02/28/2011 Intraday Watering

[Dow Trader]

last 2 months VIX and it's MA was too low, the dealers must make money from trading commissions in this quarter, and if you follow VIX weely for last 4 years, you will find that VIX went last week to above 23 to stay above 19 for a couple weeks to lift the MA above 20 level (as you know as a trader that vix above 18 is what you need to play this market). And that means that the market will bounce around or go down from now to OE which means any rally can be sold. This is just my opinion not recomendation
I closed my shorts today and I got my 50 points from Dow 12200 that I talked about last week. I am flat now because tommorow is a key day and I don't want to have any position in a key day.
Note: if you see the decline from today's high impulsive, then it could be wave C down to below last week low, or wave 3 down to I don't know

[Cobra]

Cobra, does the market reverse? you said the market should test new high todaY/

but it looks drops without stopping. short? tHANKS

I won't short here.

[Travelfrog]

Cobra, do you think we will get 3 push down before reversal?

[Cobra]

See, exactly what I planned before lunch, right? Now let's see how this rebound goes...

[Cobra]

Cobra, do you think we will get 3 push down before reversal?

That's exactly what I drew before lunch. We've got the reversal. May just be a rebound though, not sure, today so far could be a range day.

[90ufo]

See, exactly what I planned before lunch, right? Now let's see how this rebound goes...

yes, I was about to say your plan worked again! I have faith in your plan, so I holded thru the last dip (2pm dip).

[Travelfrog]

I think we didn't quite close the gap. Maybe another leg to close gap coming?

[Cobra]

See, exactly what I planned before lunch, right? Now let's see how this rebound goes...

yes, I was about to say your plan worked again! I have faith in your plan, so I holded thru the last dip (2pm dip).

[Cobra]

Next resistance.

[wave]

wow... speechless. Admire...

See, exactly what I planned before lunch, right? Now let's see how this rebound goes...

[Cobra]

fighting the resistance, but I'll assume this is a 2 legged up.

[nelsonbelchior]

Maybe it´ll test the previous higher? And then it´s a criticall point right?

[simpletrader]

Maybe it´ll test the previous higher? And then it´s a criticall point right?

critical for bear, may not affecting bull

[nelsonbelchior]

Maybe it´ll test the previous higher? And then it´s a criticall point right?

critical for bear, may not affecting bull

Let´s see.. dont now yet if it doenst affect bull.

[mtljaysfan]

Cobra, do you think we will get 3 push down before reversal?

That's exactly what I drew before lunch. We've got the reversal. May just be a rebound though, not sure, today so far could be a range day.

Great market sense/vision/instinct !

[greenback]

While mortgage originations have risen for three consecutive quarters, total mortgages serviced fell another 2% in 2010. How so? Refinancings - which just roll-over pre-existing debt - account for 78% of all new mortgages. And foreclosures - which shrink the book value of loans outstanding - remain at all-time highs.

[greenback]

USD is in a beautiful down trend channel now ...

[Travelfrog]

I mentioned earlier that my SPX charts were odd. Well all day on 5 min chart, every 10 minutes or so, regardless of close, the high or low has suddenly launched up or down to 1324.32. Where has this number come from and what is it's significance? Am taking photos to keep record.

[Cobra]

While mortgage originations have risen for three consecutive quarters, total mortgages serviced fell another 2% in 2010. How so? Refinancings - which just roll-over pre-existing debt - account for 78% of all new mortgages. And foreclosures - which shrink the book value of loans outstanding - remain at all-time highs.

Who cares. Obama could order to buy all the houses and everyone gets a free house. YES WE CAN!

[Cobra]

Pretty strong the 2nd leg up. Hope this is not the only bull bar we see in the last hour.