06/23/2011 Intraday Watering

[HK88]

These days TA does not seem to work well. Going against the prevailing trend made real good money. Short after a huge rally with breadth and buy the dip on a 15 pt gap down...

[StrikePrice]

We could see one more push up on the day. Then it might be a good time for a short.

[uempel]

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.

If you're into EW: SPX could go up to 1305 before starting a fifth...

[StrikePrice]

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.

If you're into EW: SPX could go up to 1305 before starting a fifth...

I think we need to get out of my down channel, the purple lines on my chart before we can consider 1305 target. The next 2 hrs should be interesting.

[Mario TR]

50% fibonaci at 1280 aprox

[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.

If you're into EW: SPX could go up to 1305 before starting a fifth...

True. Good thing we have TA and fundamentals to help us make decisions, eh?

[Cobra]

pullback as expected, but I still need see how rebound goes, tough call today. As I kept saying the whole morning, RSP, QQQ, IWM are strong so hard to make bear cases but on the other hand, it's clear a bear flag in the forming on the SPY chart. Normally, chart pattern rules, so that's why until now i still don't have any evil plan for today...

[Jennyahwu]

Cobra, what is your eveil plan ? buy SDS? thanks

[pidge66]

pullback as expected, but I still need see how rebound goes, tough call today. As I kept saying the whole morning, RSP, QQQ, IWM are strong so hard to make bear cases but on the other hand, it's clear a bear flag in the forming on the SPY chart. Normally, chart pattern rules, so that's why until now i still don't have any evil plan for today...

I suspect the rally may be in anticipation of ORCL earnings after market today.

[soku]

i like mario's chart. 38% retracement is very good for a flag view.
i don't think it is an i h&s because the left should is too close to the head and not significant enough to be a separate count

[endangered510]

H&S pattern in EUR/USD

[StrikePrice]

Headlines:

*Today's cycle turns are at 10 EST, 12:30 EST, 2:30 EST, expect lots of volatility
*Due to the large gap I will likely leg out of SPY puts and possibly GLD puts at the open, will post my exits
*Oil is probably approaching an intermediate term low. I'm not buying yet.
*Natural gas is nearing a possible inflection point (short-term bottom). I'm not buying yet.
*The "secondary" pullback cycle in the S&P terminates tomorrow so expect this negative action into tomorrow's trade, I have no vision about how low it could go but probably not hugely lower from here -- could be choppy trading the next two days

Cletus don't leave us. Your analysis was really helpful today. Thank you.

[Cobra]

Cobra, what is your eveil plan ? buy SDS? thanks

i have no plan now.

[Cobra]

bulls need a H2 here to lunch a rebound. there're 51.000000001% chances, rebound, if any, it's the final push up of the day. I still weight a little more on chart pattern. let's see.

[Cobra]

H2, here comes the rebound, I think. a weak rebound would confirm my call for the final push up.

[soku]

the battle around es 1266 is critical. if lost, es should quickly visit 1261 area then all reversal patterns will be failed. personally i still favor a bearish play.

[Wallstreetrader]

Patience it's all about patience I have re forced my longs from 1297 to 1275 last total 1200 contracts !

My target still the same 1220/6 but profit will be take in parts

[Cobra]

failed H2, but still think a rebound is around, and here's my wild-est-est-est guess for the rest of the day...

[alvian33]

Wallstreetrader, you trade 1200 es contracts at a time? Wow

[Wallstreetrader]

Chart, need to break the 50% Fib