09/06/2013 Live Update

[fehro]

BigPicture, if you want to make money in the market never listen to the news - check the charts. Listening to the news will only confuse you I'm serious here, forget the news

It's more like the news fits the charts, as we hit areas of resistance/support ... we go down/up.. the (NFP/GDP/Budget/Taper/insert what fits best) didn't meet expectations/did meet expectations.. we meet expectations = profit taking/policy change.. or it's a sell the news event.. take your numerous picks...

[rhight]

Some nice move is due at 1:30 p.m.

And by the way, is anybody going to go unhedged into the weekend? Short term the market could be +30 or -30 next week

SPX04.png

Which side you take? I prefer to "short".

I have a cardinal rule, and that is not to short a bullish TICK and TRIN, which is what we have now. (I've learned the hard way.) Those conditions can change, of course.

[BullBear52x]

Here is my take on intraday, expect a bounce at 50 line on RSI, if histogram continue moving up, bear are dead, a trade below RSI 50 need to see histogram turn down also to juice up the bearish move.

[stlwater]

Net long but hedged with SPXU at yesterday's close. SPX long from $1634. Long IACI from $50.10 (break even stop in place). Short crude as of 30 min ago (risky but feelin' frisky). Expecting Gold to get one more push lower to 200MA 4-hour chart... will look for buyers to step in there. Stopped out of 50% Corn position flat and waiting for support... possibly double bottom or a push down to multi-year trendline to better define divergence. Corn crop yields still at risk. Expect SPX to fill gap (but no new high until a retest of lows or new low. Hedge is fine working beautifully. Will dump long if expected outcome looks likely at gap fill area (chart confirms). GLTA.

[jademann]

My next potential short will be at VIX =14.9. If it looks like this is going to fail I will go long instead.
Until then sat on the fence enjoying the view.

[BullBear52x]

DBA

TA = Buy the dip
FA = inflation or improvement in economy.

[gappy]

Stopped out of 50% Corn position flat and waiting for support... possibly double bottom or a push down to multi-year trendline to better define divergence. Corn crop yields still at risk. Expect SPX to fill gap (but no new high until a retest of lows or new low. Hedge is fine working beautifully. Will dump long if expected outcome looks likely at gap fill area (chart confirms). GLTA.

From Hightower fwiw.

corn.PNG

[Cobra]

my guess.

[uempel]

Update:

[stlwater]

Stopped out of 50% Corn position flat and waiting for support... possibly double bottom or a push down to multi-year trendline to better define divergence. Corn crop yields still at risk. Expect SPX to fill gap (but no new high until a retest of lows or new low. Hedge is fine working beautifully. Will dump long if expected outcome looks likely at gap fill area (chart confirms). GLTA.

From Hightower fwiw.

corn.PNG

TY

[Out of Bounds]

I can't believe it but I have to leave for some silly business.
Leaving my short in place and will hold over the weekend. GLTA

[gappy]

Stopped out of 50% Corn position flat and waiting for support... possibly double bottom or a push down to multi-year trendline to better define divergence. Corn crop yields still at risk. Expect SPX to fill gap (but no new high until a retest of lows or new low. Hedge is fine working beautifully. Will dump long if expected outcome looks likely at gap fill area (chart confirms). GLTA.

From Hightower fwiw.

corn.PNG

TY

salute.jpg

[Cobra]

up then down, goes as expected, but if no further down then it's ascending triangle, the bias is up.

[ALdaytrade]

Update:

SPX05.png

So, is there any chance of these moves going to support again, instead of resistance? How about the extension of the red dotted line and blue line?

[uempel]

Let's look what happens at 1:30 p.m.

[Richarab]

Twerking still en vogue

[MrMiyagi]

Market is too giddy, too complacent..... I would not be surprised with a big move down Monday-Tuesday.

[uempel]

Sure, the general pattern is a bear flag and classiscal TA suggests that the next biggish move is down. Check out "Technical Analysis of the Financial Markets" by Murphy or "Technical Analysis Explained" by Pring

PS: Don't forget to read Cobra's book - "How I make 1'000% per Month"

Update:

The attachment SPX05.png is no longer available

So, is there any chance of these moves going to support again, instead of resistance? How about the extension of the red dotted line and blue line?

[uempel]

Market is too giddy, too complacent..... I would not be surprised with a big move down Monday-Tuesday.

[Daniel-David]

SPY and QQQ generated intraday short term sell signals here. Cant take them myself, because of a no sell filter similar to that of rhight, posted earlier.

However, of interest is that NYSE and Nas advancers have not come close to matching their earlier AM highs, while price did.