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10/23/2012 Live Update

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Cobra
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10/23/2012 Live Update

Post by Cobra »

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Gap down below yesterday's low, so the gap might not be filled.

For Global ES, I don't know if the breakdown is real or not, the 100% Measured Move target would be 1390.25, the 1-2-3 Formation or Inversed Cup with Handle target is 1400.25, the confluences area are 1406 or 1400, so maybe 1406 is more likely.
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Out of Bounds
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Re: 10/23/2012 Live Update

Post by Out of Bounds »

I was a broker in 1987 when the markets went to hell and I very much remember the chaos.

I remember the phone call from our main office telling us that there had been a shooting in another city and that we should lock our doors.

I remember the client who had made millions and was now sitting in a corner crying as we hand entered ticket after ticket to the wire room liquidating his entire portfolio trying to stay ahead of the margin calls - we were unsuccessful. He awoke that morning a millionaire and left that afternoon broke and in debt.

I remember thinking that investing was going to really change and that retail was probably going to be slow for years - I left and went into private money management.

This does not feel quite the same and isn't happening for the same reason, and yet the same approach should be taken by every investor: do not attempt to trade with margin or you will be ripped apart. Realize that what we are currently seeing does not begin to equate to the extremes we experienced in 1987 - but it could very well begin to.

Good luck.
...
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Cobra
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Re: 10/23/2012 Live Update

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L_T
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Re: 10/23/2012 Live Update

Post by L_T »

Is it just me or does it seem like everyone is whiffing on earnings this quarter? I think I saw something from you Cobra showing earnings were stacking up to be pretty bad this quarter compared to recent years.

Also interesting to see the secular shift away from PCs (pain for INTC, AMD, MSFT, DELL, HPQ, etc.) towards smartphones and the cloud (EMC, VMW, AAPL, etc. feeling the love).
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Cobra
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Re: 10/23/2012 Live Update

Post by Cobra »

I'd wait DAX to break the recent low to count it as Double Top.
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jademann
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Re: 10/23/2012 Live Update

Post by jademann »

Cobra imvho the dax is forming a head and shoulders, the world markets are going down.
My comments were dictated to me by homie the clown
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Cobra
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Re: 10/23/2012 Live Update

Post by Cobra »

oil may H&S Top here, targeting the previous low.
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Re: 10/23/2012 Live Update

Post by Cobra »

I still read gold as OK. I don't read it as double top but in case you want to know the target would be 1679.
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Re: 10/23/2012 Live Update

Post by Cobra »

euro is OK, but the 2nd revisit of the previous high may be failed, so with bad omen.
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Re: 10/23/2012 Live Update

Post by Cobra »

the open.
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ClarkW
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Re: 10/23/2012 Live Update

Post by ClarkW »

What rallied the most in that last hour yesterday: http://www.bespokeinvest.com/thinkbig/2 ... round.html
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Petsamo
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Re: 10/23/2012 Live Update

Post by Petsamo »

Since the DAX is too oversold, downside should be limited until after they close
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Harapa
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Re: 10/23/2012 Live Update

Post by Harapa »

VIXies Update
VIXies 5 min setup now favors Bears.
Above is provided for informational purposes only and shouldn't be considered an investment advice or recommendation to buy or sell anything.
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Out of Bounds
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Re: 10/23/2012 Live Update

Post by Out of Bounds »

b5000sds56.06 Heavy hedge
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TraderGirl
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Re: 10/23/2012 Live Update

Post by TraderGirl »

Check this out...needs to hold or we melt down soon...
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Jack12
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Re: 10/23/2012 Live Update

Post by Jack12 »

Petsamo wrote:Since the DAX is too oversold, downside should be limited until after they close
I got DAX down to 7150ish with a possible later at 7100ish
http://jaxdax.blogspot.com/
You must be in it to win it.
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KeiZai
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Re: 10/23/2012 Live Update

Post by KeiZai »

TraderGirl wrote:Check this out...needs to hold or we melt down soon...
agree
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Cobra
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Re: 10/23/2012 Live Update

Post by Cobra »

Out of Bounds wrote:I was a broker in 1987 when the markets went to hell and I very much remember the chaos.

I remember the phone call from our main office telling us that there had been a shooting in another city and that we should lock our doors.

I remember the client who had made millions and was now sitting in a corner crying as we hand entered ticket after ticket to the wire room liquidating his entire portfolio trying to stay ahead of the margin calls - we were unsuccessful. He awoke that morning a millionaire and left that afternoon broke and in debt.

I remember thinking that investing was going to really change and that retail was probably going to be slow for years - I left and went into private money management.

This does not feel quite the same and isn't happening for the same reason, and yet the same approach should be taken by every investor: do not attempt to trade with margin or you will be ripped apart. Realize that what we are currently seeing does not begin to equate to the extremes we experienced in 1987 - but it could very well begin to.

Good luck.
Thanks, well said. And salute who have experienced the 87 crash.

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MrMiyagi
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Post by MrMiyagi »

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Petsamo
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Re: 10/23/2012 Live Update

Post by Petsamo »

Jack12 wrote:
Petsamo wrote:Since the DAX is too oversold, downside should be limited until after they close
I got DAX down to 7150ish with a possible later at 7100ish
Not today, I'm concerned about today
Twitter @jackwag0n
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