06/23/2011 Intraday Watering

[Cobra]

Failed OR breakdown. that's frustrating, for 3 times in a row, all my over 90% chances setups were failed.

[67Chevy]

SPX
Pennant or Flag?
http://99ercharts.blogspot.com/2011/06/spx_7776.html
Both are bearish.

Thanks for posting your charts, 99er. I have learned from, and enjoyed them, since coming to this board.

[HK88]

Looks like they took the market down to load up more. I still would not be convinced if we do not close above 1280 today.

[Cobra]

new channel, so far still looks like a bear flag. need see more bars.

[KENA]

Is that bullish? Dn from 1.43 to 1.5?

Trin is at 1.43 when it gets dn to 1.50 the fun will start. Lets see.

Sorry.. That should be up to 1.50(typo error) Bearish..The mkt then will head dn faster.

[Cobra]

volume surge, may see pullback here, if indeed, i might finally be able to have some evil plan for today.

[trust_yr_instinct]

careful bears ! you have end of quarter end ( Q2 ) next week and only 4 days left to cover your very profitable positions for the quater, ( cover now while you can not when you HAVE to ) PMs and big Hedge fund managers will HAVE to mark up things next week for their performance bonus to kick in, and as we saw in the past ( ie esp march 2011 ) performance chasing, bonuses and the Q END numbers matter more than " ALL ELSE " ...even the nuclear problems in march didnt stop them from bringing the market back up into Q1 end... so ? what happens if everyone has to chase in the next few days !!

[feibingjia]

Failed OR breakdown. that's frustrating, for 3 times in a row, all my over 90% chances setups were failed.

Ban Zhang, does it mean that the upside momentum is very strong?

[KENA]

Retail investors are buying and institutional investors are selling.But this is what makes the mkt .Institutions always win.Wait and see.

[Nomorework]

Retail investors are buying and institutional investors are selling.But this is what makes the mkt .Institutions always win.Wait and see.

Yeah, good input. There is still down side here. This retailer just went short with SDS Jul Calls. Downdraft here with VIX up should provide nice bounce for the day. Held same trade over night for a wonderfully lucky pop. Stop loss will trigger at 5% loss from entry.

[lumeipro]

Didn't like QQQ stalling here. Sold all Qs calls.

[oldpigwang]

Can not wait to see ur evil plan, Cobra.

[Tabby]

careful bears ! you have end of quarter end ( Q2 ) next week and only 4 days left to cover your very profitable positions for the quater, ( cover now while you can not when you HAVE to ) PMs and big Hedge fund managers will HAVE to mark up things next week for their performance bonus to kick in, and as we saw in the past ( ie esp march 2011 ) performance chasing, bonuses and the Q END numbers matter more than " ALL ELSE " ...even the nuclear problems in march didnt stop them from bringing the market back up into Q1 end... so ? what happens if everyone has to chase in the next few days !!

About entereing to earning seasons and some stocks might do well and bullish days ahead of us, you are right about it.
Looking back for example yesterday, this market close pretty decent, all the selling occurred right after the market closed. They say " trend is your friend." I am not sure we can trust it anymore. Daytrading is the safest method for now.( IMO)

[uempel]

Hey Cobra and 99, you guys only acknowledge the bearish side on the intraday chart. How bout this wee little H&S?

[kamukak]

Seems like has bottomed and almost ready to run big time.

[endangered510]

Looking more and more like a reversal day.

[stockcycle]

careful bears ! you have end of quarter end ( Q2 ) next week and only 4 days left to cover your very profitable positions for the quater, ( cover now while you can not when you HAVE to ) PMs and big Hedge fund managers will HAVE to mark up things next week for their performance bonus to kick in, and as we saw in the past ( ie esp march 2011 ) performance chasing, bonuses and the Q END numbers matter more than " ALL ELSE " ...even the nuclear problems in march didnt stop them from bringing the market back up into Q1 end... so ? what happens if everyone has to chase in the next few days !!

I remember the words "Window dressing" and Q2 reports are coming and seems SPX is aiming 1276 with ambitions.

[pablorynx]

I think we need to close UP on the day for a reversal bar. Would think that anything else remains bearish.

[Anaconda]

Technicals are definitely in favor of a turn. But, I think we still need a lower low today, or tomorrow, first. 5th wave down from May 2 high is still not in. careful longs.
Good luck all.

[Cobra]

another volume surge, let's see how much pullback this time. still not much clue about the market.