08/05/2011 Intraday Watering

[Cobra]

Gap up but within yesterday's range, so the gap might get filled and usually a small range day after a Major Distribution yesterday. The Global ES so far still is within a range that can be seen as a Bear Flag so chances are it eventually would continue on the downside.

[AK84]

Good Morning Cobra. Since we have been down so much lately, I know rebounds are a sell. However, jhust for today, you still think the NFP pattern holds ? Open high close lower?

Also what does this imply for Monday given we have a green day today. Rebound could last till early next week and today will be a turning point and short term trading bottom ?

Thanks!

[The Hook]

Cobra is there any edge on O/H/L/C for inline type employment reports (referencing the Think Big piece on weak and strong reports)

[agnosia]

hey guys. i played the non-farm lotto this morning.. buy stop 86 on /cl , got out at 88 for 2$. sell stop never triggered. might call it an early day looks like a big bear flag on the hourly.

[99er]

Good Morning.

Planning our trip today?
EURUSD http://99ercharts.blogspot.com/2011/08/eurusd_05.html


TGIF.

[99er]

Yup.
ES http://99ercharts.blogspot.com/2011/08/es_05.html

We may want to get out of Dodge.

[koolblue]

Chart created after the close yesterday, posted last night...

[cougar]

Hello Cobra! Excellent discussion! Indeed, if one looks at internals it appears they are heavily oversold.
NDX is however an exception, at least on the 130 min chart + some home-made indicators, which I often use. This time frame is usually only slightly faster and more “sensitive” than the daily…While still in the red, it does not suggest an “over-over-sold condition“!
I am wondering: if there is a short and aggressive bounce today, which index should bounce best - the over-over-sold or the more resilient one???

[Cobra]

Good Morning Cobra. Since we have been down so much lately, I know rebounds are a sell. However, jhust for today, you still think the NFP pattern holds ? Open high close lower?

Also what does this imply for Monday given we have a green day today. Rebound could last till early next week and today will be a turning point and short term trading bottom ?

Thanks!

I think the usual NFP pattern should be right again.

If green day, chances of a turning point is a little less likely but still possible. we may continue higher until FOMC.

All are guesses, of course.

[Cobra]

Cobra is there any edge on O/H/L/C for inline type employment reports (referencing the Think Big piece on weak and strong reports)

No idea.

[Cobra]

the open.

[BullBear52x]

Good morning,
Gap right on to 200ma resistance.

[BullBear52x]

My prediction today will be SLOW, SIDEWAYS, and SUPER BORING

[Cobra]

My prediction today will be SLOW, SIDEWAYS, and SUPER BORING

hope so.

[Tabby]

My prediction today will be SLOW, SIDEWAYS, and SUPER BORING

I agree with you.
The Wall Street Boys are done with Obama's Birthday gift. No where in news was mentioned about his birthday.

[99er]

So honey...what's the plan?
SPX http://99ercharts.blogspot.com/2011/08/spx_05.html

Channel surfing?

[agnosia]

maybe we get a gap fill like cobra suggested in his opening remarks. /es close is 1196.75

[Anaconda]

So honey...what's the plan?
SPX http://99ercharts.blogspot.com/2011/08/spx_05.html

Channel surfing?

Do you think we could go down to the Amalfi coast?

[BullBear52x]

sold out many of my short etfs, look at TZA that last tick spike is right after I sold it (48.87). they just happy that I aint in it no more

[agnosia]

maybe we get a gap fill like cobra suggested in his opening remarks. /es close is 1196.75

well that was fast. bears are back. gap overshoot means more selling probably.