05/29/2012 Live Update

[Cobra]

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Gap up along the Friday's high, so not sure if the gap will be filled or not.

The Global ES looks good as I see an Ascending Triangle in the forming, so we're more likely to see a breakout on the upside, hopefully today. The breakout has to be decisive though otherwise it's still "2 legged up and 3 push up on the 2nd leg up indicating the lose of up momentum". So let's see. May the force be with bulls!

[CarlosDK]

On the breakout , most likely we should hit the target of this pattern(as indicated in your post?) right ? If its not a weak "bounce" of course.

[stucap]

Looks more like a bear flag or some sort of wedge to me, but I'll stay neutral now, which I think is wise. No sense shorting here, when we all know that if 1290 breaks? things get ugly.

[Richarab]

afternoon folks!

[johnnywa]

Looking for strong move to1333 before a small pullback then up to 1350,course not all today

[Petsamo]

afternoon folks!

It's 8:26 am central time. It's 6:26 am in San Francisco

[Cobra]

the open.

[Petsamo]

I sold my XME 42.06

[Richarab]

afternoon folks!

It's 8:26 am central time. It's 6:26 am in San Francisco

435pm middle east

[Petsamo]

Something bad must have happened in Spain. EWP is down big

[Al_Dente]

FB new low
today options start trading on FB

[Cobra]

resistance is clearer on the 60 min chart.

[Al_Dente]

consumer confidence coming at 10:00 ET
consensus estimate 69.7
chart shows last time it was this hi was about feb 2011
http://mam.econoday.com/byshoweventfull ... &lid=0#top

[champix]

Something bad must have happened in Spain. EWP is down big

85 billions needed for banks and districts ... 2 times more than expected 2 weeks ago !
More, Catalonia (the richest land of spain) needs the help of the Spain State as they have no more access to markets due to their colossal debt...

[Petsamo]

Something bad must have happened in Spain. EWP is down big

85 billions needed for banks and districts ... 2 times more than expected 2 weeks ago !
More, Catalonia (the richest land of spain) needs the help of the Spain State as they have no more access to markets due to their colossal debt...

I did a good job playing Spain.

[Mr. BachNut]

Market Neutral.
Still watching the Dow.
It has only made one push down from the high and is doing some corrective bear flagging.
Looking for a second push down to get to a bottom.
Problem is that that seems too pat.
So, the market ought to do something to make things more confusing...

[Cobra]

we have the OR, let's see in which direction it breaks out first.

[Al_Dente]

CONFIDENCE WORSE THAN EXPECTED AT 64.9
huge bot selling

[Al_Dente]

1min internals
Nyadv >2300

[Cobra]

well, hopefully it's a valid breakout. target SPY 133.92 or ES 1334.00. Only 60% chances.