06/23/2011 Intraday Watering

[BBFinance]

BBFinance: "for non TA person"

As recommended here by uempel, John J. Murphy's Technical Analysis of the Financial Markets might be a good read. Buy it at Amazon but use the link at Cobra's.

99er, in some cases the charts are painfully obvious on direction, and then there is really no need to post the picture. At other times, especially when coming to a juncture of support and resistance lines, it would be interesting to have your comment on what you think will happen. I enjoy a smart-alec one liner more than 99% of the people on this board, but that does not tell us anything of your analysis. Demanding that all post charts is great, but to stimulate a discussion it would be helpful to know your view. Telling somebody to read a charting book does not really do it, especially when we can all look at the same picture and come to different conclusions, and short term to you may be a very long term to me. Thanks in advance for putting your thoughts with the picture. And I do like your pics! People who are on the board all of the time know your current general view on the markets and likely know your thoughts, but a few well chosen words would cement it.

Very well said. Could not have put it any better myself. I do not want to read any book on TA because Cobra's analysis is good enough for me. Apart from Cobra's TA I have full faith in reading tea leaves. I was looking for the point of view of 99er.

[99er]

ES
Cigarette break.
http://99ercharts.blogspot.com/2011/06/es_5206.html

[uempel]

Back in May I drew a Fib Fan on a 1 min chart. This Fan has now given a bullish signal - if today's low holds .

[99er]

Guys:
I'm really not into writing comments all day long. I like to post charts but they are things I'm working on during the day anyway. Sorry.

[pidge66]

Guys:
I'm really not into writing comments all day long. I like to post charts but they are things I'm working on during the day anyway. Sorry.

I sort of agree with the other poster. I look at the charts you post but most of the time I am not sure what you're looking for in your charts. A one liner comment should be easier to post than to post a chart, no?

[STC]

Cobra, do you think this market may hold the double bottom from June 16 or will it more likely go down more and retest the March low in the next few days? is today just a sell on the oil new event or a start of another leg down?

[pdz]

or simply one word: Up or Down

[davros]

some things are unusually not so bad today, like URA - uranium stocks - normally on a day like this it would get absolutely crushed, but just off 1% right now

[StrikePrice]

OK, L2 short, not a perfect one, but let's see. bears need pray because so far it's SPY leads down not RSP, QQQ or IWM which looks a little little suspicious.

Wasn't the SPY dividend a factor in why it could make a lower low?

[Cobra]

failed L2 but I see small bear flag here and a EMA Gap short.

[uempel]

Guys, this is a nice picture of the importance of the 1260 area: a breakl beneath of the treshold would trigger the H&S formation. Chart courtesy of CS based on yesterday's trading (and it's their commentary, not mine):

[TexasGordon]

Phanatom prints of 128.63 spy, last time phantom prints were hit within two days, maybe time to cover shorts and short term long.

[Anaconda]

Guys:
I'm really not into writing comments all day long. I like to post charts but they are things I'm working on during the day anyway. Sorry.

Keep doing what you're doing. Charts are for interpretation and your one-liners say it all for me!

[StrikePrice]

aapl up even though market down a lot, so I think we are in process of testing a bottom, once done we should really rally hard next month. We have seen the worst now time to accumulate positions slowly but surely.

AAPL has been positive relative to the markets all day, even in pre-market trading. Nothing has changed. It's just iPhone 5 hype.

I disagree.

All Wall St. darlings looking great here.

Look at NFLX, LULU, CRM, CMG as well as AAPL.

As bearish as I feel this doesn't make me want to load up on the short side yet.

[babaro22]

BBFinance: "for non TA person"

As recommended here by uempel, John J. Murphy's Technical Analysis of the Financial Markets might be a good read. Buy it at Amazon but use the link at Cobra's.

99er, in some cases the charts are painfully obvious on direction, and then there is really no need to post the picture. At other times, especially when coming to a juncture of support and resistance lines, it would be interesting to have your comment on what you think will happen. I enjoy a smart-alec one liner more than 99% of the people on this board, but that does not tell us anything of your analysis. Demanding that all post charts is great, but to stimulate a discussion it would be helpful to know your view. Telling somebody to read a charting book does not really do it, especially when we can all look at the same picture and come to different conclusions, and short term to you may be a very long term to me. Thanks in advance for putting your thoughts with the picture. And I do like your pics! People who are on the board all of the time know your current general view on the markets and likely know your thoughts, but a few well chosen words would cement it.

Very well said. Could not have put it any better myself. I do not want to read any book on TA because Cobra's analysis is good enough for me. Apart from Cobra's TA I have full faith in reading tea leaves. I was looking for the point of view of 99er.

Tea leaves reading is great but TA is a "little bit" more accurate when comes to stock market . TA doesn't have that many rules, you just need to learn the basics, to understand them and draw a conclusion based on the TIME FRAME you are interested in. Without a time frame any TA analysis is useless as a stock or the market in general may be bearish on a shorter time frame (like right now) but still bullish on longer time frames. Also a very important point is that you need to use TA only as guidance since market behaves according to TA rules most of the time (70%) but not all the time. Finally, you should understand that on long time frames market ALWAYS reacts to fundamentals but on shorter time frames there is a "lag period" between fundamentals and the market price. that's the moment when TA becomes usefull

[kktrader]

Guys:
I'm really not into writing comments all day long. I like to post charts but they are things I'm working on during the day anyway. Sorry.

I sort of agree with the other poster. I look at the charts you post but most of the time I am not sure what you're looking for in your charts. A one liner comment should be easier to post than to post a chart, no?

Let's not try to ask 99er to give his explicit views because I think he's already generous enough to post so many charts on this forum. Besides everyone has a different style to sharing and this is his so let's respect his style.

[Cobra]

Cobra, do you think this market may hold the double bottom from June 16 or will it more likely go down more and retest the March low in the next few days? is today just a sell on the oil new event or a start of another leg down?

too early to make clear call.

[Cobra]

He's not done!
You better believe it.

[STC]

failed L2 but I see small bear flag here and a EMA Gap short.

Cobra, are you initiating a short position? Do you think there will be more down side action in the next few days to retest March low or could it hold the June low here?

[99er]

pdz:

Down.

Bear pennant.