03/11/2011 Intraday Watering

[Cobra]

Small gap down below yesterday's range low, not sure if the gap will be filled because statistically the gap after a Major Distribution Day mostly filled the same day. On Global ES we finally have a lower low and before it could close above EMA20, the trend is clear down. Oh, I might be outside from 12:00pm ET to 2:00pm ET so won't be able to comment here during those 2 hours.

[cletus]

Expecting a bounce at gap support at 129.50 SPY or so up to 131.20 SPY while they sweep out some stops from people who got short yesterday and fill a little of yesterday's gap. But still short overall, want to reload on puts a little higher though.

[subprime]

Cobra's new board. Congratulations!

[99er]

Morning.

An 8.9 tremor in Japan. Markets down on the news in Asia and Europe so it would not be surprising to see US prices go lower today. /NQ levels may reach the lower boundary of a Broadening Top.

http://99ercharts.blogspot.com/2011/03/nq_11.html

Good luck.

[BullBear52x]

morning all,
Thanks Cobra, did you know you got almost 4000 viewers yesterday, congrats!

here I got something to ponder, me think this time is different.

[Cobra]

The open.

[Cobra]

Resistance area. We got a strong start so far.

[Cobra]

Gap filled.

[Cobra]

Little trend line here plus EMA20 as resistance. You can always find my chart in my public list by the way.

[Cobra]

Still fighting trendline. The open is very strong, so I'd expect more on the upside.

[BullBear52x]

Buying FAZ in an anticipation that the Ascending triangle will betested and break out, if not FAS here I come.

[FJoe]

This downturn looks similar to the November 2010 downturn, but in that pattern 3 of the last 4 days ended above the open on the SPY (11/24 to 11/30). In our current pattern we have had 4 of the last 5 days end below the open...so this should be different and further downside in the days and weeks ahead, even though both appear to have stopped around the 50 day MA. I vote for much lower in the days and weeks ahead.

[BullBear52x]

UNG is bottoming, longer term pick for me.

[shumushu]

I am very doubtful that we will close below the 50MA for the week. In fact, with today's slightly bullish action in the morning. I am expecting the market to close right at the 50day moving average. 130.30 on the spy. Predictions are just predictions, market will lead us.

[BullBear52x]

I am very doubtful that we will close below the 50MA for the week. In fact, with today's slightly bullish action in the morning. I am expecting the market to close right at the 50day moving average. 130.30 on the spy. Predictions are just predictions, market will lead us.

I think the market will go side ways at best. too many people expecting a rebounce including me, therefore it ain't gonna happen, so short on with tight stop.

[99er]

Dollar
Channel up.
http://99ercharts.blogspot.com/2011/03/dollar_11.html

[shumushu]

Dollar
Channel up.
http://99ercharts.blogspot.com/2011/03/dollar_11.html

I just longed the dollar too! Lets hope we bounce here.

[KENA]

Buying FAZ in an anticipation that the Ascending triangle will betested and break out, if not FAS here I come.

The BKX is trying to put in a short term bottom.Could be anytime.

[Cobra]

Another test. Market doesn't want to fall, that's what I feel.

[KENA]

Chopy Chopy this morning but S&P seems strong ...I think we will close up in the green.