06/23/2011 Intraday Watering

[HK88]

To me, news is just the excuse, look at the action from morning, QQQ, IWM, XLY, all outperforming on a 15pt gap down day. I guess the stage was set. A close above 1280 is bullish I would say. Still, need to see the last 30 min. A lot have been happening lately in the final stretch so you never know...

[Mario TR]

3 push up? 1 min chart

[Anaconda]

From Zero Hedge:
"Somehow the fact that Greece has reached a deal on its austerity plan is supposed to be good for 100 pips on the EURUSD even though this is not news, and has been priced in for a long time. Furthermore it does absolutely nothing to dampen the fear and loathing that this plan will be met by the broader Greek population. But with market that's have absolutely no liquidity and monkeys controlling the buy and sell algos, one can only sit back and laugh."

I agree but we have to live with it.We will revisit the low when the hype wares off.

Agreed. And dollar is near low of the day. We'll see more down into the close. Based on candle formation, I see another down day tomorrow. (Based on yesterday's I went 80% short. I did not expect as much of a rebound this afternoon, though.) Our close will determine the extent of tomorrow's decline.

Good luck.

[pidge66]

To me, news is just the excuse, look at the action from morning, QQQ, IWM, XLY, all outperforming on a 15pt gap down day. I guess the stage was set. A close above 1280 is bullish I would say. Still, need to see the last 30 min. A lot have been happening lately in the final stretch so you never know...

I agree. One can argue how the mkt spin a news is the way the mkt wants to go, regardless of how lame the news is. That said, the last 30 min can still change the whole landscape.

[99er]

SPX
Nice try, Boyz.
http://99ercharts.blogspot.com/2011/06/spx_2538.html

[BBFinance]

Some big gun wants to get out of trapped longs.
Spinning the news.

yes, this explains why the whole day, RSP, QQQ and IWM were strong. someone would use any excuse to pump the market.

could be more trouble ahead in the next few days, if they are so desperate to play the headline.

[Nomorework]

Some big gun wants to get out of trapped longs.
Spinning the news.

yes, this explains why the whole day, RSP, QQQ and IWM were strong. someone would use any excuse to pump the market.

Then wouldn't it also reason to see heavy selling into close?...

[progruss]

thanks. i bought a bunch of calls

Happens to all of us.

[BBFinance]

How does one uses TA in such a manipulated , ****ed up market?

[HK88]

How does one uses TA in such a manipulated , ****ed up market?

You cannot, it has been into a casino nowadays...

[Jennyahwu]

Some big gun wants to get out of trapped longs.
Spinning the news.

Cobra ,c an we long energy thanks

[BlackThought]

last 15 minutes will tell the tale..

[KENA]

CNBC guests say buy,buy,buy....What a farce.

[BBFinance]

last 15 minutes will tell the tale..

today it is too late. the euro will sell off in the European market time and they will sell the ES futures here in US

[Cobra]

sorry, really no clue today. if bears can hold here until close, then still bears have a little better chances.

[BullBear52x]

I am backk ...I need to go back and read today's posts, from reading last few post, man....so funny you guys just clueless as ever. LOL.....

I joke I joke......

[KENA]

Trin is back over 1.50 maybe we will go dn a little more to make up for all this BS.

[BBFinance]

The crucial vote in Greek parliament is on 28th/29th and the Greek trade unions will do another round of protest. Till then I think it is a sell the bounce

[BullBear52x]

intraday, no sell. swing yes but DT no.

[progruss]

As promised, here are the final results!

Will the Market revisit the June 16th low (SPY = $125.70)? Answered question: 38

71.1% (27)
Yes - Market will make a new low before any significant rally.

13.2% (5)
No - Market will rally from here.

15.8% (6)
Maybe - Market is confusing, that's why I visit this blog in the first place!

Thanks guys!