07/07/2011 Intraday Watering

[Cobra]

Well, here we go the decisively breakout. The gap is big, so generally I won't hope it could be filled today. As for Global ES, too bad for bears, it doesn't look like a 3 push up any more (as I originally thought), instead it's Right-Angled and Ascending Broadening Formation, the target, well, unbelievably at galaxy far far away. I really don't understand what justifies such a crazy rise, but we're traders not economists so reasons don't matter as long as we make sure we're on the right side. May the force be with you guys...

[90ufo]

nowadays, robot trading, positive feedback loop. trend is fast and furious, snowballing for 2 weeks.

[alandon]

Thanks Cobra, we are on the right side for sure. Yesterday is really good chance to buy dip and hold.

[bull100]

I would say ' BULL TRAP'

[99er]

Good Morning.

Coffee honey?
EURUSD http://99ercharts.blogspot.com/2011/07/eurusd_07.html
Expresso, please. Make it a double.

[KENA]

FYI...The NYSEBP is green giving the mkt an up trend for a few weeks or a 6% dn move which ever comes first.Uaually it takes a few weeks to change.Wait and see.

[cheech]

Fading the gap. Does not matter how high they take it, because the breakout point will be re-tested at 1300. Even if they go straight to 1400, fine, just buy puts several months out. VIX is so cheap right now! The great thing is that I never have to trade with fear because I have guarantees from the banks. Other retail traders don't understand it.

[99er]

Honey, we don't have an expresso machine.
ES http://99ercharts.blogspot.com/2011/07/es_07.html
Let's borrow cougar's.

Or cheech's.

[BBFinance]

GM Cobra,
Yesterday the correlation between SPX and Euro was broken. Today, after the rate hike EURO is drifting lower but SPX futures are moving higher, while Gold & Silver is not going up.
Any explanation as to the anomalies in the behaviour of the "Risk On" trade or is it the process of topping out ?

[agnosia]

wow. the number wasn't that great.. lowered expectations i suppose. according to my calculations if crude breaks 99.8, we are headed back into the 110's which will screw the economy .... wash, rinse, repeat.

[brownstein00]

cobra..your target around1386?

[greenback]

As I said yesterday, the market was waiting for the ADP data.
Here you goes, we get 157K, more than twice the estimate, so the breakout ...

[Cobra]

the open.

[greenback]

Cobra, does this breakdown fulfill your firework prediction?

[alphahorn]

just checking in on cheech and my bear friends. i posted this chart a couple of days back warning this was a wave 4 consolidation and there would be another move higher before a meaningful pullback. might even test the previous high first

[Cobra]

Cobra, does this breakdown fulfill your firework prediction?

No, please read my Tuesday report again. I gave very detailed statistics, it should be enough.

[greenback]

Hmm, I see, we might have more up room in the intermediate time frame ...

[greenback]

So far SPX walks as if it is a strong labor data day, shoot high and slowly drift lower ...

[greenback]

Unfortunately EURO is not helping, and has a negative correlation with SPX so far ... but AUD/JPY looks promising ...

[KENA]

If the bears can break and hold under 1341 we may go lower short term.