08/11/2011 Intraday Watering

[silicon_beaver]

Cobra
if there is a rally at end of day, shall we sell into rally? or hold overnight.
the pattern repeated several times this week. I doubted it would fail eventually.
Thanks,

[Ninja Trader]

KENA,

did you get involved with BWLD or did you punt on that?

I'm playing very small, I have no clarity on the trend right now, I have not ruled out a fast trip to 1040-1050 despite the fact that I'm leaning to a move over 1200 first....best to stay mostly cash in these periods.

good luck to you as well

[AK84]

Yo KENA,

I picked up a NFLX call at 243.00. I think it has room to run up to this broken weekly channel. Target 1 is 248-252.

Lets see how it does.

My GOOG Oct call is doing okay today when I picked it up at 560.00 (back into the weekly ascending triangle. )

GLTA!!

[hiram]

Hi, did anyone get spy phantom bar 112.32?

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

i went short too via aug 20 60 faz calls at day low of 6.10 thanks bollinger bands my stop is 5points below entry. lets see what happens next.

hiram

[AK84]

also Long Sep Puts on LNKD. Bear flag on daily!

[v1stock.com]

TMV - big fat pitch, anyone else knock it out the park like me.

Hedge funds new game, short 30y treasury (TMV - stop 23.00). long junk bonds.( awf - arr - coy - phk - rem - pey - hyld) stops 8%.

My TA gets about 50% in a year, and very few trades. SPY could go down(less than 2% day) and not hurt this trade.
I have a good clean rsi daily buy on spy.

Alpha_M - i would not short gold here.

[KENA]

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.

IMHO..Light volume on mostly short covering..1170/1175 volume may pick up when the bigger buyers come in.Lets see.

[StrikePrice]

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.

Are we just looking at this as a Diamond and not an IHS Bottom? The measure of the IHS would go to the 50% retrace of the move down around 123.50. Thoughts anyone?

[KENA]

KENA,

did you get involved with BWLD or did you punt on that?

I'm playing very small, I have no clarity on the trend right now, I have not ruled out a fast trip to 1040-1050 despite the fact that I'm leaning to a move over 1200 first....best to stay mostly cash in these periods.

good luck to you as well

Yes..BWLD,NFLX,VMW are doing well and I got SPY long Yesterday near the close.

[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

i went short too via aug 20 60 faz calls at day low of 6.10 thanks bollinger bands my stop is 5points below entry. lets see what happens next.

hiram

Good luck. Tight stops are key.
A.

[dr659]

Obama is speaking, Keep your eyes on the ticker and your hands on your wallets

[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.

Are we just looking at this as a Diamond and not an IHS Bottom? The measure of the IHS would go to the 50% retrace of the move down around 123.50. Thoughts anyone?

Diamond and H&S Bottom, both have the same target, so doesn't matter.

[Cobra]

Obama is speaking, Keep your eyes on the ticker and your hands on your wallets

You're rich man I assume?

[rhight]

Hello all, been on vacation. For the record, I entered a long (SSO) trade today for a swing trade up. Suspect that a wave 3 low was made at 1101, that also happens to be a near exact 38.2% retrace of the bull run from the 3/2009 low to 6/2011 high. If this is correct, and working on the premise that the cyclical up trend broke on 8/1/2011, I expect a wave 4 up counter trend rally that retraces about 50% of the current intermediate down trend ((1347-1101) / 2) + 1101 = 1224) that also corresponds to the measured move projection of the breakout of the bottom Diamond Pattern, for a hoped for 75 point gain. This is getting near to the 1250 level broken horizontal resistance. A move below 1118 would negate this premise and stop me out.

Last trade was a short on 7/26 (SDS) that went for a good gain. We'll see, counter trend rallies can be tricky.

[Cobra]

Cobra
if there is a rally at end of day, shall we sell into rally? or hold overnight.
the pattern repeated several times this week. I doubted it would fail eventually.
Thanks,

I won't short at close today assuming we close right here. But if we drop a lot before the close, I might short.

[Dow Trader]

Closed the other 1/2 with + 370 points
now flat

[agnosia]

hey guys, been trading, not posting too much. i am long /cl at the 84 .5 breakout. i am 99% certain that they are gunning for the 86.88 gap and i imagine it will get there as long as the /es holds up. /es target is 1195... YES WE CAN!

[agnosia]

Closed the other 1/2 with + 370 points
now flat

nice , you've been nailing it lately , congrats

[AK84]

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.

Are we just looking at this as a Diamond and not an IHS Bottom? The measure of the IHS would go to the 50% retrace of the move down around 123.50. Thoughts anyone?

Diamond and H&S Bottom, both have the same target, so doesn't matter.

On SPX what would the target be?

[Bencat]

Cobra
if there is a rally at end of day, shall we sell into rally? or hold overnight.
the pattern repeated several times this week. I doubted it would fail eventually.
Thanks,

I won't short at close today assuming we close right here. But if we drop a lot before the close, I might short.

Yes, waiting for a bit of weakness for shorting.