07/16/2012 Live Update

[Petsamo]

Today's drop is understandable. The Nikkei was closed. Hang Seng & India dropped. I don't understand why Europe rallied, although Uempel said things are going great over there. That's my Monday afternoon quarterback analysis.

[Petsamo]

X made some wild moves

Yep any idea why?

I dunno, but it's not as beat up as SID. I just observe X on a regular basis. I've been on SID.

I got some X, think $20 area is good support.

Good luck

[joe-gamma]

I heard Larry Williams once say that when you aren't sure, stand 10 feet back from the screen (or set your resolution small if you are glued to the chair) and it will tell you the direction....is this a right shoulder of a H&S? Because it's rare to see a 2nd right shoulder for an IHS:

any spreadsheet predictions for tuesday?
thanks, Joe

[Petsamo]

For you bears, tradeyourwayout.com believes the next target is SPX 1150.
Warning: The guy's track record is not impressive, but I try to keep an open mind.

[Petsamo]

I heard Larry Williams once say that when you aren't sure, stand 10 feet back from the screen (or set your resolution small if you are glued to the chair) and it will tell you the direction....is this a right shoulder of a H&S? Because it's rare to see a 2nd right shoulder for an IHS:

any spreadsheet predictions for tuesday?
thanks, Joe

In case you intended to ask me, if we finished here, we gap up tomorrow. Spreadsheet predictions have been lousy.

[KENA]

Watch this chart..The projection of the chart looks like the cross over is about 3 weeks..This takes the mkt just into Aug..Aug seems to be a bearish month with usually a good sell off..So peak by end july and sell off in Aug..It all adds up..If you don't belive in the 50/200 day cross over just look at the history and you will belive..They may not cross but if they continue the same path they will .So keep sharp and watch and if you are a bear you are

[TradingJackal]

Whats going on? Market is behaving as if this is OPEX Friday.

[Unique]

Still holding AAPL, don't see "big bear" evidences yet, so this is a throwback re-test on my count. Good luck everyone

[Cobra]

well, guess that's it for today. a typical consolidation day after a big up day (last Friday), so we'll have to wait for tomorrow for the market's real intention. the SPY 60 min chart doesn't look bearish to me though. thank you guys, I'll see you tomorrow.

[Michelle]

Cobra, on the 1 min chart for last two days trading, it looks like a diamond pattern.

[joe-gamma]

I heard Larry Williams once say that when you aren't sure, stand 10 feet back from the screen (or set your resolution small if you are glued to the chair) and it will tell you the direction....is this a right shoulder of a H&S? Because it's rare to see a 2nd right shoulder for an IHS:

any spreadsheet predictions for tuesday?
thanks, Joe

In case you intended to ask me, if we finished here, we gap up tomorrow. Spreadsheet predictions have been lousy.

please forgive this newbie, Thanks Petsamo!

[KeiZai]

I think a leg is close to done

weekend post

[OverUnder]

lol "tradeyourwayout" is such a terrible name to me. I remember seeing Yahoo message board posts, maybe they were on FAS/FAZ -- saying if you are at a loss, just buy more, lowering your average, then sell a percentage when the price goes up, and if it goes down more afterwards, rinse and repeat.

The big problem being that it didn't take into account your first loss from your original buy point, and assumed everytime you buy the stock was going to go up.

Now if you knew the stock was going to go up everytime you bought, you would never have bought that first losing position, right?

Nothing toward you, just the website name, as I said, brings up some asshattery memories.

For you bears, tradeyourwayout.com believes the next target is SPX 1150.
Warning: The guy's track record is not impressive, but I try to keep an open mind.

[nicha]

Still holding AAPL, don't see "big bear" evidences yet, so this is a throwback re-test on my count. Good luck everyone

Holding here as well. Although very annoyed. I know there will be a runup but testing my patience. It wud suck if we flatline into earnings and then pop.

[Petsamo]

lol "tradeyourwayout" is such a terrible name to me.

Sometimes I come up with terrible usernames. I don't think it's that bad of a URL. I'm unemployed just like he is, and we're both trading the stock market to get by.

joe-gamma, you're welcome!

[OverUnder]

No it's not really a bad url, just brought up memories from a totally different context. Cheers.

[SWalsh]

so few posts today!

It happens at tops

[SWalsh]

Dollar doesn't support the move...

Look back through 5 years of data. Pick which way you want the dollar to be correlated as it works both ways. Over time there is no correlation at all.

I don't think people understand that these correlations work because you expect them to work. There's no other reason. That which gets rewarded gets repeated. Then one day, everyone gets killed. It's been BTFD for 3 years. Why? Because the Fed has pushed this market up 400-500 SPX points. If O-Slobber is elected by moronic liberals and children who should not have the right to vote as they can't tell you how many branches of government we have, he is going to collapse the stock market and usher in socialism and regulation never before seen. Don't believe me? Listen to what he and Elizabeth Warren are saying. Anyone who has done well has done so because of others, as per Mr 57 States. If enough fools vote for this bozo don't be surprised when your 401K is raided for a government chit.

[xfradnex]

Daily Elders. Overall Green/red -same reading from friday. Low volume, decreasing. Guessing down. News trumps everything.

[xfradnex]

http://www.zerohedge.com/news/its-diffe ... art-around Creative drawing. Hide the children..... and sharp objects.