to evaluate PALL (palladium). A couple observations:

1. This is a very cyclical stock with predictable highs and lows based on cycles. The next cycle is on June 15th, so expect a turn there.
2. It is showing clear RSI support and resistance levels -- 50 was support in a bull trend and 60 has been resistance in this bear trend (the bear trend seems in tact)
3. The stock itself is in consolidation mode, sideways trading, after a big trend move. As long as 68 isn't taken out, I'd be bullish biased for the longer-run.
4. Could be a kind of inverted head & shoulders working. If so, expect a bounce at 72.50 to 73

Cletus: after unloading my indices puts at the top of their early trip up (!!), I could finally study your excellent chart in peace…
It is very helpful and I like your thoughtful views about the possible moves of PALL!
Thank you again for sharing them!

[BullBear52x]

See lower MACD, triggered new sell, or continue sell.

[99er]

Doctor Copper
"Down."
HG: http://99ercharts.blogspot.com/2011/06/copper_03.html

[shumushu]

ISM Non-Manufacturing PMI
Actual 54.6 Predicted: 53.8 Previous: 52.8

[cletus]

Closing my SPY and USO calls here for a quick 5%

[PRI]

Still within the channel posted yesterday.

[soku]

Closing my SPY and USO calls here for a quick 5%

i just added more longs. i see 1307.25 at first sight

[alvian33]

cobra, in your view, so far does it look like a tipical NFP day? reversing to the upside, or you still expect a touch of the lows before real bounce?

[cletus]

Closing my SPY and USO calls here for a quick 5%

i just added more longs. i see 1307.25 at first sight

Expecting a move to a lower low as market makers take out stops, but I will be buying there. If it continues higher, that's ok, I'm long this market here for the longer run with a few small long positions.

[Cobra]

huge bar with volume surge, if this is not an exhaustion bar, then pretty much bears are dead. QE3 will be in the play, i'd ask you guys donate me CANADIAN DOLLAR please no US$!

[PRI]

Bigger picture, back within channel.

[Cobra]

cobra, in your view, so far does it look like a tipical NFP day? reversing to the upside, or you still expect a touch of the lows before real bounce?

Bear Flag was already fulfilled. now we need next pattern to make my next call. I have no idea if the market would reverse today. need watch awhile.

[PRI]

Sorry, new to posting pictures. First chart is on a 5 minute time frame, second, an hour.

[AK84]

cobra, in your view, so far does it look like a tipical NFP day? reversing to the upside, or you still expect a touch of the lows before real bounce?

Bear Flag was already fulfilled. now we need next pattern to make my next call. I have no idea if the market would reverse today. need watch awhile.

How do you trade in these situations ? U just sit on theside ? or make speculative bets?

[BullBear52x]

If I cover now I will end up reshort at a lower price.