08/29/2011 Intraday Watering

[Cobra]

testing the previous high. I think it'll be broken, not today then in the following days.

If it is broken, then it is double bottom?

depends on how breakout and the back test.

[Cobra]

cobra does this count as a W on a daily, looks like it's breaking upside

depends on how breakout and the back test. I think I've made this clear in the weekend report: 2 cases.

[little piggy]

Cobra, looks like today spy will stand up above the ema 13, and will test ema 34 on daily chart, but I have a concern about the volume, not higher than Aug 17, the volume is not supporting the breakout. What's your opinion?

nowadays nobody cares about volume. We've been up in the past 2 years with volume kept going down.

aha,,

haha, got it,, thanks..

[KENA]

Back for the close.GMCR was a good short.1.75 points for me today.Don't know if I hold over night as yet.

[hiram]

3 ghost candles on 15min spy in last 45mins all in the in the 1180 range ......any comments?


hiram

[StrikePrice]

A pretty calm day after the storm. Channeling has been solid today so we must assume we're in an Elliott Impulse Wave. I believe a 3 of 3. My target remains 122.85 area but we could extend into the R3 up at 124.35 because of the short covering many have spoken about.

Cobra's weekend report showed the down wave pattern still looking for Wave 5.
http://lh6.ggpht.com/-tvQY5FlHhA0/TlkvA ... 25255D.png
But it must be made clear that a Wave 5 can truncate, we may have gotten that, the only way to fully know is a 100% retrace back to 121.20. I see we're a few pennies away so my evil plan that it was a Wave 5 truncation looks solid.

This is not to say Cobra isn't right about a revisit to the lows of August. I think, and believe he has already stated, those lows may not be revisited for weeks to even months, or maybe not at all.

A backtest of the breakout line (Triangle) may happen this week but I'd be surprised if it's before Friday's Employment report. And if that employment report is good, I wouldn't be surprised if the Daily 50MA and 200MA gets tested in the coming days to weeks. There's plenty of cash out there and it's going to go somewhere. The Swiss Franc and Gold don't look like the obvious place to go right now.

Small Caps lead the way higher, this is quite bullish really

http://img718.imageshack.us/img718/8629/capturemis.png

Yes. That's a fine looking Wave Extension. Breaking the August 17 high today was a cake walk.

[MajorEasy]

Went short now (don't copy, this is high risk!)

SPX7.png

good call!!!!
Thx for sharing

...NEVER short a dull market--- I have no reason to believe this was the top

should i give back the money made????? duh?? i'm an e-mini ES scalper, there was tons of profit to be made, if you were trading futures...

[keesa]

3 ghost candles on 15min spy in last 45mins all in the in the 1180 range ......any comments?


hiram

switch to ES chart, no ghost spikes at all.

[mac769]

maybe better give it back now than have a loss tomorrow...

[mac769]

the fate will be decided in the last 15 min

IMHO, watch the volume

[MajorEasy]

maybe better give it back now than have a loss tomorrow...

i'm an e-mini ES scalper, there was tons of profit to be made, if you were trading futures...

[KENA]

The 1208.47 HI on AUG 17 has been broken broken today.Mkts now getting over bought.Tomorrow do we Gap dn.It would seem so by looking ahead.We will know tomorrow.

[keesa]

The 1208.47 HI on AUG 17 has been broken broken today.Mkts now getting over bought.Tomorrow do we Gap dn.It would seem so by looking ahead.We will know tomorrow.

better gap up tomorrow, bears are all trapped. squeeze the heck to 1250 area is easy.

[shumushu]

shorted es here at 1207. stop 1213. Thesis: we are trading in a rectangle. I will be wrong if its a bear flag and makes a higher high on the dailies.

edit: disclaimer: Please don't follow trades solely based on other people's trades

[Mr. T]

The 1208.47 HI on AUG 17 has been broken broken today.Mkts now getting over bought.Tomorrow do we Gap dn.It would seem so by looking ahead.We will know tomorrow.

That's what I was thinking too....... very extended right now.

Breaking 1208.47 should've gotten covering - but that's all that today was = covering.

Watch it close below that.

[little piggy]

I covered short quickly without loss and profit.
Back to long position again, as the price is on the up area of bb, this is first time for last month.

[StrikePrice]

The 1208.47 HI on AUG 17 has been broken broken today.Mkts now getting over bought.Tomorrow do we Gap dn.It would seem so by looking ahead.We will know tomorrow.

That's what I was thinking too....... very extended right now.

Breaking 1208.47 should've gotten covering - but that's all that today was = covering.

Watch it close below that.

Don't discount running corrections. That's all we had today. Not a single red bar on the hourly.

We could gap up and move sideways or just go sideways to work off overbought. We don't HAVE to go down to get more buyers in, in fact sideways and up always brings in more buyers as they fear missing more of the move.

[KENA]

Mkt did not hold.This may be called a double top for only one point overshoot.We will know tomorrow on the open.Wait and see if we go over in the next few min.

[uempel]

Update:

[Cobra]

well, guess that's it for today, should be more high ahead. Thank you guys I'll see you tomorrow.