07/12/2011 Intraday Watering

[toplight]

May I have some major European bank symbol for checking prices. Thanks a lot!

[soku]

i see money inflow. i just went long on half size to test my luck.
may cobra and the chinese gov on my side.

[agnosia]

man on man, last nights /es was the most volatile i've ever seen.... very thin markets, crazy moves... i covered my short in /cl and my model is about to give a buy signal...

I was awake when JP earthquake happened, much more volatile than last night. I did not place stop order that time, huge loss in seconds.

yeah for me it's hard to trade at night because i don't have too many info sources for asia/europe and feel one step behind. Yes the quake trading was madness, forgot about that one

[jamesmith]

from wsj,

Prices surged after trading began on the Chicago Mercantile Exchange and hit the daily limit on price increases within an hour and a half after the open. Lean hogs for August delivery ended limit up, rising 3.1%, or 3 cents, to 99.17 cents a pound.

Chinese Premier Wen Jiabao spoke specifically about the nation's pork prices while touring rural areas Monday, saying the government will make it a priority to put a lid on runaway food prices.

China is the world's largest consumer of pork. Demand is rising as more people move off farms, where they can raise some of their own food, into cities, find better-paying jobs and enter the middle class.
Traders interpreted Mr. Wen's comments as a sign China will look to import more pork to help stabilize prices, which could fuel an increase in global demand for the meat. Currently, about a fourth of U.S pork production is exported. Producers are eager to ship frozen chops and tenderloin abroad when returns there are higher.

The U.S., the world's biggest pork exporter, has already seen a spike in sales to China. Through the first four months of the year, China purchased 38,415 metric tons of pork muscle cuts, compared with 671 tons during the same period a year earlier, according to the U.S. Meat Export Federation.

China historically has tried to limit pork imports, following a policy of aiming to be self-sufficient in food supply. Yet, with a growing middle class consuming more meat, China is expected to need more than it can produce

[jamesmith]

[pablorynx]

SAN - Banco Santander
BNP - BNP Paribas
DBK - Deutsche Bank

looks like the mkt bounced them from major support levels dating back to early this year/late last year.

[agnosia]

buy signal confirmed right now on /cl..... i will try to post a chart if i can figure out how to take a screen shot ..

[cougar]

Market correcting UP ?!

Today’s quotation of the day:
“All crocodiles of Uganda listen when their President, His Excellency General Didi Amin Dada, speaks.”
- Italian documentary film, 1974.

[viewer]

[toplight]

Thanks a lot, pablorynx

[soku]

man on man, last nights /es was the most volatile i've ever seen.... very thin markets, crazy moves... i covered my short in /cl and my model is about to give a buy signal...

I was awake when JP earthquake happened, much more volatile than last night. I did not place stop order that time, huge loss in seconds.

yeah for me it's hard to trade at night because i don't have too many info sources for asia/europe and feel one step behind. Yes the quake trading was madness, forgot about that one

not sure what u guys were talking about, but i think the quake happened in day time. at least the nuclear news which is really driving the market started during US trading hours. i still remember i was busy unwinding u3o8 positions on that friday afternoon.
last night is still less than 3% bottom to peak, we have multiple observations even excluding 2008. since i missed it, i will not let u guys talk about it

[ballatines]

from wsj,

Prices surged after trading began on the Chicago Mercantile Exchange and hit the daily limit on price increases within an hour and a half after the open. Lean hogs for August delivery ended limit up, rising 3.1%, or 3 cents, to 99.17 cents a pound.

Chinese Premier Wen Jiabao spoke specifically about the nation's pork prices while touring rural areas Monday, saying the government will make it a priority to put a lid on runaway food prices.

China is the world's largest consumer of pork. Demand is rising as more people move off farms, where they can raise some of their own food, into cities, find better-paying jobs and enter the middle class.
Traders interpreted Mr. Wen's comments as a sign China will look to import more pork to help stabilize prices, which could fuel an increase in global demand for the meat. Currently, about a fourth of U.S pork production is exported. Producers are eager to ship frozen chops and tenderloin abroad when returns there are higher.

The U.S., the world's biggest pork exporter, has already seen a spike in sales to China. Through the first four months of the year, China purchased 38,415 metric tons of pork muscle cuts, compared with 671 tons during the same period a year earlier, according to the U.S. Meat Export Federation.

China historically has tried to limit pork imports, following a policy of aiming to be self-sufficient in food supply. Yet, with a growing middle class consuming more meat, China is expected to need more than it can produce

Tks for the info. Another inflation spiral that help little on real economy but trader's wallet ..

[rhight]

Waiting to see what the first bounce of off the declining 50 DMA on SPX looks like. Still in a short term downtrend channel from inverted V shaped high. Last 3 days could be seen as a 3 wave down <50% corrective move of the prior 1258 to 1356 wave up. Jury still out, no need to force issue. The high didn't set-up in a way that my conservative system would allow me to short, but if I were short, I would probably still be holding at least half the position to see how price reacts should it rise to meet the declining 60 min. 20MA (from a swing trading perspective).

[Dow Trader]

I just closed my positions (with losses) , now I am flat and wating for a couple days because now there is a high risk in any trade here in my view.

[agnosia]

not sure what u guys were talking about, but i think the quake happened in day time. at least the nuclear news which is really driving the market started during US trading hours. i still remember i was busy unwinding u3o8 positions on that friday afternoon.
last night is still less than 3% bottom to peak, we have multiple observations even excluding 2008.

yes the quake did but there was trading 'uncertainty' for a few days.... not knowing the extent of the damage, whether there was a meltdown, the number of people that died, etc.. the nuclear news went on for quite a few days.

[soku]

good one. a chinese friend just visited me from china during the 7/4 week. he said everything is cheap in the states, even if u do a 6.5 exchange rate. he also showed me some chinese official data indicating pork price increased 57% in june. (not sure if it is comparing to last year or last month)
yes it is 57%, not in the 3-5% target inflation range and it is "official" which usually means "worked-on".

[agnosia]

next target for /cl is 96.20....

[uempel]

Very exciting night - I felt like a cat wandering around in a garden full of mice and birds. Mini dropped down to 1295.50 (corresponds to 1300 SPX) and rebounded. Very easy trading, but I'm really tired now

[cougar]

IWM technical bounce at 2/8 MM

[Cobra]

nothing to say. price overlapping, range day so far. I see small 3 push up here now it's the 3rd push up, cannot even make a higher high then we shall have the range high...