06/08/2011 Intraday Watering

[BullBear52x]

This is close to a good bounce, since I am not a dip buyers I will just watch with 90% cash ready for a kill. Positive D here

[uempel]

I still have my longs (bought this morning) and one of the reasons is the strong support around SPX 1280...

[alvian33]

cobra, can this be the ST bottom in your view?

[cletus]

****************
TRADE ALERT
****************

For those who have been following the long oil trade, I am still long but looking to exit very soon. Make your own judgements but I am personally happy with the bounce and looking to exit with profits. I have multiple reasons but mainly we are heading towards a cyclical turn in oil which appears to be a high. It could still have a couple days left which is why it might be too early. I guess I'll tell you when I'm out but essentially I've already put in a limit order to dump my USO calls at the high of the day if we can get there by the close. If it isn't filled today I'll hold till tomorrow and cross my fingers that oil can stay up. lol

[Cobra]

hmm, i did cover at low, looks like the rebound is promising...

[BullBear52x]

I still have my longs (bought this morning) and one of the reasons is the strong support around SPX 1280...

SPX4.png

yes, I target the same around 1282 few days ago. we should get some bounce from here.

[Cobra]

cobra, can this be the ST bottom in your view?

just a short-term rebound.

[KENA]

I am just sitting here watching. I don't how anyone could trade this mkt today and make a buck.I bet they shook out a lot of traders today and a lot of weak hands. So tomorrow do we gap up and leave them holding the bag??Wait and see.

[agnosia]

ooops i passed out and took a nap doesn't look like i missed much though - it's amazing how this market has changed ... we can't even get a decent bounce. maybe this is the banks' way of telling the bernak that they want QE3?

[soku]

1275 is also the lower BB for weekly SPX. Lat time we touched it, it was the last week of May 2010. There is some serious stuff going on here...

agree. the rebound from 1275 is very strong and powerful. there is something going on here.
maybe they intended to make a dbl bottom or draw a chart of false bd here

[AK84]

hmm, i did cover at low, looks like the rebound is promising...

Cobra should i cover my weekly puts on aapl ?

[cougar]

Being careful with IWM here = taking some profit

[Cobra]

hmm, i did cover at low, looks like the rebound is promising...

Cobra should i cover my weekly puts on aapl ?

for puts, if I'm fat, i won't risk holding lots of them especially when AAPL is at an important support, at least partial profits.

[StrikePrice]

Be careful.

It might retest resistance then head to lower line to care everyone out of longs?

[BullBear52x]

I see 1225 next week.

1275 is very important. i read it as support on multi-time frame. need to hold and i think will hold.

Me XMan, very impressive call for 1225 from a guy who can't read chart.

[99er]

COMP
Old Wolfe Wave target of 2672 has been hit; may bounce hard.
http://99ercharts.blogspot.com/2011/06/comp_08.html

[Me XMan]

HAHAHAHA! I'm a blind squirel...

I see 1225 next week.

1275 is very important. i read it as support on multi-time frame. need to hold and i think will hold.

Me XMan, very impressive call for 1225 from a guy who can't read chart.

[uempel]

Update:

[cougar]

QQQ also bounced at 55.27, a target discussed this morning.
Update:

[Cobra]

hmm, it was a kiss the Triangle goodbye? no idea.