06/20/2011 Intraday Watering

[KENA]

Fin. are weak and NYSE is up only 25 points.The mkt will not go anywhere unless these firm up.Wait and see.

[TrendTrade]

Vey nice chart on IWM. IF it can break out it should reach about 81.4 berfore hitting significant resistence. Or possbly 83 on a back test to set up H&S. Must break 79.14

Longer Term

[guelder_rose]

Cobra, this week is still sell in rebound modell?

so far yes, but subject to change at any time.

Got it. I'll watch ur sign any time.

[barbaragull]

Qs seem to catch up?

[cletus]

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TRADE ALERT
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Sold SPY 130 July calls at 1.31 for +11% in 3 days. All in a bad trade since I could have sold them for much more on Friday at the open, but still a positive trade.

The main reason I'm getting concerned is that the ChiOsc on SPY 60 min is pretty overheated. Wednesday's session is going to be weak, so maybe tomorrow I'll buy some puts. I probably won't place any more trades today.

[BullBear52x]

IF it's hard to get, she is for real. LOL 128 is where the late bears last stand will be. play safe.

[Anaconda]

Technicals and sentiment indicators, across the board, are screaming "buy the dip." There's $10 billion in POMO today. NASDAQ's high-flyers can't get up any steam. And STILL almost no buying volume... What does that tell you? Smells like a lot more downside coming to me, friends.

Good luck to all.
A

More downside...yes, possibly some new lows this week since the rebound is weak. But "a lot of downside", I seriously doubt it. Greece is falling apart, deals are falling apart, and the market is up today. Since the Greece situation, the market is only down 100 handles and took several months and a massive increase in bearishness to get there. This doesn't seem all that bearish.

I actually expect to see the markets continue to bounce this week, to burn off some of the bearish sentiment and delude "buy the dippers" into jumping back in the water, before the next waterfall down.

[cletus]

I actually expect to see the markets continue to bounce this week, to burn off some of the bearish sentiment and delude "buy the dippers" into jumping back in the water, before the next waterfall down.

Based on recent seasonality, I think today and tomorrow will be slanted to the bulls, but the middle of the week to Thursday should see larger downside action or at least a re-test of the prior low. Friday is very bullish, though.

[MajorEasy]

always be careful when shorting a dull day..
the market seems to drift ^up on no volume.

[StrikePrice]

I'm surprised I've been the only one bullish today. We've had a nice 3 push up and took out the falling wedge line I have on SPY.

The weakness in AAPL is stock related not market related.

If Big Ben can do his dance well this week we should see a rally go further to 129.50 as the strongest point of resistance.

[chenwt77]

How far will SPY go today? Cross 128?

[TrendTrade]

I'm also in the boat of the markets bouncing this week through the FOMC meeting... markets possibly peaking that day (unless th Fed hints QE3). This is how FOMC weeks often go. Slow melt ups with the VIX getting crushed. However, I do believe the next move down will be pretty explosive. Will start adding shorts on Wednesday if all goes to plan. Nothing is confirmed either way as of yet though.

[99er]

Some Updates

Gold http://99ercharts.blogspot.com/2011/06/gold_20.html
Silver http://99ercharts.blogspot.com/2011/06/silver_20.html
Crude http://99ercharts.blogspot.com/2011/06/crude_20.html

[dr659]

H1 Long at EMA20, let's see how far this rebound can go. A decisively breakout above the morning high, then bears are dead for today, otherwise my evil plan would still apply.

Dicisive breakout? SPY at 127.95

[HK88]

H1 Long at EMA20, let's see how far this rebound can go. A decisively breakout above the morning high, then bears are dead for today, otherwise my evil plan would still apply.

Dicisive breakout? SPY at 127.95

It was 127.6, I guess

[HK88]

Is there an IHS for SPY on 60 min chart, neckline being 128 and target 130 if broken? Thx

[Cobra]

text book target, almost there. maintain my evil plan, but I think after a pullback if any here, there'll be another higher high at least.

[99er]

SPX
"Honey...do you want popcorn for lunch?"
http://99ercharts.blogspot.com/2011/06/spx_5699.html
No thanks. But a Long Island Iced Tea would do.

[Cobra]

newly adjusted evil plan. this plan need adjust later as I need see how far the current rebound go before acting evil.

[andyzaky]

Your chiosc on the 60-min for the SPY is very high right now too.