06/27/2011 Intraday Watering

[Cobra]

could see a pullback or consolidation here. very subtle here, let's how pullback or consolidation unfolds before making my next call. P.S. Look at my eyes:

Unhealthy volume for what should be a real surge here, given the past few weeks, don't you think? Doesn't feel like a committed uptrend to me.

i think bulls look not bad here. as for volume, since when volume matters in this man made bull market?

[cletus]

could see a pullback or consolidation here. very subtle here, let's how pullback or consolidation unfolds before making my next call. P.S. Look at my eyes:

Unhealthy volume for what should be a real surge here, given the past few weeks, don't you think? Doesn't feel like a committed uptrend to me.

i think bulls look not bad here. as for volume, since when volume matters in this man made bull market?

What makes this bull market real is that people believe it's man made and fake.

[TrendTrade]

Great stuff Cobra. I am all cash as of Friday so I have missed today's rally but am waiting to go short again. I am looking for the market to reach about 1303 in the next 2 days and looking at the EUR/USD to hit about 1.435. If this plays out I will go heavily short again. I think your "evil plan" of the larger bear flag will ultimately play out

[Cobra]

could see a pullback or consolidation here. very subtle here, let's how pullback or consolidation unfolds before making my next call. P.S. Look at my eyes:

Unhealthy volume for what should be a real surge here, given the past few weeks, don't you think? Doesn't feel like a committed uptrend to me.

i think bulls look not bad here. as for volume, since when volume matters in this man made bull market?

What makes this bull market real is that people believe it's man made and fake.

hmm, well said...

[Mr. T]

What are the odds this is the vote being priced in?

[BullBear52x]

Look at daily SPY CMF 21 and CCI 20 both still under 0, this is bear zone.

[Anaconda]

could see a pullback or consolidation here. very subtle here, let's how pullback or consolidation unfolds before making my next call. P.S. Look at my eyes:

Unhealthy volume for what should be a real surge here, given the past few weeks, don't you think? Doesn't feel like a committed uptrend to me.

i think bulls look not bad here. as for volume, since when volume matters in this man made bull market?

What makes this bull market real is that people believe it's man made and fake.

We could go back and forth on this one, with nobody the wiser. But, for the record, I think both your points are exactly why no one believes in - and is very reluctant to commit capital in - this "rally." (Welcome back by the way C.)

[BullBear52x]

Ok here my last chart today, I will sleep with this one tonight. GLTA.

[bbc]

That's a false assumption you are making here. Based on a beginner's book in 07 or 08:

BIS estimates that the total foreign exchange (FX) market in 2007 had
a daily trading volume of $3 trillion. This includes the spot market and
forwards, futures, options, and swaps. The spot market accounts for about
33 percent of the total daily turnover or about $1 trillion. According to
BIS Triennial Surveys, the proportion of spot transactions among all FX
trades has been decreasing; in 1989, spot represented 59 percent of all FX
trades. In 1998, spot accounted for only 40 percent of all FX trades. Of the
$2 trillion of daily FX volume that is not spot, $1.7 trillion is contributed
by FX swaps.

can i know which false assumption i made?
futures market is regulated. the volume is always you can see. forwards, options and swaps are not. usually the size is way bigger that futures, structure is way more complicated and very hard to estimate. otc market is bigger than regulated market in most products. they are not the same.
spot market is about 1t. do u know the size of futures market?

"it is the spot market which is actually bigger than the futures market."

the most liquid one is EURO DOLLAR. Never mind, at least we agreed on something that futures OI is a cheap proxy for median term spot players

[Cobra]

approaching ascending triangle target, i think we'll see a little pullback or consolidation here. no evidence, just pure snake feel...

[agnosia]

We could go back and forth on this one, with nobody the wiser. But, for the record, I think both your points are exactly why no one believes in - and is very reluctant to commit capital in - this "rally." (Welcome back by the way C.)

the fact that people don't believe in this rally gets me thinking that we are headed much higher... climbing the wall of disbelief.

[Mario TR]

mini SP

mini S&P - resistance at 1280

[agnosia]

WOW. AMZN is flying and that is what is leading the nasdaq.. up more than 6% .. breaking 200

[Cobra]

a little consolidation here is good, no big pullback, otherwise it'd be another story.

[WhyNot]

Think high of the day must be in with possible reversal.

Break of day highs change my view.

[Anaconda]

We could go back and forth on this one, with nobody the wiser. But, for the record, I think both your points are exactly why no one believes in - and is very reluctant to commit capital in - this "rally." (Welcome back by the way C.)

the fact that people don't believe in this rally gets me thinking that we are headed much higher... climbing the wall of disbelief.

We've gone from wall of worry to wall of disbelief. Very funny! Seriously, I think you've nailed my sentiment, for sure. And, since I'm an ornery sort, I'm going to short the living crap out of this bounce if we hit 1295. Good luck!

[Cobra]

pullback as i said, but normally, today's high will be at least revisited, very rare the market simply sold off here...

[WhyNot]

pullback as i said, but normally, today's high will be at least revisited, very rare the market simply sold off here...

No good bet against you

[soku]

did i say buy dip this morning?
never mind. i never listen to myself. i short again

[agnosia]

We could go back and forth on this one, with nobody the wiser. But, for the record, I think both your points are exactly why no one believes in - and is very reluctant to commit capital in - this "rally." (Welcome back by the way C.)

the fact that people don't believe in this rally gets me thinking that we are headed much higher... climbing the wall of disbelief.

We've gone from wall of worry to wall of disbelief. Very funny! Seriously, I think you've nailed my sentiment, for sure. And, since I'm an ornery sort, I'm going to short the living crap out of this bounce if we hit 1295. Good luck!

thanks i feel the same way but we need to get to 1313 before i turn into a bear again. for now we have end of month / quarter window dressing... plus holiday cheer.... good luck to you as well.