05/10/2012 Live Update

[Cobra]

very weak rebound today, but I'd like give bulls more chances tomorrow.

[Petsamo]

If we end here, we should gap down tomorrow, unless overseas decides to rally

[MrMiyagi]

If we end here, we should gap down tomorrow, unless overseas decides to rally

See, I should have gone with the instinct and bought TZA at 19.50$

[Cobra]

oh, no, I'm soooooooooo disappointed.

[Petsamo]

If we end here, we should gap down tomorrow, unless overseas decides to rally

See, I should have gone with the instinct and bought TZA at 19.50$

You were suppose to place bets on that p-bar.

Break

If we end at the lows, we have a good chance for a gap up.

[victorm]

potential support??

Thanks TraderGirl, this chart brought me a good trade.

[Cobra]

well, guess that's it for today, very boring, very weak rebound, but I'd give bulls another day to prove themselves. thank you guys, I'll see you tomorrow.

[Carlos]

Huge volume lower.... bet on gap down tommorrow...???? 15 min stohcastics and macd are not looking as i would like to place that down bet..

[Ed02]

Anyone noticed that SPY gap was filled in the last 5 mins!

[TraderGirl]

potential support??

Thanks TraderGirl, this chart brought me a good trade.

your welcome!! glad it went well!!

[dreamtrader]

Hi Cobra:

I am paid member of your site and usually just read. My question is which symbol do you use to see "Total Option Volume". Is it related to overall market (e.g. Nasdaq, S&P500, DOW) or for individual index e.g. S&P500.

Thanks,Swingtrader

Cobra, thanks.

i am an options guy and most of the time i ignore the intra day. if you are are interested in using daily stuff http://www.cboe.com/data/mktstat.aspx

this stuff is posted by 3pm calif time most weekdays and is the most likely to be accurate. i had problems with stockcharts data in the past and even very expensive data is not that great (at least what i have seen). if you get interested in ratios understanding what the differences are between total index equity and the amusing cboe vol index options can provide clues. the best way to do this is to look at 3 or more years data and then check the relationships between say spy and the various indexes. these guys are most useful at extremes and i would say 80% of the time really don't show much. but at extremes they are highly useful. the biggest problem for beginners is the problem of understanding the context because nothing is absolute. options themselves can be used many different ways and open interest is not as simple as it used to be.

if i were just starting off and was actually interested in this stuff--i would learn basic options and then look at the last 2-3 years data on an excel spread sheet with all of the options end of day and prices in spy end of day on that sheet. and yeah that is a bit of an effort but options are interesting and complex creatures and deserve respect no matter how you are using the information.

if you are interested intra day you can get this stuff with a lag http://www.cboe.com/data/IntraDayVol.aspx by doing the math you can calculate equity and index and get a sense of what is going on. again context is everything--and extreme readings are generally more useful than the majority of data.

Thanks a lot for information.

[snakehead]

Here's my prediction.

OK, the last 3 or 4 (or 5) times that we have been in "this" situation, i.e., H&S neckline break, followed by "last kiss
goodbye" (or as I like to put it, "falling through the ice and then trying to come up for air only to crack one's head against the ice), the ultimate Scheister, Ben B. (Helicopter Ben) comes out right at the last minute (someone, one of his puppet-masters must call him up on the red phone) and manipulates the markets up with his vocal chords by teasing some possibility of more money printing/"QE".

[BullBear52x]

Thanks Cobra and everyone, GLTA

TA note: UUP regains its upper trend. Commodities player beware!

[SWalsh]

Sitting on the edge of one chair with one eye on the HFT garbage and looking at a down formation that could be broken is not my idea of ending a day with less than 4 hours sleep and a nod-out now and then. Maybe this gives me insomnia.

This little pattern does not fit a C wave to make an A-B-C where we go up. But anything can happen. But my guess is we are seeing the reason why that nice hourly MACD divergence that is on the day of all the lows, has not caused a 50+ pt rally.

[TraderGirl]

Does anyone know of any news or event on Monday or Tuesday next week that would affect the markets? Up or down?? Or even over the weekend?

[fehro]

pop in the morning followed by a sharp Friday afternoon sell off?.. or pop through 1365?... down seems more likely

[snakehead]

Sitting on the edge of one chair with one eye on the HFT garbage and looking at a down formation that could be broken is not my idea of ending a day with less than 4 hours sleep and a nod-out now and then. Maybe this gives me insomnia.

This little pattern does not fit a C wave to make an A-B-C where we go up. But anything can happen. But my guess is we are seeing the reason why that nice hourly MACD divergence that is on the day of all the lows, has not caused a 50+ pt rally.

Precisely.

Personally I was thinking the machines were going to take us up to fill the SPY gap at 137.10 (close of May 7), which was
never filled, but I guess the lower gap was the "closest" vacuum. Oh well, maybe tomorrow.

Especially if Ben open his mouth (like clock-work).

[snakehead]

pop in the morning followed by a sharp Friday afternoon sell off?.. or pop through 1365?... down seems more likely

It is a binary event. Either Bernamke drags his behind out of bed early tomorrow morning and crows. Or he doesn't.



"Either he's alive, or he's dead, or the cops got him, or they don't. " -- Mr. Blonde

http://www.hark.com/clips/rdnbbhdnqb-ei ... r-hes-dead

[bertdanner]

no conclusion today, need see tomorrow. daily chart is another reversal bar, so still bulls are not over yet.

Hi, Wasn't today's daily black bar reversal (open high/close low, w/higher close than previous day) BEARISH?? So bad news for bulls, right? Thanks, Bert

[TWT]

SPX: So far a weak bounce but I would not rule out a Bullish Friday