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08/05/2011 Intraday Watering

08/05/2011 Intraday Watering

Postby Cobra » Fri Aug 05, 2011 9:05 am

Gap up but within yesterday's range, so the gap might get filled and usually a small range day after a Major Distribution yesterday. The Global ES so far still is within a range that can be seen as a Bear Flag so chances are it eventually would continue on the downside.
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Re: 08/05/2011 Intraday Watering

Postby AK84 » Fri Aug 05, 2011 9:13 am

Good Morning Cobra. Since we have been down so much lately, I know rebounds are a sell. However, jhust for today, you still think the NFP pattern holds ? Open high close lower?

Also what does this imply for Monday given we have a green day today. Rebound could last till early next week and today will be a turning point and short term trading bottom ?

Thanks!
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Re: 08/05/2011 Intraday Watering

Postby The Hook » Fri Aug 05, 2011 9:14 am

Cobra is there any edge on O/H/L/C for inline type employment reports (referencing the Think Big piece on weak and strong reports)
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Re: 08/05/2011 Intraday Watering

Postby agnosia » Fri Aug 05, 2011 9:14 am

hey guys. i played the non-farm lotto this morning.. buy stop 86 on /cl , got out at 88 for 2$. sell stop never triggered. might call it an early day :) looks like a big bear flag on the hourly.
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Re: 08/05/2011 Intraday Watering

Postby 99er » Fri Aug 05, 2011 9:19 am

Good Morning.

Planning our trip today?
EURUSD http://99ercharts.blogspot.com/2011/08/eurusd_05.html


TGIF.
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Re: 08/05/2011 Intraday Watering

Postby 99er » Fri Aug 05, 2011 9:20 am

Yup.
ES http://99ercharts.blogspot.com/2011/08/es_05.html

We may want to get out of Dodge.
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Re: 08/05/2011 Intraday Watering

Postby koolblue » Fri Aug 05, 2011 9:20 am

Chart created after the close yesterday, posted last night... 8-)
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Re: 08/05/2011 Intraday Watering

Postby cougar » Fri Aug 05, 2011 9:25 am

Hello Cobra! Excellent discussion! Indeed, if one looks at internals it appears they are heavily oversold.
NDX is however an exception, at least on the 130 min chart + some home-made indicators, which I often use. This time frame is usually only slightly faster and more “sensitive” than the daily…While still in the red, it does not suggest an “over-over-sold condition“!
I am wondering: if there is a short and aggressive bounce today, which index should bounce best - the over-over-sold or the more resilient one???
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Re: 08/05/2011 Intraday Watering

Postby Cobra » Fri Aug 05, 2011 9:31 am

AK84 wrote:Good Morning Cobra. Since we have been down so much lately, I know rebounds are a sell. However, jhust for today, you still think the NFP pattern holds ? Open high close lower?

Also what does this imply for Monday given we have a green day today. Rebound could last till early next week and today will be a turning point and short term trading bottom ?

Thanks!


I think the usual NFP pattern should be right again.

If green day, chances of a turning point is a little less likely but still possible. we may continue higher until FOMC.

All are guesses, of course.

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Re: 08/05/2011 Intraday Watering

Postby Cobra » Fri Aug 05, 2011 9:31 am

The Hook wrote:Cobra is there any edge on O/H/L/C for inline type employment reports (referencing the Think Big piece on weak and strong reports)


No idea. :mrgreen:

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Re: 08/05/2011 Intraday Watering

Postby Cobra » Fri Aug 05, 2011 9:32 am

the open.
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Re: 08/05/2011 Intraday Watering

Postby BullBear52x » Fri Aug 05, 2011 9:37 am

Good morning,
Gap right on to 200ma resistance.
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Re: 08/05/2011 Intraday Watering

Postby BullBear52x » Fri Aug 05, 2011 9:42 am

My prediction today will be SLOW, SIDEWAYS, and SUPER BORING
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Re: 08/05/2011 Intraday Watering

Postby Cobra » Fri Aug 05, 2011 9:43 am

BullBear52x wrote:My prediction today will be SLOW, SIDEWAYS, and SUPER BORING


hope so. :roll:

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Re: 08/05/2011 Intraday Watering

Postby Tabby » Fri Aug 05, 2011 9:45 am

BullBear52x wrote:My prediction today will be SLOW, SIDEWAYS, and SUPER BORING


I agree with you.
The Wall Street Boys are done with Obama's Birthday gift. No where in news was mentioned about his birthday.
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Re: 08/05/2011 Intraday Watering

Postby 99er » Fri Aug 05, 2011 9:46 am

So honey...what's the plan?
SPX http://99ercharts.blogspot.com/2011/08/spx_05.html

Channel surfing?
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Re: 08/05/2011 Intraday Watering

Postby agnosia » Fri Aug 05, 2011 9:48 am

maybe we get a gap fill like cobra suggested in his opening remarks. /es close is 1196.75
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Re: 08/05/2011 Intraday Watering

Postby Anaconda » Fri Aug 05, 2011 9:49 am

99er wrote:So honey...what's the plan?
SPX http://99ercharts.blogspot.com/2011/08/spx_05.html

Channel surfing?


Do you think we could go down to the Amalfi coast?
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Re: 08/05/2011 Intraday Watering

Postby BullBear52x » Fri Aug 05, 2011 9:52 am

sold out many of my short etfs, look at TZA that last tick spike is right after I sold it (48.87). they just happy that I aint in it no more :lol:
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Re: 08/05/2011 Intraday Watering

Postby agnosia » Fri Aug 05, 2011 9:52 am

agnosia wrote:maybe we get a gap fill like cobra suggested in his opening remarks. /es close is 1196.75


well that was fast. bears are back. gap overshoot means more selling probably.
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