08/18/2011 Intraday Watering

[jarbo456]

amazing. i was literally minutes away from closing my short spy position. now i want to add to it.

[Me XMan]

I wonder if margin calls going out after the close.
There will be some hurting tonight.

yeah, quick breakdown to run stop loss. let's see any rebound here, should be close.

i would guess 4 of 3, next 5. with the bigger 4 and 5 to come

[trader0303]

here comes the retest of the low. volume increasing, so either cannot breakdown the low or just quickly breakdown to run stop loss then rebound, should be close to a rebound anyway. let's see.

Cobra, why would you see increasing volume as an indication that it "cannot breakdown the low or just quickly breakdown to run stop loss then rebound"?

[soku]

more reading of the market: es 1135-1145 area was the last heavily traded area. if bulls cannot hold here, we could see spike to at least 1110.

it seems to me, this reading is fine. es is forming a rectangle in 1135-1145 area at this moment.
any body sharing anything? your reading, your thoughts, your pick? story from last night? anything, everything.

i have been waiting for a bo for ages. i don't think 1147.5 on es is real. we may have to wait for another while. if b-o to the upside, my target is still 1455.
so boring. i am keeping on requesting people to share. it seems ...

it seems a bo to me. moreover, es just back tested 1135 and was rejected. if es cannot quickly recover and stay at 1140 level, the next stop will be 1110 - 1115 ish

[coconut]

tinted area as Symmetrical Triangle text book target.

target will be reached today or next few days?

[KENA]

FYI..Have you noticed the Transport index is dn 307.Thats big and does not bode well in the short time future.

[cougar]

AAPL broke first support...
Next levels: 359.7 and 356.4

[99er]

RUT
Bears have more fun.
http://99ercharts.blogspot.com/2011/08/rut_18.html

[soku]

more reading of the market: es 1135-1145 area was the last heavily traded area. if bulls cannot hold here, we could see spike to at least 1110.

it seems a bo to me. moreover, es just back tested 1135 and was rejected. if es cannot quickly recover and stay at 1140 level, the next stop will be 1110 - 1115 ish

interestingly, 5 min zz did show a turn. what can i say, maybe somebody is trying hard to defend the market.
anyway, if we hold at 1130, it could be a ab=cd pattern with possible target to 1138-1140 area.

[biotrader]

Cobra- impulse system sells today?

[su_root]

I don't give "signals" much credits at this stage. This market is ...sick...

It better hold 1136 or 1120 or lower coming.

Not looking good here guys...SPX 1136

It sure doesn't. However, got one bottom signal on SPY 60min. 1 is better than none I guess..

[heavenskrow]

XIV in now.

[alandon]

Cobra- impulse system sells today?

Co-ASK?

[su_root]

Trendline from 8/8 and 38% fib breached.

How and what is that "better volume" indicator in ToS?

[seeyou]

Symmetrical Triangle, I bet EW analyst would say this is wave 4, before the final leg down.

Hey Cobra... a low next week under 1100 ?

[Nomorework]

Real question is, do I hold these deep in the money shorts overnight... How greedy can I really be. 5% down day was a homerun. Chart tells me we're still headed down so I will faithfully follow. Grand slam?

[jarbo456]

Real question is, do I hold these deep in the money shorts overnight... How greedy can I really be. 5% down day was a homerun. Chart tells me we're still headed down so I will faithfully follow. Grand slam?

i'm having the same exact thoughts...holding 30 deep in the money SPY puts...sell and be happy with the profits, or follow the breakdown in the charts which indicates further downside.

honestly, it might be worth the good night sleep to sell them. not to mention, if we have anything like last week, 500 down, 500 up, 500 down...i'll be really sad.

so what's the verdict? lol

[Anaconda]

Real question is, do I hold these deep in the money shorts overnight... How greedy can I really be. 5% down day was a homerun. Chart tells me we're still headed down so I will faithfully follow. Grand slam?

Right there with you. Hedging into the close, though, with some options.
GL.

[Cobra]

more likely to breakdown, ugly close will be, I guess.

[jem3202]

Always watch this forum, great stuff, first post.

Just an FYI -- I am making NO prediction about direction in the future past tomorrow, but be aware that if the VIX closes up 40% then when are guaranteed an up day tomorrow if my memory serves me correctly...

Only 5 cases, but just something to know for those wondering what to do with profitable shorts.