06/01/2011 Intraday Watering

[Cobra]

Just a reminder, please those have registered but not yet posted anything at least reply the sticky post in the form (viewtopic.php?f=2&t=195). Don't get me wrong, I'm not saying you must register to read or even I'm ready to setup a paid board, that's not my intension and not going to happen, I just want to make sure every id in this form a real id, instead of a spammer. I'll eliminate all those registered but without posting anything by the end of this week. After that you can register at anytime (if you haven't registered) and don't post a thing for a long time. This elimination is just one time action and most likely won't happen again. Thanks.

Small gap down within yesterday's range so the gap will likely be filled and a range day today. I somehow don't feel good about EURUSD and AUDJPY, especially AUDJPY, the last push to 87.60 feels like the last push to me. Just a feeling, nothing serious of course.

Institutional actions from stocktiming.

[Traderwill33]

Cobra- Do you want us to re-register or something? I am sorry but I have missed your request.

[blockblock]

[cletus]

Silver wedging but it is looking bad for the kid

[zhizhengwd]

morning

[feelucky]

ding

[99er]

Good Morning.
On the west coast...it's "June Gloom."
ES
http://99ercharts.blogspot.com/2011/06/es.html
Sell in Gloom?

[Cobra]

Cobra- Do you want us to re-register or something? I am sorry but I have missed your request.

No, you should be ok, no need do anything.

[newstudent6]

Good morning, Everyone.

[cougar]

Cobra: nice post and chart for yesterday’s close!
I got for a few puts yesterday on close and noticed that I was not the only put-buyer.
The line in the sand for SPY seems to be now around 133.7:

[Cobra]

the open.

[Cobra]

Cobra: nice post and chart for yesterday’s close!
I got for a few puts yesterday on close and noticed that I was not the only put-buyer.
The line in the sand for SPY seems to be now around 133.7:

nice chart, thanks.

[cletus]

Bond yields fall through the ice. Not what you want to see if you're a bull.

[stockcycle]

https://stockmarketwinner.wordpress.com/
June 01, 2011: A pullback in SPX is imminent however it’s size could be limited.

A careful market/chart analysis can be found at http://cobrasmarketview.blogspot.com/ which calls “A PULLBACK OF SOME KIND AHEAD”.

I just want to add that the market trend seems beginning to change from Bearish to Bullish. I think a range trading may be ahead and I expect that the pullback will find its price support at 1333.06.

[PLUNGE]

Bond yields fall through the ice. Not what you want to see if you're a bull.

David Rosenberg says that buying the 10 year notes is Bernanke's next move to get the banks off their asses.

"People need to be convinced that once they make the decision to finance a purchase that they won't run into a period of rising rates that could impede their debt-servicing capabilities. This is where the Fed can play a role in influencing expectations and it is critical (this is particularly true for borrowers who are up for variable-terms mortgages).

Look, we know that: (i) Bernanke is a disciple of Milton Friedman, and (ii) one of Friedman's classic pieces of economic research pertained to the 'permanent income hypothesis', which postulated that it is changes that are deemed to be permanent, not temporary, that induce a permanent change in economic behavior. This is why the "permanent" Bush income tax cuts in 2000 worked so much better than the temporary rebates unveiled in early 2008.

Therefore, at the margin, in order to do even more to solve the ongoing depression in the housing market, which continues to pose as a dead-weight drag on the entire economy, it may well behoove the Fed in its next round of stimulus, whenever that may occur ( it will, just not at 1,330 on the S&P 500), to signal to the public its intent to take down and hold down the most critical interest rate of all for the mortgage market — and that is the 10-year note."

[cletus]

Bond yields fall through the ice. Not what you want to see if you're a bull.

David Rosenberg says that buying the 10 year notes is Bernanke's next move to get the banks off their asses.

"People need to be convinced that once they make the decision to finance a purchase that they won't run into a period of rising rates that could impede their debt-servicing capabilities. This is where the Fed can play a role in influencing expectations and it is critical (this is particularly true for borrowers who are up for variable-terms mortgages).

Look, we know that: (i) Bernanke is a disciple of Milton Friedman, and (ii) one of Friedman's classic pieces of economic research pertained to the 'permanent income hypothesis', which postulated that it is changes that are deemed to be permanent, not temporary, that induce a permanent change in economic behavior. This is why the "permanent" Bush income tax cuts in 2000 worked so much better than the temporary rebates unveiled in early 2008.

Therefore, at the margin, in order to do even more to solve the ongoing depression in the housing market, which continues to pose as a dead-weight drag on the entire economy, it may well behoove the Fed in its next round of stimulus, whenever that may occur ( it will, just not at 1,330 on the S&P 500), to signal to the public its intent to take down and hold down the most critical interest rate of all for the mortgage market — and that is the 10-year note."

A switch in the post-QE era to buying bonds over stocks! Indeed.

[uempel]

I'm looking at 1330 for a bounce, below I've got 1325:

[cougar]

Cobra: nice post and chart for yesterday’s close!
I got for a few puts yesterday on close and noticed that I was not the only put-buyer.
The line in the sand for SPY seems to be now around 133.7:

nice chart, thanks.

Thanks Cobra.
AAPL still very strong. Target now = 252.5
WOW!

[cletus]

ISM...lol

Now everyone who bought yesterday is down

[Cobra]

AUDJPY falls sharply, I think this time is for real, it'd put pressure on stock market. we'll see.