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03/16/2011 Intraday Watering

Re: 03/16/2011 Intraday Watering

Postby greenback » Wed Mar 16, 2011 3:03 pm

chickencoop wrote:
Me XMan wrote:I heard my Uncle Benny have ordered 100 more printing presses.
QE3 through QE18 are on the table. :lol:

greenback wrote:Let's put it this way ...
IF you were BEN/NY FEB, would you want this natural disaster ruin all the QE1/QE2 efforts? I don't think so ... just print money until we are out of this damn shit!



just a few key strokes ... there is an easy button.


:lol:
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Re: 03/16/2011 Intraday Watering

Postby 99er » Wed Mar 16, 2011 3:04 pm

/ES
Headed down to the November high?
http://99ercharts.blogspot.com/2011/03/es_8264.html

[You're welcome, foxytrader.]
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Re: 03/16/2011 Intraday Watering

Postby chickencoop » Wed Mar 16, 2011 3:05 pm

Cobra wrote:usually a good bottom is wave up, a few 5 min bar up then a few down and then a few 5 min bar, like some buying program are running in orderly fashion. But now all we see are sudden spike up, that's not enough time for program to run accumulation and that's why I suspect that today's low will be revisited. Just a thought as you know I don't trade based on such kind of speculation.


that makes total sense. I learned something again. Thanks.
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Re: 03/16/2011 Intraday Watering

Postby agnosia » Wed Mar 16, 2011 3:05 pm

Cobra wrote:usually a good bottom is wave up, a few 5 min bar up then a few down and then a few 5 min bar, like some buying program are running in orderly fashion. But now all we see are sudden spike up, that's not enough time for program to run accumulation and that's why I suspect that today's low will be revisited. Just a thought as you know I don't trade based on such kind of speculation.


is this what short covering action looks like though? could it have been that?
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Re: 03/16/2011 Intraday Watering

Postby foxytrader » Wed Mar 16, 2011 3:06 pm

Cobra wrote:usually a good bottom is wave up, a few 5 min bar up then a few down and then a few 5 min bar, like some buying program are running in orderly fashion. But now all we see are sudden spike up, that's not enough time for program to run accumulation and that's why I suspect that today's low will be revisited. Just a thought as you know I don't trade based on such kind of speculation.

totally agree with you.
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Re: 03/16/2011 Intraday Watering

Postby Cobra » Wed Mar 16, 2011 3:07 pm

Well, once again, another V shape day, THERE'S NO SINGLE DAY THAT THE MARKET GOING DOWN FROM THE BEGINNING TO THE END. But no matter what, we should be fully aware that the market KEEPS HAVING LOWER LOW.
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Re: 03/16/2011 Intraday Watering

Postby Dow Trader » Wed Mar 16, 2011 3:08 pm

the problem with oil is the Japan situation is bad for oil but ME problem will push it up, this is why the oil is in "undecided trading case"
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Re: 03/16/2011 Intraday Watering

Postby hutongerchuanzi » Wed Mar 16, 2011 3:11 pm

Cobra wrote:Some fib support here.


Thanks, nice call
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Re: 03/16/2011 Intraday Watering

Postby EvilTrader » Wed Mar 16, 2011 3:11 pm

Cobra what do you think about a huge gap up tomorrow, to burn the late shorts ?

Its OPEX.....
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Re: 03/16/2011 Intraday Watering

Postby Travelfrog » Wed Mar 16, 2011 3:12 pm

just a thought, but do you think we close near to the 20ema on each days close 5min chart?
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Re: 03/16/2011 Intraday Watering

Postby andyzaky » Wed Mar 16, 2011 3:14 pm

INVERTED HEAD & SHOULDERS or DOUBLE BOTTOM

Same old boring bottom. We get a downtrend which is eventually broken on an interday basis. Then after the break of the downtrend, the SPY tests resistance which is around where the neckline of a developing inverted head & shoulders. After testing, and failing that resistance one of two things occurs. The market either retests the lows to form a double bottom or it sets up an inverted head & shoulders which leads to a multi-day rally. That rally will either bottom the market or fail and lead to a third leg down.

There's also the third option of the market making a new low on retest. But breaking the upper trend line like this usually means a bottom of some kind is near.
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Inverted Head & Shoulders or Double Bottom in progress...
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Re: 03/16/2011 Intraday Watering

Postby Cobra » Wed Mar 16, 2011 3:15 pm

EvilTrader wrote:Cobra what do you think about a huge gap up tomorrow, to burn the late shorts ?

Its OPEX.....


Let's see how market close first.

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Re: 03/16/2011 Intraday Watering

Postby agnosia » Wed Mar 16, 2011 3:20 pm

surprise surprise.. we are hanging around my predicted closing price of 1260.50... odds of closing here are now 97% :) must be some algo because this happens all the time.
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Re: 03/16/2011 Intraday Watering

Postby DCS » Wed Mar 16, 2011 3:21 pm

Cobra wrote:Not today, just the price action is way too emotional.


A thought: in a normal trading environment, your accumulation comments make good sense.

But in a whipsaw environment, emotional price action should be considered in both directions. If drops occur without accumulation, rebounds can too, perhaps even without the caveat that the rebounds probably won't hold because they occurred without accumulation. Just a thought.

When the market gains a better sense of Japanese events, we'll return to more normalized movement. If the market also can gain a better sense of ME events, we'll may even resume pomo grind up.

Barring Japan and ME, there's not much else out there right now that significantly counter-balances pomo.

That's my outlook through May.

Good trading!
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Re: 03/16/2011 Intraday Watering

Postby BullBear52x » Wed Mar 16, 2011 3:25 pm

Wish you were in is better than wish you were out :lol: have a great day all.
My comments are for entertainment/educational purpose only. NOT a trade advice.
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Re: 03/16/2011 Intraday Watering

Postby greenback » Wed Mar 16, 2011 3:26 pm

The operator of the Fukushima nuclear plant says it has almost completed a new power line that could restore electricity to the complex and solve the crisis that has threatened a meltdown. The new line would revive electric-powered pumps, allowing a steady water supply to troubled reactors and spent fuel storage ponds, keeping them cool.
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Re: 03/16/2011 Intraday Watering

Postby Me XMan » Wed Mar 16, 2011 3:33 pm

Everything is good now. Move on...move on. :lol: :lol:

greenback wrote:The operator of the Fukushima nuclear plant says it has almost completed a new power line that could restore electricity to the complex and solve the crisis that has threatened a meltdown. The new line would revive electric-powered pumps, allowing a steady water supply to troubled reactors and spent fuel storage ponds, keeping them cool.
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Re: 03/16/2011 Intraday Watering

Postby thelefteyeguy » Wed Mar 16, 2011 3:34 pm

how much longer is the Japanese Govt going to keep everyone in the dark on the severity :roll:
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Re: 03/16/2011 Intraday Watering

Postby Cobra » Wed Mar 16, 2011 3:38 pm

The market is very emotional, that's all I want to say. If you cannot see clearly, just stay outside, there're plenty of chances in this stock market.
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Re: 03/16/2011 Intraday Watering

Postby Cobra » Wed Mar 16, 2011 3:47 pm

A little Fib. By the way, the market gapped down 6 days in a row, so normally I won't expect another gap down tomorrow. The good news for bears is finally, there's just a half V shape reversal, assuming no big changes in the last 14 minutes.
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