08/09/2011 Intraday Watering

[Me XMan]

SPX 1020-1050...that's about right before Jackson Hole.

I see the support at 1050, but I think the market will overshoot to the downside. we'll see what happens, but I wouldn't rule out 1020 before Jackson Hole. If I'm wrong, then we're squabbling over pennies when we're making pounds.

[soku]

low 1120s could be a good equilibrium area.
i am calling the rest of the day off. need to do some serious bird watching now.
good luck and trade well

[99er]

Okay. Back to our regular programming.
SPX http://99ercharts.blogspot.com/2011/08/spx_1132.html

[Petsamo]

Overseas markets aren't gonna like what we did here. We're likely gonna gap down tomorrow.

[Me XMan]

SPX could close below 1100 today?

Okay. Back to our regular programming.
SPX http://99ercharts.blogspot.com/2011/08/spx_1132.html

[AK84]

I shorted right after FED statement !!! YESSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS

[AK84]

I shorted right after FED statement !!! YESSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS

uh oh

[shumushu]

hmm a bigger double bottom with overshoot of the lows.

[hiram]

bear trap,, minutes accomidative to equity,, what part of low intrest rates hurt equity again???

[99er]

Me XMan: "SPX could close below 1100 today?"

Looks like it. Prices appear set to hit the lower line of the grey channel as the MACD drops towards its zero line.

[Cobra]

no comments, the show is still on. bulls did much better this time though.

[shumushu]

H&S on the 1minute

EDIT: looks like a confirmation. Target 1149

[StrikePrice]

Strike, would you mind sharing your indicator. Or is it proprietary?

This market is all psychology right now. Panic sellers dump in the morning. Short sellers cover after that. The big round 1150 that caused the panic yesterday when it failed and drove the /ES to 1080 marked the line for other sellers to leave and get into cash.

The Fed Minutes aren't likely to spur a big rally, obviously just an opinion, but I think 1150-1160 area is too strong a resistance area now and the lows in the Futures and likely lower will be seen this month before things start to settle down.

I think lower because my bottom signal that has never failed me needs more time to trigger. It's currently sitting at 19 and needs to get to < 10 to say we're there. It only measures Closing Price and Time and it's the Time factor that's not there yet. The Price factor has been at 0 since 8/2.

I def share when the signal hits. It has rarely picked the exact day but I think it'll be helpful in this type of market.

[agnosia]

wow, bonds are flying higher, not a good sign for stocks.

[Me XMan]

I shorted right after FED statement !!! YESSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS

uh oh

[fuddleduddle]

Perhaps, the market is telling us yes in fact the markets are oversold regardless of what the Bernank said.

[Cobra]

very good, bulls did much better this time.

[BullBear52x]

Try again?

[hiram]

sometimes only looking at things from a ta standpoint will leave u high and dry, over the next days and weeks people are going to wake up to the fact that dividend stocks make much more sense than gov fixed income. ultra low intrest rates will never be bad for equity, economics 101. at the decision i shorted vix and bought fas calls....

hiram

[pablorynx]

sometimes only looking at things from a ta standpoint will leave u high and dry, over the next days and weeks people are going to wake up to the fact that dividend stocks make much more sense than gov fixed income. ultra low intrest rates will never be bad for equity, economics 101. at the decision i shorted vix and bought fas calls....

hiram

you're not the only one. as soon as SPX div yields were 2.25 with 10yr @ 2.05, someone came in and did the switch big.