05/27/2011 Intraday Watering

[strawberry]

ZSL could be your runner for the day. Certainly there is a positive divergence on the hourly in addition to what looks like a possible wedge.

I see a likely short squeeze in silver today...
This is what makes a market )

Gluck.

[stockcycle]

Why short here is good idea? down channel and RSI, 60 min. here.

I am afraid that it may not work this time.

[cletus]

IWM continues its run. Price target is labeled by the blue box. I am long it with a price target above 86 (longer term than a few weeks). Update: Could see a pullback at any time here. MACD is overheated.

[99er]

Some Updates.

Crude: http://99ercharts.blogspot.com/2011/05/crude_27.html
Gold: http://99ercharts.blogspot.com/2011/05/gold_27.html
Silver: http://99ercharts.blogspot.com/2011/05/silver_27.html

[BullBear52x]

Why short here is good idea? down channel and RSI, 60 min. here.

Hi BullBear52x, I have a [stupid] question. I wondered why our price channels look slightly different and it's because Stock Charts recorded the SPY high at 137.66, versus your TDA chart showing a high at 137.66. Do you know the reason for this difference? Stock Charts provides data directly from the exchanges so I'm wondering why there would be any difference?

Thanks in advance!
Progruss

depend on charting period some how the price recorded slightly off even when you use the same chart service, I got no answer for that either. as far as lines and channel drawing I many many times use average proximity just to draw out the picture.

[Tabby]

BB52X,
FAS flying, double bottom $25.88. It has been on the upside. Looks like GS is done with bloodbath.

[cletus]

ZSL could be your runner for the day. Certainly there is a positive divergence on the hourly in addition to what looks like a possible wedge.

I see a likely short squeeze in silver today...
This is what makes a market )

Gluck.

The time to get bullish on silver was a few weeks ago. At this point, it's late to the party. I was bullish on it for the past few weeks and rode AGQ from 154 to 200, but now I like ZSL.

[Cobra]

could see a pullback of some kind here then we'll see.

[cletus]

could see a pullback of some kind here then we'll see.

I'm exiting many of my longs here, not all, but many. I don't like that silver/gold could be topping while the market seems to be getting bullish with them. If they plunge the market could break to some new lows, but I'm not sure which happens first.

[BullBear52x]

Why short here is good idea? down channel and RSI, 60 min. here.

I am afraid that it may not work this time.

It's all come down to law of probability, if the down trend channel to continue this is the place to turn, unless we are on the way out of this channel, even if we break out of this channel there will be a back test, low risk to short here, nevertheless the risk is there.

[99er]

SPX
Update.
http://99ercharts.blogspot.com/2011/05/spx_683.html
Get the feeling the Big Boyz want to leave early today?

[whatdoIknow]

Hi 99er

What's your TA on RUT?

[BullBear52x]

BB52X,
FAS flying, double bottom $25.88. It has been on the upside. Looks like GS is done with bloodbath.

Rule is rule, I have to stick to it, I just got no gut to go long on this run. I think most of stock are just run a back test to the price average. I see now that it trade over 5dma, buy the dip from here definitely.

[progruss]

depend on charting period some how the price recorded slightly off even when you use the same chart service, I got no answer for that either. as far as lines and channel drawing I many many times use average proximity just to draw out the picture.

Thanks BullBear! I agree, averaging definitely makes sense.

[stockcycle]

If SPX close above 1333.06 today, it will target 1340-1342 and we may envisage a Bulls and Bears big fighting over there.

[uempel]

I see an additional channel respectively resistance up at 1335...

[strawberry]

I see a double top in the futures first. You may be right. We will see today and next week

ZSL could be your runner for the day. Certainly there is a positive divergence on the hourly in addition to what looks like a possible wedge.

I see a likely short squeeze in silver today...
This is what makes a market )

Gluck.

The time to get bullish on silver was a few weeks ago. At this point, it's late to the party. I was bullish on it for the past few weeks and rode AGQ from 154 to 200, but now I like ZSL.

[cletus]

COW still basing. A slow trade but I think it will work on the long side.

It's STEAK and PIG for dinner tonight. And you CAN eat cattle and hogs, you CAN'T eat gold or silver.

[Denali92]

The Memorial Day pattern for the last 3 years has been to make a significant low at the open on the Tuesday after Memorial Day. This has occurred the last 3 years.... but it certainly looks like that will not be repeated this time around... The market pattern pre May, was also to make a low for the week on the Monday or Tuesday prior to employment.... both look like low probabilities right now.... just amazing to see how rarely (late Jan?) the market has been able to close near the lows of the week on Friday - it just does not seem to happen anymore... the pattern really is sell off early in the week and rally at the end of the week.

-D

[Cobra]

if my theory works, the pullback should be larger than the highlighted area.