07/27/2011 Intraday Watering

[Cobra]

lunch time, will be back, normally, the 2nd leg down like today's case should make a lower low, purely from feelings, trading is an art, no solid evidences...

whats for lunch Cobbbzyyy ? Do u cook btw or does ur wife ? also .....do u have kids ?

meat ball for lunch. I don't cook anymore after I married. Before that I cook. I have a daughter.

Your wife must be v v v ( insert vv x 100 ) lucky to have such a nice man like u (i mean that in the most brotherly way possible!). You are just tooo tooo toooo (insert tooo toooo x 1000 ) nice !!!

Well, too bad you're not my wife, because she apparently doesn't think so.

[AK84]

Debt Ceiling Rap Video

http://www.huffingtonpost.com/2011/07/2 ... 10179.html

Dedicated to AK84.

baahahahahahahaHAHAHAHA!!!!!! I loveeee Remyy!!! This is a tuneee!!!!! Thanks 99er ! You just made my dayyy !!! On repeaaattt!!!!!!

Remy lives in DC ( where I used to once live before moving to the Big Apple ) ...he has some other very cool rap videos worth checking out !!

[Cobra]

still think a breakdown is more likely, kind looks like a Descending Triangle, especially RSP. Besides, I covered most of my day shorts, so usually means I'll be very regret. we'll see.

[AK84]

I was dead wrong about the V recover? Possible double bottom? Breadth is absolutely terrible on the NYSE, 5:1 on the nasdaq.

Silly question but how do i measure beadth on stockcharts.....what indicators do i need and i would like to learn more about how to use it to trade single stocks( which is what i primarly do using options)

I use Thinkorswim platform and the breadth is measured by using $ADVN/$DECN and the Up Volume/Down Volume.
If you don't have it for your trading platform, you can use http://finance.yahoo.com/advances?u You can see that down volume is at 87%, almost 10:1

Thank You !! I am going to read up more on it to understand how to use it in my trading . This is what I love about trading ...there is SOOOO much to learn ! and all my Cyber Friendzzzzz . I love u all !

[Al_Dente]

Here is a decent view of breadth on the stockcharts.com platform
Advances and declines on top.
Volume on bottom.
Advances > 2000 is generally a bull trend.
Decliners > 2000 (like today) generally a bear trend.

http://stockcharts.com/h-sc/ui?s=$NYUD& ... =240386224

[Cobra]

breakdown finally. let's see if it's for real...

[greenback]

Cobra, today's market has fulfilled your call for a pull back ... do you still believe the market will revisit recent highs?

[Cobra]

almost filled the gap.

[99er]

SPX
Rhomboids...
http://99ercharts.blogspot.com/2011/07/spx_9497.html

[Cobra]

Cobra, today's market has fulfilled your call for a pull back ... do you still believe the market will revisit recent highs?

too early to tell.

[Cobra]

volume surge, hopefully, we could see a rebound of some kind here. then we'll see. normally, this should be 3 legged down, now it's the 2nd leg.

[MajorEasy]

We're on the line again.

[Cobra]

could be an exhaustion bar, so the 2nd leg might be done around here. I need see how rebound goes before making the next call.

[Cobra]

tinted area as rebound target. bulls need a H1 to kick off the rebound of course.

[Alpha_M]

Cobra,

we are almost close to the 7/20 lows? Do you think there is more weakness ahead??

Made a huge long call yesterday and I need to recover my loss.....your input will be appreciated.

[shumushu]

I personally see this late day sell-off as a lower low selling climax. IE: low of the day is in. Typically in a strong down day, the low is usually not a double bottom. It could be a trendy day where low is the day's close, or climax bottom where the low is slightly below previous lows but quickly gets bought. We sold off on lighter volume while some leadership hasn't made new lows yet. Nothing is guaranteed, we will see how the market reacts.

[Cobra]

small double bottom plus H1 plus exhaustion bar on SPY 15 min chart, well, hopefully we could see a rebound of some kind here. In case we close low of the day, I want you guys to know, odds are very high, lower close ahead, but also very common a big rebound tomorrow.

[Out of Bounds]

Just a note of caution to any traders who may be feeling anxious, never ever trade over your head. Calculate potential losses and measure your willingness to accept them before you push that button.

[lumeipro]

Took profits in 90% put option profits. the market is trapping bears and bulls. better to pocket the real money. A great day today.

[alandon]

I just covered all my shorts, thanks Cobra. I do not want to take any risks.