05/17/2012 Live Update

[SB73]

higher low then seemingly a strong bull bar, very good sign.

Bull looks very weak, but selling seems to be controlled. Possiblly long in the tooth on the short side, but holding shorts with a stop a little above the 50 EMA on a 5 min chart.

[MrMiyagi]

Question:
How can FB ipo tomorrow without a spy bounce?
Even a little one?
That would be REALLY bearish if no ipo bouncie….

Mr Pasta,
Chartwise, and if the trend maintains to the close, it is all pointing to a bounce:

1) $NYMO will probably finish near -85
2) SPX lower BBand crash (10,1.9)
3) NDX lower BBand crash (10,1.9)
4) TRAN lower BBand crash (10,1.9)
5) RUT lower BBand crash (10,1.9)
6) TBT lower BBand crash (10,1.9)
7) TLT upper BBand crash (10,1.9)
8) NYDEC pretty strong number at 2550ish

It isn't concrete but it's all possible unless they break this toy too.

In reality, it does not matter what the SPX does, Facecrook will sell at 35$ to open and will be gobbled up by demand.
When you and your cronies have billions of shares assigned to you (yeah, they paid nothin') at pennies on paper, 35$ or 40$ is just the difference between buying an island and an island with topless natives.

[TraderJoe]

I'll take that latter island.

[Cobra]

you don't want to see consolidation here.

[Al_Dente]

Mr Miyagi
U are nuttier than a fruitcake …. but yr numbers and stats are good (I usually use default 20,2) …. thx
Tom Bolinger calls is “riding the band”
Oy

[Cobra]

not looking good.

[Petsamo]

If we gap up tomorrow, it'll be the third unexpected gap up

[Valance]

not looking good.

Facebook will save us all tomorrow

[Cobra]

still 30 min to go but I bet the volume will be huge today which is good news for bulls, finally some panic.

[Cobra]

a little break below, now no failure allowed for bears here.

[ronrico]

Can i get this blog to continuously update?

[Richarab]

what will facebook do to NQ nasdaq tomorrow?

[Cobra]

why no failure here allowed? a small break down would imply the 3rd push down is much weaker therefore due for a rebound, so bears must push hard here.

[fehro]

1290? or 1278 = 200DMA

[MrMiyagi]

what will facebook do to NQ nasdaq tomorrow?

It's not part of the index so unless there's sympathy gropes, not much is my guess.
Up to even a couple of days ago, I was certain that the Sheister Club would rally the market.
Another lesson learned, expect the unexpected that you expected unexpectedly.

[uempel]

Closed shorts, went long.

[Petsamo]

Can i get this blog to continuously update?

http://www.snapfiles.com/get/yrefresher.html
It works with Internet Explorer.

[Cobra]

Cobra:
When u send a prv msg to someone, why does it sit in outbox (not-sent) for 15+ minutes?
Am I doing something wrong?

It's normal. PM is on scheduled deliver.

Sometimes, the party you're sending doesn't have the PM enabled, you he won't see the PM.

[Petsamo]

not looking good.

Facebook will save us all tomorrow

GM pulled advertising from Facebook because they say it doesn't increase sales

[cougar]

Cougar,

You mentioned an up reversal on DUST. Can you please clarify. Thanks to all of those that consistently post solid commentary with good charts. Sorry I am unable to contribute much due to work load and inability to focus on the market. Following the trend has been the best answer.

Also, I was going to comment on that post about DUST.

Personally, I would avoid it as GDX has hit a panic low (low of Jan 31), and is bouncing; it is currently forming a doji with
a fairly long whisker on the weekly chart.
I have been slowly nibbling on GDX as it makes lower and lower lows, but am cautious here and I am not going to back
up the truck and/or buy NUGT until I see a confirmed uptrend on $HUI.

Ok Guys… The answer to my Q was delayed and I am very busy now…
I’ll clarify what I was talking about later…with fresh charts.
Thanx for your interest!

I wanted to discuss potentially interesting trade:
DUST had dropped from a parabolic UP. At 161.8% extension it found support and an opportunistc and risky BUY signal appeared on the daily chart.
However if you bought it (like I did) how long keep it? For that we look for confirmation on the 60 min chart…and it appears that DUST could not break the “yellow resistance “ above… but when I asked that Q, it was not clear.
In the meantime I sold it for a profit.