11/17/2011 Intraday Watering

[Cobra]

well, it's time to check my sharp reversal theory now, we should get the reversal today.

I thought, you said we better not hope again for reversal if we go down?

sorry, I mean we shouldn't see a reversal.

[soku]

Philadelphia Fed Survery looks bad. actual = 3.6, expected = 9.0

in line with rumor which is out there since 9:00.
i guess it is digested. we still need some technical reb

[zhyuan04]

well, it's time to check my sharp reversal theory now, we should get the reversal today.

Cobra to be clear you are expecting a green close today?

No, I don't expect a reversal again today, otherwise it'd be too boring, doing this everyday.

Hi Cobra. I know you do not believe. However, I do beleive we will have a reversal again if we can move up back into the symmetrical triangle soon.

[CognitiveDissonance]

Update, next change of direction at the green vertical.

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uempel, do you see anything around Nov. 24 using Gann? I'm curious bc a trader I know swears that there will be a significant reversal then. I'm not too handy with Gann so I'm curious.

Thanks

CD

[Mr. BachNut]

Still riding pilot short position.
My intermediate term mechanical model has gone to neutral from long.
Emotionally, I want to stack another layer on the short side, but by discipline I should wait for the sell signal on the model.

I have been anticipating SPY 126 +/- 2 for opex, but we are trading below that at the moment. Hmmm.
I have to say I am really surprised the bulls did not take out the SPY 128 high this week. We have had some very low volume days where, in the past, algos would run things up.
The bulls have not had their mojo on this week. Let's see what opex brings. Still think trend clarifies next week.

[barbaragull]

Be simple and practical, have faith in the government and fed, let's keep bullish (aka foolish)

[BullBear52x]

OK it manages to break back up above my yellow line, first bullish step, now wait for the 200ma. see pink ball, our famous 124.4 remember?

[EvilTrader]

just for the bullish crowd...you have to cringe when the WSJ has a headline like this yesterday...right?

FAKE !!

[Richarab]

Lasertrader just noted the formation of a rare English Pointer Pattern on Twitter. He says watch which way the nose goes to gauge the market.
I could not find this pattern in Bulkowski's guide.

i read about this pattern back in 1963 while obtaining my doctorate in mineralogy at King Fahd University of Petroleum and Mining. An extremely rare pattern. And like the Alagoas Curassow bird of Brazil .. simply exquisite.

[Al_Dente]

Laggards Four Musketeers 5 min
http://stockcharts.com/h-sc/ui?s=SPY&p= ... listNum=15
Same Four Musketeer picture on 30 min (must include view from Oct bottom)
http://stockcharts.com/h-sc/ui?s=SPY&p= ... listNum=15
Am preaching to the choir here, but for newbies, here’s why we watch top laggards:
If they gain strength, that is an important bull sign.
If they persist weak, we short them, as the weakest links SHOULD be the strongest bears in a bear environment.
Eg yesterday strategy using laggards:
Long FXP China bear +7.86%, or long EDZ emerging bear +7.3%
Long TZA small caps bear +4.7%
Long FAZ bank bear +6.7%
Those ETFs are juiced, alternatives with less leverage abound (use VOLUME as key criteria)

[99er]

Top Orwellian Comments Of All Times

An American major after the destruction of the Vietnamese Village Ben Tre: "It became necessary to destroy the village in order to save it."
Vice President Joe Biden: "We Have to Go Spend Money to Keep From Going Bankrupt."
President George W. Bush: "I've abandoned free-market principles to save the free-market system."


We can safely add "To Save the Euro we Must Cede Sovereignty" to that list.

http://globaleconomicanalysis.blogspot. ... rmany.html

[uempel]

Things ain't running as smoothly as I anticipated, blue circleline at 1234 was too much resistance for the time being. Waiting for green vertical.

[gabor]

Who knows anything about the Spanish bond auction?

[soku]

Keep it simple and practical, have faith in the government and fed, let's be bullish (aka foolish)

you sure? no more changes this time? just kidding.
which gov you have faith in? the obama administration? did u vote for him? here in china i met couple black americans. they told me obama is just half black.
well no more politics. economic wise, recently people are talking more hayek vs Keynes. we are not china. Keynesian is not very helpful

[uempel]

Who knows anything about the Spanish bond auction?

Went well, but interest rates were very high, something like 6.5 ish (don't remember exactly, didn't write it down)

[gabor]

Who knows anything about the Spanish bond auction?

Went well, but interest rates were very high, something like 6.5 ish (don't remember exactly, didn't write it down)

Is it true that the overbooking was only 1.5x with the help of ECB?

[agnosia]

Be simple and practical, have faith in the government and fed, let's keep bullish (aka foolish)

never ever bet against the turkey gods ..

i agree with cobra if we see a reversal yet again today it would be weird after so many reversals but the fact that we usually never get this many reversals is in itself a weird pattern and therefore hard to trade.

i believe we are gonna hang out below here for a while , even all day.. sucking in the bears.. yummy yummy and then we'll get a huge gap up over the triangle and destroy them

[Bezz]

Who knows anything about the Spanish bond auction?

Spain sold €3.56 billion euros of a new ten-year benchmark bond, well below the €4 billion targeted. The average yield on the bond was 6.975 percent, the highest paid since 1997, and almost 2% higher compared to the 5.433% paid on October 20.

http://www.zerohedge.com/news/futures-t ... n-hike-rum

[SB73]

Looks like we are trying or waiting for the EMA 20...I believe this is a good shorting opportunity.

[dcurban1]

just for the bullish crowd...you have to cringe when the WSJ has a headline like this yesterday...right?

As a contrarian, yes.