03/17/2011 Intraday Watering

[uempel]

From Bloomberg:

The Standard & Poor’s 500 Index will fall to 1,232 by March 31, marking the bottom of a “modest correction,” according to Birinyi Associates Inc., which cited data measuring average drops of at least 5 percent since 1945.

The decrease would represent a 2 percent retreat from yesterday’s close of 1,256.88. When the S&P 500 loses 5 percent during a rallying period, the decline lasts an average of 41 days and extends to 8.3 percent, according to a report today by Cleve Rueckert, an analyst at Birinyi Associates. Since the S&P 500 peaked this year at 1,343.01 on Feb. 18, it has fallen 6.4 percent through yesterday, paring gains since March 9, 2009, to 86 percent.

These predictions are so stupid. I guess Birinyi Associates Inc. just wants to get its name into the media. Or the journalist did not know what to do and met this guy for lunch. Why stupid? Because there are about 1000 predictions which have the same chances of being accurate.

[Cobra]

Not sure if the trend line resistance is going to work, my guess is should be on the upside as this looks like a measured move or you may like to call ABC up.

[zombiebraingoo]

here he goes - toes over the line

and he stumbles!

[uempel]

A last look at the SPX (I've got to go now):

[BullBear52x]

Not sure if the trend line resistance is going to work, my guess is should be on the upside as this looks like a measured move or you may like to call ABC up.

here's my special version, It's Bullish.

[stocksage]

Not sure if the trend line resistance is going to work, my guess is should be on the upside as this looks like a measured move or you may like to call ABC up.

Probably hit spy 130. 50% retrace of the downmove.

[Cobra]

Not sure if the trend line resistance is going to work, my guess is should be on the upside as this looks like a measured move or you may like to call ABC up.

here's my special version, It's Bullish.

What I see is a Bull Flag, therefore the measured move can go as far as $130.

[zombiebraingoo]

1272 gives I'd say we get a sell off in the last 30 minutes

wow they be running the 1272 line again

[candeloro]

Hi Cobra, thank you for this board-nice place.
Hi to all of you, like your contributions as well, thanks!

I know that most of the time you write about indices but I have a question about a stock, maybe somebody could give a technical poit of view.
I am holding a leveraged position in SLB with a stopp/loss @78,50. Not sure if I should take profits today and reload in a possible next leg down of S&P. Not sure if SLB-chart provides any point of view, that the turning point was reached yesterday.
Especially given the fact how the lows always got bought.

Thank you for your opinions!

Have a great day!

[Me XMan]

Prez BO is speaking on Japan event...

1272 gives I'd say we get a sell off in the last 30 minutes

wow they be running the 1272 line again

[zombiebraingoo]

1272 brand new

BO is right!

1274 and no more?

and the bull flag waves

[BullBear52x]

Qs, IWM, Tran need to pick up some slack here. any ways to hold longs over night is still risky from looking at all these.

[Me XMan]

Done and won't take questions.

1272 brand new

BO is right!

1274 and no more?

[Cobra]

Hi Cobra, thank you for this board-nice place.
Hi to all of you, like your contributions as well, thanks!

I know that most of the time you write about indices but I have a question about a stock, maybe somebody could give a technical poit of view.
I am holding a leveraged position in SLB with a stopp/loss @78,50. Not sure if I should take profits today and reload in a possible next leg down of S&P. Not sure if SLB-chart provides any point of view, that the turning point was reached yesterday.
Especially given the fact how the lows always got bought.

Thank you for your opinions!

Have a great day!

I cannot say the chart looks bad. The rebound today is strong so I'd hold for tomorrow and see.

[Me XMan]

The only thing I'm holding overnight is my teddy bear.

Qs, IWM, Tran need to pick up some slack here. any ways to hold long over night is still risky from looking at all these.

[BullBear52x]

Let see if we can hold 5dma then I will hold 20% of what I start with.

[candeloro]

Hi Cobra, thank you for this board-nice place.
Hi to all of you, like your contributions as well, thanks!

I know that most of the time you write about indices but I have a question about a stock, maybe somebody could give a technical poit of view.
I am holding a leveraged position in SLB with a stopp/loss @78,50. Not sure if I should take profits today and reload in a possible next leg down of S&P. Not sure if SLB-chart provides any point of view, that the turning point was reached yesterday.
Especially given the fact how the lows always got bought.

Thank you for your opinions!

Have a great day!

I cannot say the chart looks bad. The rebound today is strong so I'd hold for tomorrow and see.

Thank you, Cobra!

[zombiebraingoo]

Done and won't take questions.

1272 brand new

BO is right!

1274 and no more?

did some people trade the BO on tv?

falling below 1274 again!

[KENA]

Hold tight.. Trend is up

[BullBear52x]

No overnight holding for me, try again tomorrow. thanks everyone.