08/11/2011 Intraday Watering

[hiram]

tabby what do you think chances are of seeing phantom bar of 8.67 the other day on fas, and just as a note i only play options when that bar showed up i bought 16 dollar calls at .36 so you were right to belive no one bought the 8.67 price. my big mistake was holding over night i didnt loose money but i sure would have made a pile if i hadnt got euphoric.

thanks hiram

p.s i really appreciate all your hard work cobra i am here every day...lol its nice to have people to trade with through the day...

[Tabby]

Hi, did anyone get spy phantom bar 112.32?

many 322 combos in there dont like that symbolic to power elite...little conspiracy in afternoon...

hiram

Congrats, now we are in spooky group and believe voodoo in and on Wall Street.

[Cobra]

still a little shy to the resistance. will be there I believe.

[Tabby]

tabby what do you think chances are of seeing phantom bar of 8.67 the other day on fas, and just as a note i only play options when that bar showed up i bought 16 dollar calls at .36 so you were right to belive no one bought the 8.67 price. my big mistake was holding over night i didnt loose money but i sure would have made a pile if i hadnt got euphoric.

thanks hiram

p.s i really appreciate all your hard work cobra i am here every day...lol its nice to have people to trade with through the day...

Trade what you see. When it comes to Direxion funds, don't believe in phantom bar. It eats you alive.
We might get to 800ish S&P by November by that time Direxion has many splits and reverse splits.

[Ninja Trader]

@KENA,

I took a shot at some SODA call options today on the big drop

very small position size... $50 August 11 strike, in at 1.85.....highly speculative, tight leash on this one

[Cobra]

i believe this 3rd push target should be far less than the tinted area.

[Michelle]

Nice follow through on the upside.

[champix]

Hi All,
Long time since my last post but always a pleasure to read everybody here.

Went long 2 crude @ 82.88; target 1 = 83.88, target 2 = 84.88 stop now placed @ 82.90
Just need Spi to help me further...

first target reached... go,go,go....

closed second one @ 84,84... thanks SPY for the bounce !

[yellowreign]

Cobra, if we finish above the diamond bottom you mentioned yesterday, do you think that it means we've seen a short term bottom (yesterday)?

[Michelle]

Cobra, if this move up met the target from the diamond bottom, what would you say that is?

[Cobra]

resistance target hit as I said. key time here as I see possible 3 push up.

[Cobra]

Cobra, if this move up met the target from the diamond bottom, what would you say that is?

still it's just a rebound. it's really really very rare for the sell off we had in the last 13 trading days simply be one legged.

Remember the same thing I said yesterday (also Dow Trader said too) it's very rare for the FOMC day rally just be one legged, and here comes, right?

the last 13 trading days sell off was much much bigger than the FOCM day rally, even that rally had 2 legs at least, can you image that down push had only 1 leg?

[Ninja Trader]

Cobra,

may end up just being a fantastic call on the diamond

I cant say I've ever traded a diamond pattern in real time, I have a difficult time seeing them I suppose

[KENA]

@KENA,

I took a shot at some SODA call options today on the big drop

very small position size... $50 August 11 strike, in at 1.85.....highly speculative, tight leash on this one

Sometimes it is a good bet when the mkt drives them dn hard like today.I did not buy any because I have enough in my other four.Good luck.

[Cobra]

trend line support, no comment for now, let's watch the next few bars. personally i think it's essential for bulls to hold this trend line otherwise it means the up momentum is weakening further.

[Michelle]

still it's just a rebound. it's really really very rare for the sell off we had in the last 13 trading days simply be one legged.

Remember the same thing I said yesterday (also Dow Trader said too) it's very rare for the FOMC day rally just be one legged, and here comes, right?

the last 13 trading days sell off was much much bigger than the FOCM day rally, even that rally had 2 legs at least, can you image that down push had only 1 leg?

Yes, I remember everything you have said, and also heeded. When I asked the quetion, it was more like a whisper.....what if?

[Cobra]

not sure if the small pullback started already, if indeed, the target should be larger than the tinted area. let's see.

[Anaconda]

Hi, did anyone get spy phantom bar 112.32?

Yes. I saw it, as well. Covered morning's longs. Short at 1170 SPX.
GL

[yellowreign]

Cobra, if this move up met the target from the diamond bottom, what would you say that is?

still it's just a rebound. it's really really very rare for the sell off we had in the last 13 trading days simply be one legged.

Remember the same thing I said yesterday (also Dow Trader said too) it's very rare for the FOMC day rally just be one legged, and here comes, right?

the last 13 trading days sell off was much much bigger than the FOCM day rally, even that rally had 2 legs at least, can you image that down push had only 1 leg?

You're right, of course, Cobra. And, you're usually right about forecasting retraces.

I think what scares me from going short overnight is the meeting with Sarkozy and Merkel (and the bans on short selling in the EU). However, it seems like volume is weak in this move up.

[Cobra]

still don't believe that MACD hist (indicating momentum) could go up for ever. The reading now is very extreme. That said, given this kind of momentum, it also implies that the rebound may have further to go after a pullback or consolidation of some kind.