08/08/2011 Intraday Watering

[Cobra]

very good rebound. hopefully it could last till the closing bell.

[KENA]

SPX 944??? WOOOAAHHHHHHHH!

SPX
Targeting 944.
http://99ercharts.blogspot.com/2011/08/spx_2933.html

How about we go dn to test the low in the 660 area..Its possible.Lets see

[newbie_77]

this is impressive rebound. i have not seen this kind in my life. ( that proves that i am too young to be in this market )

[fuddleduddle]

Fed hands are tied...there will be no QE3.

Well today was... expected but unexpected? I definitely covered too early today. We all saw this coming to BAC..

QE3 will be annouced tomorrow, does it even matter anymore though? Probably not.

Tomorrow is the FOMC meeting at 1415. Jackson Hole Symposium 2011 is sometime around Aug 23-29. I did not see any set date on the site.

My bad. Yes the FOMC meeting is tomorrow, not JH. I think the tentative date for JH is Aug 25th.

[shumushu]

We need to bounce stronger than the previous bounce to make this bottom believable.

[Cobra]

very strong rebound indeed, but simply from a little bit bigger picture, it seems still not enough, I mean more likely it'd fail eventually, may not be today of course.

[newbie_77]

looks like its failing already..

[dmid]

Hi Cobra,
I am stuck with some of my funds in 401K, i was expecting for a relief rally to get out and it never came,
do you think i better take loss and move on, or we should get some sort or rally and i can get out at a better point in the next few weeks?

Are you a trader?

We're here to Day Trade or Swing Trade. 401k is a longer-term view. Look at a monthly chart. When you panic and sell, 9/10 you've sold at the bottom. I'm no financial advisor, but do you really want to be that guy who sold the 1st week of March 2009.

Thanks,
I do day trading in my IB account and doing good if not best, but in my company 401K account i still have some funds invested (about 60%), i was looking for 200 MA on weekly chart to offer strong support, but it sliced thru it and now i am thinking..., so trying to understand how cobra/others look at it... ofcouse end of the day i have to deal with outcome...

[BullBear52x]

Time to cover, since the rule said no long over night.... cash is king.

Please help me fill in the blank
Bulls/Bears make money, _______ got slaughter

whoever came up with that, it's funny, mean...but funny.

have a good one everyone

[uempel]

very strong rebound indeed, but simply from a little bit bigger picture, it seems still not enough, I mean more likely it'd fail eventually, not today of course.

How's your wife, your daughter? Happy to be back with you?

[WhyNot]

Incredible! Every Rebound is a super sell!!!

[Dow Trader]

We need to bounce stronger than the previous bounce to make this bottom believable.

agree 100%

[BullBear52x]

very strong rebound indeed, but simply from a little bit bigger picture, it seems still not enough, I mean more likely it'd fail eventually, not today of course.

How's your wife, your daughter? Happy to be back with you?

hope the master didn't forget to clean up the house last weekend. heheeh.... empty beer cans all over the corners.

[Ninja Trader]

"Please help me fill in the blank
Bulls/Bears make money, _______ got slaughter "

Jim Cramer?

James Altucher?

Laslo Birinyi?

or were you talking about another pig, perhaps the one that stays in Phil Falcones house?

[agnosia]

i am like a deer staring into the headlights of oncoming cars ...unable to make a trade oh well.... these markets are not for me. 100% cash

[Cobra]

very strong rebound indeed, but simply from a little bit bigger picture, it seems still not enough, I mean more likely it'd fail eventually, not today of course.

How's your wife, your daughter? Happy to be back with you?

thanks for asking, the plane delayed. I'm sitting on the ground now, typing. dare not use the airport wifi.

[Cobra]

hmm, failed even faster than I thought, but I think that's pretty much for today.

[Me XMan]

I see new low tomorrow after FOMC when they would announce no QE3 at the moment.

i am like a deer staring into the headlights of oncoming cars and unable to make a trade oh well.... these markets are not for me. 100% cash

[Dow Trader]

The biggest daily gain for me in months , I love Vix above 18 just love it .... good luck all
see u tomorow

[Cobra]

got to go, thank you guys, I'll see you tomorrow!