10/12/2011 Intraday Watering

[seekingknowledge]

Man I wonder how many bears are licking their wounds still.
Been holding TMV from last week's bear trap, and its paying off very nice.
I hate to rub it in, but damn I LOVE when good analysis works.

There were 11 bears shorting at average of 119ish yesterday alone. today couple shorting at 121ish.
the rest in hibernation.

Went short with TZA at 38.38. Holding breath.

I'm seeing more upside to the RUT. TNA probably has another day or so to go.

The one mistake I made I stop hedging the last two days. I am still holding on TZA and seeing no turn sign either. tonight I will buy TNA to hedge if IWM close above 200ma.

Still holding breath!

[heavenskrow]

To bears: maybe higher chance for short, when TLT breaks out of this channel

[SB73]

BY OCT 21st, this thing will end.

I saw a comparison to the 1990s that stated as much. Is yours based on similar info?

[Cobra]

well, it is a 3 push up, now should be 2 legged down. I see volume surge here and biggest bar, so could be a rebound of some kind here, need see the next bar to confirm the volume surge.

[Unique]

AAPL not selling fast enough...SPY needs to drop this is boring...

Faster and harder baby.....

http://i.imgur.com/Fz1A6.gif

[SB73]

I sense capitulation by many shorts right here...just when I want to rehedge I have decided to add more short. There is beauty in legging into positions. There are so many signs of exhaustion right here.

[coralla]

well, it is a 3 push up, now should be 2 legged down. I see volume surge here and biggest bar, so could be a rebound of some kind here, need see the next bar to confirm the volume surge.

Cobra, Why do you say need to confirm the volume surge?

[agnosia]

short /es 1211.50

will cover half at 1205

[CognitiveDissonance]

I sense capitulation by many shorts right here...just when I want to rehedge I have decided to add more short. There is beauty in legging into positions. There are so many signs of exhaustion right here.

Exhaustion for the bulls or bears?

[KENA]

Get ready BEARS..P BAR just now at 119.63

[Cobra]

the big picture, bulls get rejected on the first try on the resistance. a little consolidation here is good for bulls. break through right away actually is not good because bulls have traveled too long to fight the resistance, so a little rest here is necessary. the key is no sharp pullback. Let's see.

[wayne0708]

Cobra: is the top in (12220)?

[Unique]

No one trading AAPL today? Missing all the fun...

SPY still holding tight...

[SB73]

I sense capitulation by many shorts right here...just when I want to rehedge I have decided to add more short. There is beauty in legging into positions. There are so many signs of exhaustion right here.

Exhaustion for the bulls or bears?

Well the bears (full disclosure cost basis is 1206) are exhausted from the ball crossing the goal line over and over again.

[Cobra]

volume surge, still think a rebound of some kind here but this shall be a 2 legged pullback.

[chutes and ladders]

May be in over my head. bought ERY and TZA on Monday...Now, I'm thinking that if I sell to be safe/sane in case they fall off of a cliff, I'll be selling at the bottom! Am I letting emotions get in my way? Would you just sell and move on?

sold tza at the bottom, time for the turn

[Cobra]

Cobra: is the top in (12220)?

too early to tell. but normally, no, because the push up we had was so strong, it's rare it's only 1 legged, so generally the very first pullback is buy.

[PLUNGE]

I agree with others here who plan to or have shorted the Russell 2000. Developed my swing trading chart from 15 years trading for a living. It is an hourly chart of $RUT with 13/34 EMA cross overs for entering and trend line breaks for exits to maximize profits.

[Al_Dente]

What can I say
Nyadv again confirmed hi, just barely
remember, nosebleed sqeez zone on nyadv is >2800, we are still at 2589 bla bla bla
http://stockcharts.com/h-sc/ui?s=$NYADV ... =245857107

Here's the Fed report, my guess is no QE3 because of inflation risk. Just a guess.
http://www.zerohedge.com/news/fomc-minu ... option-qe3
Here it comes, the 122 test...

thanks wave, I have volume up waiting for him to speak….oy, turn it down already… have 2 read fomc later… my eyeballs r bleeding

No problem, are you in any positions? Shorting if we don't break 122 and head lower tomorrow?

long bit of gold in long term account (m.c. hammer: “u can’t touch that” ….. not yet), hedge in day trade acct via slv/zsl, etc etc…hard to day trade upro etc when/if most gains happen in overnight mkt, hard to get scalper “grip” when no pullbacks
PS: either this right here is “grip” area, or big fail…

[varaamo]

Cobra,

Do you have target for the pullback?

Thanks,
varaamo

Cobra: is the top in (12220)?

too early to tell. but normally, no, because the push up we had was so strong, it's rare it's only 1 legged, so generally the very first pullback is buy.