02/18/2011 Intraday Watering

[Cobra]

OK, this looks like a breakout is in the card. This market is, speechless.

[wave]

The insane market.

[KENA]

Ok we are now in some heavy res. in the1340/42 area. Remember the saying Short res. go long on support. Anyone for it today. I was going to go short on yesterdays clo. but did not.

[uempel]

Yeah, but are you, EvilTrader, buying? Now, today?

[99er]

uempel-- You are not alone. Here's a chart from Daneric's blog:
http://3.bp.blogspot.com/-PnFZg6DKEYM/T ... /spx60.png

[Cobra]

Well, here comes the breakout like I said.

[KENA]

NO... Still looking at it.. Got burned last week

[EvilTrader]

Market will correct went it runs out of supply of new shorts and top pickers to squeeze to death.

[EvilTrader]

hey cobra...

breakouts like this at multiple years highs werent supposed to happen in days like today.....

[Cobra]

hey cobra...

breakouts like this at multiple years highs werent supposed to happen in days like today.....

Don't worry, chart will tell me if it's not suppose to. Chart never lies.

[KENA]

It broke out but I think we will come down now for bit.

[trader]

Cobra, do you mostly trade indexes (ETF/future) or individual stocks?

[Cobra]

Cobra, do you mostly trade indexes (ETF/future) or individual stocks?

Frankly because of my blog and the Chinese forum, I have no time for individual stocks. Now I focus only on index trading. It's not bad though because if you focus only on one thing, you pretty much can research a lot and thus have better system.

[shumushu]

Its true that we are making new highs. However, Internals and breadth are not as bullish as yesterday and the day before that. I am expecting the market to just chop around and maybe come back down a bit later.

[Cobra]

Volume surge, so a little pullback could be here. Don't short, the up momentum is just strong.

[angrybear]

cobra is it smart to load up some march call options for the vix right now?

[uempel]

This morning I thought 1342.80 would make a nice top:

http://stockcharts.com/h-sc/ui?s=$SPX&p ... =166922874

[Cobra]

cobra is it smart to load up some march call options for the vix right now?

No idea. You know I'm expecting a sudden VIX collapse one day? So I might not bet on VIX spike for now.

[Cobra]

This morning I thought 1342.80 would make a nice top:

http://stockcharts.com/h-sc/ui?s=$SPX&p ... =166922874

Nice chart!

[Cobra]

Pullback as I said. Both bulls and bears now should wait, let the market go first, let the market go first, don't be a hero...