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08/29/2011 Intraday Watering

Re: 08/29/2011 Intraday Watering

Postby keesa » Mon Aug 29, 2011 3:02 pm

heavenskrow wrote:i think top is in for today


market internal is super strong today. I guess 80% of chance close at high of the day. If not, then we will see big pull back at night.
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Re: 08/29/2011 Intraday Watering

Postby Al_Dente » Mon Aug 29, 2011 3:02 pm

Strong resistance at 17 Aug high 121.20 SPY. We are just pennies away from a breakout, or a double top.
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Re: 08/29/2011 Intraday Watering

Postby StrikePrice » Mon Aug 29, 2011 3:02 pm

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.
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Re: 08/29/2011 Intraday Watering

Postby ddd » Mon Aug 29, 2011 3:05 pm

1206.75 was an important prior swing high of /ES. A decisive breakthrough that level could cause significant short squeeze (as apposed to a short covering)!

HOD so far is 1206. I would not short at this point.
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Re: 08/29/2011 Intraday Watering

Postby AK84 » Mon Aug 29, 2011 3:06 pm

mac769 wrote:
AK84 wrote:
KENA wrote:IMHO..I don't see the mkt going up much from here..Some of the leaders have topped out and are having Lots of Res. on the dn trend line.None have broken it yet.These are..VMW,LULU,CMG,BIDU,NFLX..N ow we wait and see.


Yup. I agree. Im short CMG , NFLX and GOOG (max pain is 545). all positions entered today.

AAPL is not moving either....which is a red flag to me even though im long and have a target of 397...im thinking of leaving 1 oct call on as a hedge for my shorts!

But I would love to see the maket caught with its PANTSSSSS DOWNNN!!! :lol: :lol:


I am sorry to disagree, but this sure sounds like a suicide tactic this early...

bears make money, bulls make money, but pigs get slaughtered



Why would you say that ? I have very clear defined stops on my 2 month away puts and calls. As of now , CMG and NFLX are respecting their resistance levels as well as downtrend lines. I am also hedged with AAPL and some other stuff. I guess we will find out soon if I am right !
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Re: 08/29/2011 Intraday Watering

Postby stucap » Mon Aug 29, 2011 3:07 pm

Seems like a pretty "calm" bull trend day today. No "blow off" top yet to create at the very least a quick scalp short trade. Hourly RSI is at 85.437 as I type so, I'm really just waiting for a quick pop up maybe to 1209-1210 (daily R2) or at the very least 1207-1208 (challenge the SPX high 8/17) to try a quick short with a tight stop. Any thoughts?
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Re: 08/29/2011 Intraday Watering

Postby pablorynx » Mon Aug 29, 2011 3:09 pm

phantom bar 118.65
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Re: 08/29/2011 Intraday Watering

Postby BullBear52x » Mon Aug 29, 2011 3:12 pm

Counter trend is ouchie ooppzy once again, well, this is it bears any higher than here you are doomed.
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Re: 08/29/2011 Intraday Watering

Postby heavenskrow » Mon Aug 29, 2011 3:14 pm

keesa wrote:
heavenskrow wrote:i think top is in for today


market internal is super strong today. I guess 80% of chance close at high of the day. If not, then we will see big pull back at night.


i hope u are right so my UPRO can be happy... =]
Im looking at VXX and FAZ and they seem to be at inflection points....

I want to hold but scared!
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Re: 08/29/2011 Intraday Watering

Postby Petsamo » Mon Aug 29, 2011 3:20 pm

pablorynx wrote:phantom bar 118.65

I don't see one. I'm on the 1 min chart.
Twitter @jackwag0n
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Re: 08/29/2011 Intraday Watering

Postby heavenskrow » Mon Aug 29, 2011 3:21 pm

straight up tug-o-war!!!
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Re: 08/29/2011 Intraday Watering

Postby pablorynx » Mon Aug 29, 2011 3:23 pm

Petsamo wrote:
pablorynx wrote:phantom bar 118.65

I don't see one. I'm on the 1 min chart.


5 minute chart? using BB over here
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Re: 08/29/2011 Intraday Watering

Postby Cobra » Mon Aug 29, 2011 3:24 pm

testing the previous high. I think it'll be broken, not today then in the following days.
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Re: 08/29/2011 Intraday Watering

Postby alvian33 » Mon Aug 29, 2011 3:25 pm

cobra does this count as a W on a daily, looks like it's breaking upside
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Re: 08/29/2011 Intraday Watering

Postby mac769 » Mon Aug 29, 2011 3:27 pm

StrikePrice wrote: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
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Re: 08/29/2011 Intraday Watering

Postby q2model » Mon Aug 29, 2011 3:29 pm

Cobra wrote: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?
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Re: 08/29/2011 Intraday Watering

Postby little piggy » Mon Aug 29, 2011 3:30 pm

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?
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Re: 08/29/2011 Intraday Watering

Postby cougar » Mon Aug 29, 2011 3:31 pm

1208...
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Re: 08/29/2011 Intraday Watering

Postby rola » Mon Aug 29, 2011 3:31 pm

Down goes with volume, up it can go "without" volume.
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Re: 08/29/2011 Intraday Watering

Postby Cobra » Mon Aug 29, 2011 3:32 pm

little piggy wrote: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.

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