05/11/2012 Live Update

[Cobra]

If you're StockCharts member, please do me a little favor by "vote" and the most importantly "follow" my public chart list here: http://stockcharts.com/public/1684859/tenpp. You need "follow" only once but vote can be done every 24 hours, so whenever you have time, please vote for me, thanks!

If you're not StockCharts member, you can also help boosting my rank by clicking the link once: http://stockcharts.com/public/1684859/tenpp, thanks!


Gap down below yesterday's low so the gap might not be filled.

I don't know what it is on Global ES, maybe Symmetrical Triangle or something else, it also could be 2 legged up rebound finished then the 1st leg down was over and now it's consolidation before the 2nd leg down. Anyway, let's wait and see.

[Al_Dente]

“TOTO, I'VE A FEELING WE'RE NOT IN KANSAS ANY MORE”



Full Jamie Dimon JPM conference call:
http://www.shareholder.com/visitors/eve ... 2&player=1

“This is not how we want to run a business.…probably we should have acted sooner…we feel terrible… it could get worse….” [Jamie Dimon, last night]
“This is all just a tempest in a teapot.” [Jamie Dimon, last month, responding to a WSJ canary report]

[Cobra]

For DAX it's the same, you don't want to see price consolidates here below neckline it only makes the H&S Top as solid as it gets.

[TraderJoe]

“TOTO, I'VE A FEELING WE'RE NOT IN KANSAS ANY MORE”



Full Jamie Dimon JPM conference call:
http://www.shareholder.com/visitors/eve ... 2&player=1

“This is not how we want to run a business.…probably we should have acted sooner…we feel terrible… it could get worse….” [Jamie Dimon, last night]
“This is all just a tempest in a teapot.” [Jamie Dimon, last month, responding to a WSJ canary report]

As FT Alphaville put it: "Certainly, the losses may grow, particularly if rival traders now reckon they can turn the screws."

The positions that put JP Morgan in peril have yet to be closed. The bank's traders are rushing to close those positions, but until they do, the bank is vulnerable.

[Al_Dente]

Hi Joe
Pre market JPM down -8.3%
Did u get any sleep?
GL2u

[KeiZai]

GM all,

gap predictor worked again

Squeeze ready

[PLUNGE]

Over the past month, bets against the London Whale began to increase in intensity, with hedge funds weaving circles around him, like sharks moving in for the kill. “Fast money has smelled blood,” Kavi Gupta, a trader at Bank of America Merrill Lynch, noted in a client report.
http://www.firstpost.com/business/how-a ... 06374.html

[taggard]

Stock markets throughout Asia were down last night an average of 1-1.5%. Although the JPM announcement was a contributing factor the primary driver of the negative action appears to be based on the mounting evidenced of a more rapid slow down in economic activity in China. Although exports have taken a hit due to the EU situation and increasing economic weakness there the big story is the rate of deceleration in growth of the domestic Chinese economy. The rate of inflation eased to 3.4% in April versus 3.6% in March; and has been dropping steadily for the past year from a high of about 6.5% last Summer. This will provide room and reason for more fiscal and monetary stimulus by the government for the omestic. BUT, there is a huge problem to be aware of. The aggregate rate of inflation is not spread evenly throughout the components of the economy. Staples; i.e. consumer goods and food are inflating at 4% and 7% respectively; while non-food and services provide the offset at under 2%. Stimulating the economy w/o causing food and consumer prices to rise even faster is going to be a challenge but one the government is going to have to risk.

from real money

[stucap]

Mkt should overcome the JPM news easily --- it's one firm with a bunch of bad trading --- no systemic risk.

China news was a bit ugly --- that's the xfactor today imho.

If Wednesday's low holds, this is likely a buying opportunity. I don't think the bulls will be satisfied without one more attempt higher.

[Al_Dente]

Keizai
Rosie again calls for $3,000 oz ....
http://www.zerohedge.com/news/gold-%E2% ... -rosenberg

[alphahorn]

The COMPQ seems pretty close to finishing its correction. Key support lies just below in the form of the lower channel and a key pivot. Pretty nice long entry with an obvious stop placement

[Petsamo]

Watching JPM is gonna be interesting. It's on my everyday watch list, like X, XME, IWM, etc

[TraderJoe]

Hi Joe
Pre market JPM down -8.3%
Did u get any sleep?
GL2u

About 3 hours, one of those nights.

[taggard]

The COMPQ seems pretty close to finishing its correction. Key support lies just below in the form of the lower channel and a key pivot. Pretty nice long entry with an obvious stop placement

nice point thank you

[1der]

[quote="stucap"]Mkt should overcome the JPM news easily --- it's one firm with a bunch of bad trading --- no systemic risk.

Please pass the bong

[pezhead9000]

I went long at close yesterday - meh

[Cobra]

the open.

[ricster3]

tried to play the inverted H&S in $AAPL yesterday - obviously gonna lose it all now. 585 Calls expire next week.

[Petsamo]

Sold my X from 3 days ago (I couldn't sell earlier) for a 0.55% gain

[alphahorn]

Transports intermediate wave (4) seems to be complete perfectly at its lower (2/4) trend line. Nice entry here too, with obvious stop placement