08/02/2011 Intraday Watering

[Petsamo]

I wonder if we finish at that bottom trend line, or neckline.

[ocassional observer]

i forgot to mention yesterday that according to cobra's monthly spx chart, since 1983 3 consecutive down months were always inside of bear markets (+20% decline) due to recessions. 1987 where no recession accured saw only 2 months decline in a row.

[Cobra]

i forgot to mention yesterday that according to cobra's monthly spx chart, since 1983 3 consecutive down months were always inside of bear markets (+20% decline) due to recessions. 1987 where no recession accured saw only 2 months decline in a row.

Not really, I checked this already. 87, 90 and 99, all had 3 months down but they were no compare with 2000 and 2008.

[99er]

EURUSD
http://99ercharts.blogspot.com/2011/08/eurusd_1551.html

More selling ahead.

[Cobra]

failed double bottom would be very bad. let's see what happens on breakdown.

[soku]

tons of rumor:
margin calls for long liq, possible qe3.
i saw equity down, gold up

[Cobra]

volume surge, let's wait for the next bar, very close a rebound now.

[BullBear52x]

It's not black bear, it's polar bear

cheers!

[99er]

SPX
Neckline broken.
http://99ercharts.blogspot.com/2011/08/spx_7174.html
H&S target is 1137.

Mama mia!

[Cobra]

bulls need a H1, consolidation after breakdown cannot be a good news for bulls. so hopefully a H1 here, otherwise I'm afraid only closing bell would stop bears...

[Me XMan]

I'm in fetal position...

[Cobra]

too bad, as I was afraid, consolidation after breakdown is bad. now tinted area target is as real as it gets.

[EvilTrader]

Cobra

what about the odds when market falls 8 days in a row ?

[soku]

tons of rumor:
margin calls for long liq, possible qe3.
i saw equity down, gold up

if we close below 200ma, more funds will be forced to sell. xlf has huge sell.
watch es 1250 handle for now.
long live the bears

[Cobra]

almost at June lows now, hopefully bears would take a breath there. still it's rare for a selling like this to rally successfully at the very first time, so I'll maintain what I said last night, rebound, if any, is sell.

[Cobra]

Cobra

what about the odds when market falls 8 days in a row ?

2 out of 2 since 1991.

[Cobra]

target reached, but still it seems the closing bell is the only thing could stop it bleeding.

[Out of Bounds]

FYI: SPY S2 is 125.68

[Out of Bounds]

Closed shorts. Neutral. It's not 1987. ......yet.

[EvilTrader]

Cobra

what about the odds when market falls 8 days in a row ?

2 out of 2 since 1991.

but 2/2 for what ?? More selling ahead or a rebound here ??