08/11/2011 Intraday Watering

[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.

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

That's what also concerns me - that the move up is short covering. We can't sustain any gains until people are buying to go long, as opposed to short covering. We need buyer conviction.

[Dow Trader]

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

nice , you've been nailing it lately , congrats

thanks, I wish you and all here a good luck trading

[AK84]

Cobra is TLT a short ? or is the first pullback a BUY as we have had a huge run up ?

Same question for FXF??

Thank You. Just trying to understand a little longer term horizon.

[yellowreign]

Cobra, do you see the phantom tick at 112, others also saw?

[colderdown]

Based on ML, institution was in accumlate mode since 8/8. I won't short here even I am a forever bear. Currently I am shorting TLT via long TBT

1st post here.

[Cobra]

rising wedge resistance.

[Ninja Trader]

but how big can short covering get

you all have seen how massive put buying has been right?

http://content.screencast.com/users/wpr ... 9_0654.png

[KENA]

I did not think we would get thru the 1170/75 area so quick Buying picked up.I think the 1220 area is still a good shot.(I know BB52x says the mkt does not care what I think..He is right but lets see.)

[AK84]

but how big can short covering get

you all have seen how massive put buying has been right?

http://content.screencast.com/users/wpr ... 9_0654.png

would support Cobras call for another leg down

[Ninja Trader]

Out of SODA calls

sold at 2.60

purchase 1.85, that didn't take too long....

long ATM Sept puts on CSCO

[varaamo]

colderdown, what is ML?

Thanks,

Based on ML, institution was in accumlate mode since 8/8. I won't short here even I am a forever bear. Currently I am shorting TLT via long TBT

1st post here.

[Cobra]

Cobra, do you see the phantom tick at 112, others also saw?

no

[Cobra]

but how big can short covering get

you all have seen how massive put buying has been right?

http://content.screencast.com/users/wpr ... 9_0654.png

Hmm, this proves that there's another leg down but a bottom of some kind is very close now.

[dr659]

Never before 4 days in a row of 400+ point moves in the Dow, If we close over today

[Ninja Trader]

but how big can short covering get

you all have seen how massive put buying has been right?

http://content.screencast.com/users/wpr ... 9_0654.png

Hmm, this proves that there's another leg down but a bottom of some kind is very close now.

thanks for those thoughts, you too AK

I don't know how to read that, that we've completely blown away anything in 08 or the flash crash period last year, you might normally get contrarian over that but Im not so sure. In the very short term though I thought that would lead to a bounce of over 1200 only because if you look at retail investors they have fled the market and there are lots of new shorts, as weak hands they might need to cover further, driving us up there.....time will tell

staying ninja

[KENA]

Out of SODA calls

sold at 2.60

purchase 1.85, that didn't take too long....

long ATM Sept puts on CSCO

Good trading..Feels good to win.

[StrikePrice]

Gap resistance right here at 118.36

[nasa1100]

rising wedge resistance.

hi, cobra:
another MAD after MDD, the rule still working?

[KENA]

Just another index that I follow is UTIL and it has just crossed over its 50 DMA at 413+.If it stays above the mkt will stay bullish..IMHO Lets see.

[agnosia]

/es is riding up the 10ema on the 15min chart down to the tick