03/04/2011 Intraday Watering

[BullBear52x]

I am done trading today.. 60 points from shorting Dow and from long Oil $0.90 ( I told you at the opening that this trade hard to loss in friday while Gaddafi in power)
" I love VIX when it is above 18 "
good luck for all

I am looking for 19.54 vix for the moment, then over the weekend shorts can sleep better.

[simpletrader]

what now, 2nd intraday leg and will it hold?

[99er]

Copper
Room for downside.
http://99ercharts.blogspot.com/2011/03/copper_04.html

[Cobra]

what now, 2nd intraday leg and will it hold?

Anytime, the 2nd test of the previous low, there's a chance the bottom could be in, so let's wait to see how the low being tested.

[KENA]

I can't prove this but I think the approx low bottom may have been put in for the day.. This is just my gut feeling...I sometimes will make a trade on this feeling,its not the right way but it does work....This last push down did not break todays low and 1320 is giving support.A day trade on spy long right now might prove a good play. Lets see,give it a few minutes.

[ttown]

Can someone post up & down vol. from yesterday on S&P

[Dow Trader]

I am done trading today.. 60 points from shorting Dow and from long Oil $0.90 ( I told you at the opening that this trade hard to loss in friday while Gaddafi in power)
" I love VIX when it is above 18 "
good luck for all

I am looking for 19.54 vix for the moment, then over the weekend shorts can sleep better.

I love Vix when it is above 18 because in my experience that when it is above this level market makes a tradable pattern and most traders are in market which increase volume because when volume incrase it is hard for the pattern to give a false signal.

[uempel]

Not sure if you guys are aware of the importance of the 20 DMA at 1321/22. If the market stays below the 20 DMA at today's close 1344 might turn out to be a more important top than we anticipated a few days ago.

The following SPX chart is for short term support and resistance levels, not for DT:

http://stockcharts.com/h-sc/ui?s=$SPX&p ... =207604436

[zombiebraingoo]

congradulations to those that shorted the resistence yesterday! - I was sure that the employment report would have us gap up but maybe that was baked in the cake on yesterdays run up -

60min spx needs to stay above 1320 and breakout of the trendline that stopped it yesterday - hard work for us "bulls" to be sure...keeping my long positions for now especially in light of usd and PM's.

Buyers are definitely coming in here...DOW is the only index still above the resistance/support on the daily charts

[BullBear52x]

The Buyers come in now, let see. Dow/DIA at its strong support (ST)

[99er]

From Zero Hedge:

The CME Group Inc. increased margins its New York Mercantile Exchange crude oil and petroleum products futures, effective after the close of trading today. The margin for Nymex crude oil will rise to $6,750 per contract from $6,075, while heating oil margins increase to $6,413 from $5,063 and gasoline to $6,750 from $5,400, the exchange said in a notice late yesterday. The attempts to prevent an out of control melt up in the one product everyone is terrified of, crude, are back on the table. Just like last week, when the ICE started and the CME followed suit, look for today's CME action to be promptly imitated by the ICE on Brent.

[zombiebraingoo]

Not sure if you guys are aware of the importance of the 20 DMA at 1321/22. If the market stays below the 20 DMA at today's close 1344 might turn out to be a more important top than we anticipated a few days ago.

The following SPX chart is for short term support and resistance levels, not for DT:

http://stockcharts.com/h-sc/ui?s=$SPX&p ... =207604436

1332 was/is the bull threshold - you be correct - lets see how many buyers come in here.

[vsedge]

I am done trading today.. 60 points from shorting Dow and from long Oil $0.90 ( I told you at the opening that this trade hard to loss in friday while Gaddafi in power)
" I love VIX when it is above 18 "
good luck for all

I am looking for 19.54 vix for the moment, then over the weekend shorts can sleep better.

I actually think the opposite. If VIX close above 19.28, then more likely next week SPY would be above the close of this week.

[99er]

SPX
Update.
http://99ercharts.blogspot.com/2011/03/spx_5269.html

[BullBear52x]

I don't think (at the moment) DIA can hold support, RSI is well below 50. 1h chart.

[BullBear52x]

I am done trading today.. 60 points from shorting Dow and from long Oil $0.90 ( I told you at the opening that this trade hard to loss in friday while Gaddafi in power)
" I love VIX when it is above 18 "
good luck for all

I am looking for 19.54 vix for the moment, then over the weekend shorts can sleep better.

I actually think the opposite. If VIX close above 19.28, then more likely next week SPY would be above the close of this week.

I could be wrong about VIX, my understanding is that if we are going to see a continuation of correction ( real one) the Vix, will have to head higher maybe in the 20ish.

[zombiebraingoo]

hmmm - I think if 1322 holds then the trading range gets resolved to the upside.

my fellow bulls seem to have overslept this morning however!

Nasty candle forming on the 60 min - this is a bit more than a retracement of yesterday -

[BullBear52x]

Financial sector is good shorts.

[Cobra]

Not sure if this is a Double Top breakdown, wait and see.

[Cobra]

Overall, just SPY weaker, QQQQ and IWM seem fine.