07/08/2011 Intraday Watering

[Cobra]

no confidence on the 4th call, the pullback is just too weak, but we'll see, if indeed a strong pullback here, it should be at least 2 legged.

[uempel]

SPX
1318.
http://99ercharts.blogspot.com/2011/07/spx_6127.html

Have a good one.

Yeah, a zigzag down to 1320 makes sense - but 1320 might be a good support level for a bullish move...

[The Hook]

Treasury Bonds going nuts...dollars with interest.

[Cobra]

well, so much for the 4th call, I give up, bulls are strong, I see bigger ascending triangle here and I don't think the resistance shown on the chart would hold.

[ddd]

If this sharp pull back from an "unbelievable" not-stop, eight-day bullish run is the w4, I think it would take more than one day to finish. More like a week or so of consolidation is expected here.

[rhight]

Come on Plunge Protection Team, if we don't close above the 60 min 20ma at 1344, then I will have lost all faith in your ability to jack this thing around.

[Anaconda]

well, so much for the 4th call, I give up, bulls are strong, I see bigger ascending triangle here and I don't think the resistance shown on the chart would hold.

That's a beautiful bear flag you've got showing there, though, Cobra. Consolidation is likely here, before further down, I think on Monday. Italian bonds will be the likely "event".
Good weekend all.
A

[Cobra]

breakout as I said. bears are pretty much over for today.

[Sqwii]

I think they will suck in some more bulls before close - as they think its a "great close" for bulls - I think its setting up for more downside next week.

[99er]

uempel:

This makes more sense:

SPX http://99ercharts.blogspot.com/2011/07/spx_7797.html

Going fishing now...for salmon.

Enjoy!

[Cobra]

tinted area as min and max text book target.

[cougar]

Why do you think that Sqwii?

[pidge66]

tinted area as min and max text book target.

The 20 MA on the 60 min chart is yet another resistance, but the market definitely showing a lot of strength!

[Sqwii]

Agree we might have a possible gap up on monday - but I dont think we will see new highs - possible backtest the broken rising wedge trendline.... who knows

[KENA]

COBRA..Thanks for the trading week.See you all mon.Think contrarian.

[Cobra]

well, guess that's it for today, doesn't feel bearish, but my crystal ball refuses to work now, so no idea what's the next, thank you guys, I'll see you the next Monday. Enjoy your weekend!

[cougar]

Agree we might have a possible gap up on monday - but I dont think we will see new highs - possible backtest the broken rising wedge trendline.... who knows

“Sqwii”: there are major interests at stake right now…and there are powerful people who do not let this market drop.
This is beyond the usual ‘market engineering’ for a few bucks…I am trying not to forget that.

[The Hook]

Took off the oversold at the close

[rhight]

Cobra,
Thanks for the blog, entertaining as always. And all I have to say to the market is "Pop 'til ya drop". See you on the flip side.

[silicon_beaver]

Late here. couldn't sell my shares. have to hold them to next week.

nice weekend, everyone and Cobra.