05/31/2011 Intraday Watering

[Cobra]

First of all, those registered and haven't replied, please remember to reply the sticky post in this forum (viewtopic.php?f=2&t=195). I cannot believe for over 800 ACTIVE registers, only 300 are human, the rest 500 are simply spammers? Come on, I got absolutely unique IP visiting over 2,000 a day to this forum, only merely 300? I find hardly to believe this.

Huge gap up above Friday's range so good chances that the gap will not be filled. There's a little overshot on the chart, so my guess is we could see some backfilling at open then we'll see.

[alvian33]

GM Cobra, you said good chances the gap will be filled? Just double checking as usually when we open above previous day's range you mention the gap might not get filled, today you think will be filled? thanks

[Cobra]

GM Cobra, you said good chances the gap will be filled? Just double checking as usually when we open above previous day's range you mention the gap might not get filled, today you think will be filled? thanks

sorry, good chance "will not".

[cletus]

I would be shorting USO right off the open. This also implies intraday S&P weakness. Gold is weak and silver is at resistance. I count 5 clear waves up on IWM, but the price move up has not yet completed, so don't get married to the bearish case today.

Furthermore, today and tomorrow rank among the most bullish days of the year in terms of trading day and calendar day tendency (I did the study this weekend), so don't even think about heavily shorting the S&P until later this week.

[can2000]

To be convenient, The thread Cobra asked above is here: viewtopic.php?f=2&t=195

[99er]

EURUSD
Update.
http://99ercharts.blogspot.com/2011/05/eurusd_31.html

[99er]

ES
Update.
http://99ercharts.blogspot.com/2011/05/es_31.html

[stockcycle]

May 31, 2011: SPX may visit 1342.15 before any possible pull back.
World market: Asian and Europe markets are strong bouncing with gains more than 1% supported by news: "EU Racing to Draft Second Greek Bailout"
The EUR/USD pair is trying to break up the MA50 in daily chart, that if happens will vigorously support the US stock market.
With all these bullish sentiment I inclined to the possibility that there would be no market pull back before the SPX can visit 1342.15 (Fibonacci 23.6%) in next 2-3 days.

[shooker]

Cobra, are we still waiting for below the Friday’s close even to revisit the 05/25 lows as mentioned in your weekend report ?

[Cobra]

Cobra, are we still waiting for below the Friday’s close even to revisit the 05/25 lows as mentioned in your weekend report ?

yes, still too early to say that bears are over.

[90ufo]

Chicago PMI official release is 9:45am, but is released to subscribers on 9:42am, so watch 9:42 action. I guess SPX dip on data miss, then higher on hope of QE3.

[pablorynx]

given where spy's are, looks like we are decisively higher and chance for dip are greatly diminished, according to your outlook.

[Cobra]

the open.

[MajorEasy]

2 bars per day plus pre-market

[laouuu]

Housing data not good, but I guess it doesn't matter, as people may take it as a support for QE3.

[Cobra]

the bigger picture, the mini rebound target has been met. I need see more price actions to make the next call. let's wait and see.

[ken_d17]

Today's opening on SPY leaves a significant gap between Friday's close with all recent gaps filled. Interestingly for QQQ, the 5/20-5/23 gap is unfilled. This leaves the last five days isolated as an island. The region between 57.69 and 57.49 defines the island. Should this hold, the island reversal can be looked at as a very bullish sign.

[cletus]

I closed my IWM calls for a 15% gain off the open. Kind of disappointing profit considering the big gap up, but I think a wave 2 down to 83 is coming.

[cletus]

I am SHORT oil. I repeat, I am SHORT oil!!

[ympc]

GM!