04/05/2011 Intraday Watering

[Fritz Baxter]

I think market is ready to get dumped here.

Sorta looking like it might.
Q's bouncing off the 50dma for the third time in two days.
If it fails here, look out below.

[agnosia]

the master criminals are doing their work in the crude market, shorting to take out stops. i am long 107.70... it's amazing how they get away with this crap. market closed at 108.34 so i except we get back there sooner or later ...

[biotrader]

Hey Guys...can't post a chart right now... but looks like we are touching the lower trendline that was broken of the rising wedge. Seems like we should be cautious here.

I'll post this chart later, but it looked pretty obvious. This can be a start of something larger IMO.

[AK84]

Cobra ,

Does GOOG chart look bearish to u ? I actually think its coming to touch the trendline at 560 on a daily timeframe and then go up higher.

any thoughts?

[Cobra]

Cobra ,

Does GOOG chart look bearish to u ? I actually think its coming to touch the trendline at 560 on a daily timeframe and then go up higher.

any thoughts?

Yes, bearish. don't long.

[simpletrader]

what do you think today's reverse price action, Cobra?

[Cobra]

Now we're back where we started this morning. I see strong support here. Overall, the pullback today was due to heavy weighted stocks not broad based, so I won't worry too much here.

[Cobra]

what do you think today's reverse price action, Cobra?

Not as bearish as it looks. It's not broad based.

[coolwenwen]

Cobra ,

Does GOOG chart look bearish to u ? I actually think its coming to touch the trendline at 560 on a daily timeframe and then go up higher.

any thoughts?

me too.

notice the daily-sto is just about to cross down. it should have more to drop. also the previous bottom barely saw single leg down (ellipses). so no hurry:)

http://stockcharts.com/h-sc/ui?s=GOOG&p ... &listNum=2

[simpletrader]

what do you think today's reverse price action, Cobra?

Not as bearish as it looks. It's not broad based.

I guess follow-through tomorrow is the key. No follow-through, the new high will be broken this week.

[AK84]

Cobra ,

Does GOOG chart look bearish to u ? I actually think its coming to touch the trendline at 560 on a daily timeframe and then go up higher.

any thoughts?

Yes, bearish. don't long.

Thank you . I am just trying to learn as much as I can . does this look like a 1-23 trend change pattern ? downward continuation ?

[FJoe]

There are a few negatives. Russell traded at an intraday all time high today, but may not close above the closing high in July 2007. Transports are weak and have been leading. Vix may have double bottomed. S&P traded above Friday's high but likely won't close above it.

Not that these are great concerns, but we need to trade above the high of today (for tomorrow) to keep the trend up IMO.

[bbc]

There are a few negatives. Russell traded at an intraday all time high today, but may not close above the closing high in July 2007. Transports are weak and have been leading. Vix may have double bottomed. S&P traded above Friday's high but likely won't close above it.

Not that these are great concerns, but we need to trade above the high of today (for tomorrow) to keep the trend up IMO.

VIX is market sentiment, not driving factor. I don't think it's a good indicator for market direction:)

[Cobra]

There are a few negatives. Russell traded at an intraday all time high today, but may not close above the closing high in July 2007. Transports are weak and have been leading. Vix may have double bottomed. S&P traded above Friday's high but likely won't close above it.

Not that these are great concerns, but we need to trade above the high of today (for tomorrow) to keep the trend up IMO.

I agree. I see lots of divergences.

[KENA]

Welllllll. I think the mkt may have drivin the shorts out during the last few days and now today they are after the longs but i think we may gap up tomorrow to get thru this resistance to test the 1344 level/area and then go down. Wait and see. If the bullish % on the nyse continues up we could be in the X's tonight. I am still position for the mkt to gap up tomorrow and then wait and see. I will let you know what the % BPNYSE is in the morining.

[Cobra]

not good news if we close here because it'd be 3 reversal like bars in a row. I know nowadays people don't believe reversal anymore (including me) but still I have to say what I see here.

[Cobra]

Well, guess, that's it for today. Tomorrow could be the key day, so I'll see you tomorrow. Again, I don't see broad based selling, so I kind doubt if this is bears attacking. The bottom line, to be a bear, we need at least see an intraday lower low on the 60 min chart and so far, none, nil, not at all. May the force be with bears tomorrow!

[agnosia]

thanks cobra for your insight have a good one

[Mr. BachNut]

Holding small short overnight acquired this afternoon. Not sure how it will work. Perhaps Cobra's evil plan will kick in. We shall see.

[biotrader]

This is what I was looking at yesterday, pretty clear break and retest. I see lower prices. but then again futures are coming back