08/30/2011 Intraday Watering

[uempel]

Guys, who's going long here, who's going short?

The attachment SPX13.png is no longer available

uempel, you have the craziest charts.... u should write a book!

Thanks, but the charts ain't crazy, I might be crazy: staring at the screen for many hours each day!

Last chart for today: I believe bulls will try to jump resistance tomorrow at the opening and push SPX up to 1230. If SPX opens up below 1209 the trend is down...

[AK84]

Guys, who's going long here, who's going short?

SPX13.png

Nice chart Uempel!

Were you able to figure out the big move you're expecting tomorrow or Thursday ?

Thanks !!

[AK84]

Guys, who's going long here, who's going short?

SPX13.png

uempel, you have the craziest charts.... u should write a book!

+1

[AK84]

Watch PCLN Almost at target ! Might pull out a little early !

[pidge66]

60 min MACD and all oscillators are forming negative divergence. The intraday rally barely moved the MACD.

[Cobra]

hmm, failed H2 long, the bulls are weaker than I thought. I still don't feel bearish for today though because RSP holds better than SPY.

[shumushu]

I see exhaustion bar here, so could be a pullback of some kind.

Never doubt Cobra. hahahah =)

[soku]

good support in low 1200 area. may trigger some reb. i still think the correction is not over yet.

[nonabear]

The 75 period weekly moving average has been resistance and support since about 1990. It is currently sitting at 1215 on the S&P. I think it might explain why there could be a tough time getting through this today.

[AK84]

Watch PCLN Almost at target ! Might pull out a little early !

Oops....didn't hit refresh on my acct earlier and stepped away for a bit. Target on PCLN of 535 was already hit and my call got executed and locked in profit. So rode PCLN from 495-513 and 516-535 in 2 days!

Cheers!

[heavenskrow]

noooo i dont like this pullback =[

[Cobra]

tinted area is the possible pullback target.

[heavenskrow]

oh oh .........but I think fake breakdown

[StrikePrice]

Critical juncture here...the higher could have been an Irregular Flat and we're heading down the phantom bar today near 119.25.

On the other side we are at a 61.8% Wave 2 Zig-Zag retrace of Wave 1 of Wave 5 heading for 1230 -1240.

I took the short with others here so you now you know what side I'm betting on. Already moved my stop to 121.28 which will be ok i guess. One must admit this market hasn't been easy in the last 2 weeks.

The best trades have been when market gets too extended...everything else is a crap shoot. For newbies wondering how to know when market is extended? I use an EMA 110 Bollinger band on 1-minute chart. Yup not kidding. That's why I took the short at 121.75 when it closed back in the upper band. Target the middle band (already past there) or even better the lower band (~120.65). Not a bad trade in this crazy market.

[uempel]

Update:

[uempel]

The 75 period weekly moving average has been resistance and support since about 1990. It is currently sitting at 1215 on the S&P. I think it might explain why there could be a tough time getting through this today.

Same as 377 on the daily...

[ddd]

The day after MAD, which is an attribute of a w3, buying dips below the open and selling rallies above the open works. High probability of a small body day. A w4 formation?

[heavenskrow]

bullish divergence on rsi , and breakout on chande momentum oscillator... 1 min bar

[Mr. BachNut]

Guys, who's going long here, who's going short?

SPX13.png

I have been net long but have been legging in index shorts to build a hedge. I am targeting to be neutral somewhere north of SPY 122. We shall see. North of SPY 123, assuming we see that, I would like to build a short. According to Murphy's law, that means the rally will end before 123+ so I don't get the short on in time or the bull market will solidify so that the hedge neuters my profits.

I have been optimistic for the week given: 1) month end window dressing, 2) low volume summer vacation week allow bots to move price easily, 3) trend is up since Jackson Hole. However, my technical model has not flashed an intermediate term buy yet largely because the money flow and institutional buying vs sellling measures have remained weak or bearish. The high McClellan Oscillator has also been bothering me. So, for now, I am sharing Cobra's potentiality that after this rally is done we'll take another trip down to play with the lows.

[ddd]

Now ears on the FOMC minutes, after 11:00am.