06/16/2011 Intraday Watering

[Cobra]

Flat open, any gap will be filled and the day after a Major Distribution tends to be a small range bar, so might be boring today.

Institutional actions from stocktiming.

[jynmax]

GM COBRA

[alvian33]

Morning Cobra, if this week will be red again, does it mean next week green? do you know? thanks

[budfox]

Here is my pre market comment.

http://www.greedandmoney.com/?p=358

[feibingjia]

Morning!

[cougar]

SPY: a drop under the acceleration band (blue) would suggest a further down move to the next support level (~125.56).
If the present level holds, I expect the ritual up correction, before OpEx.

[cletus]

Headlines:

* S&P cycle turns are 9:30 AM EST (not sure I'd bet on this one since it's so close to the open), 12:15 EST, 3:00 EST. Indeed, with so many turns range is likely.
* Seasonality today is more bearish, not necessarily expecting a positive close today, but I will not be betting on downside
* Next two days are the two most bullish trading days of the month for the last few months, in addition to the last year (over 75% positive and solid gains on average) so I will be looking to enter some bullish positions at the close
* Bought some calls yesterday around SPY 127 that I will probably close fairly early in the morning and will alert. Sorry I missed posting my entry, but I was on the train. lol
* Will give some outlook on commodities when I see something interesting. Seasonality is bearish for nat gas today.

Some additional NDX analysis. Looks like a couple scenarios playing out. Sideways consolidation (bullish) with a huge upside target. Or, a double top. I've labeled the measured targets. To be honest, I think the bullish scenario is more likely. NDX still trades in its bullish price channel!

[99er]

Good Morning.

ES
The pause that refreshes.
http://99ercharts.blogspot.com/2011/06/es_9224.html

[99er]

EURUSD
Bet Trichet smokes Gitanes.
http://99ercharts.blogspot.com/2011/06/eurusd_5324.html

[cougar]

XLF in a support zone.

[99er]

AUDJPY
Looking outside the box.
http://99ercharts.blogspot.com/2011/06/audjpy.html
Descending Triangle.

Go Bears.

[kamukak]

My crystal balls says we are creating a base and will rally strong from Friday into next week. When all the doom gloom so called analyst start coming on cnbc then is the time to buy.

[gabor]

I just warn you, that yesterday was full moon. Recently full moons were local bottoms, and according to the market astrology full moon accompany with intense emotion and frequently sentiment reversal.

[Cobra]

the open.

[cletus]

Cotton. I think I see 5 waves down with the new lows this morning, BUT the wave might not be complete. So even if this is a bear market for cotton, I think it may be close to a bounce. I bought this a little higher up and am determining whether to close it or add more. No evidence either way yet to convince me to do anything but wait. Bearish wedge target has been met.

[Anaconda]

EURUSD
Bet Trichet smokes Gitanes.
http://99ercharts.blogspot.com/2011/06/eurusd_5324.html

'99 - you missed your calling, my friend. Love the one-liners.

[pidge66]

cletus, are "cycle turns" normally mean trend reversal? Or are they just pivots? TIA.

[Cobra]

OK, since the intraday watering is all about chart pattern and now i believe i have a little credit in reading chart patterns, so, well, i know lots of indicators and statistics are very very (insert 100 very here) bullish now, but the chart pattern I see here says different thing. you earth people like to try twice on one direction and if it doesn't work, then you earth people will try an opposite direction, so basically, i see you earth people tried twice on the upside and it failed, now the market is trying on the downside.

[StrikePrice]

We in America need "three" strikes before we're out.

[cletus]

cletus, are "cycle turns" normally mean trend reversal? Or are they just pivots? TIA.

potential intraday pivot points

emphasis on POTENTIAL lol

they work better when you spot a volume pattern or RSI divergence to confirm that the turn will likely happen