08/10/2011 Intraday Watering

[soku]

i will read a push over 1141.5 as 1-2-3 and place my target at 1157

[uempel]

Forget SG and focus on charts; SPX might be a buy, but first it should break back above 1145/50:

[silicon_beaver]

spy tests resistance 114.7

[uempel]

Lots of rumours.. France and Italy.. doesn't seem fundamental.

Right you are.

[KENA]

Still holding my NFLX,BWLD, VMW(this one is green today) .Still have profits just not as much as yesterday.SODA which I did not buy is doing better then any of them(Its green today) Indexes are dn heavy not all stocks.Hang in and we will see if yesterday was a suckers rally.We will know in another 2-3 days if we get a follow thru.

[jaaawf]

Forget SG and focus on charts; SPX might be a buy, but first it should break back above 1145/50:

SPX17.png

Uempel...I don't post much at all but I have to give you credit for the value you add here and kudos for your encouraging focusing on the trade and not letting one get distracted...thanks

[soku]

i will read a push over 1141.5 as 1-2-3 and place my target at 1157

pattern failed, rejected right at 1141.25. we will retest 1125 area. i guess it will not be tradable to me for another hour or so.

[silicon_beaver]

spy tests resistance 114.7

failed. pullback to test recent support 112.7 in 1-min chart.

[uempel]

SPX cannot break higher - yet:

[silicon_beaver]

fas down like a rock.

[Tabby]

fas down like a rock.

I wonder phantom bar $8.72 comes through soon.

[I_Got_Prechterized]

From Sentiment Trader:

This could be 7th time in history S&P went -3%, +3%, -3%. 5 were in the '30s. By 3 weeks later, all 6 were positive, +6.2% average.

[Cobra]

clueless today, I'll mostly watch...

[StrikePrice]

We didn't quite reach the pink line but the 1minute BB are moving up now so I expect we fill the gap.

Pink line still the target. That can't hold we retest 1101 at lower line.

[Dow Trader]

If Dow Fut. go below 10550 before 11400 then look for another fast 1000 points srop ( This is calculated scenario and it is a must scenario )

[AK84]

clueless today, I'll mostly watch...

Cobra da,

test lows at 1101 again soon now guaranteed?
or could reverse anytime ?

[silicon_beaver]

spy tests resistance 114.7

failed. pullback to test recent support 112.7 in 1-min chart.

coming close.

[millie]

clueless today, I'll mostly watch...

lol, me too
pure gambling surely?

[Dow Trader]

I just went long at 10750 with stop and reverse at 10550 ( this strategy is very risky for who don't know this kind of trades )

[soku]

I would not read anything from Ron Walker or Zerohedge. They never made any money during 2 years Bull market.

since i am not trading, i have time talking.
i want to defend zerohedge a little bit. it is one of my major info source for 3-4 yrs. they are informative. yes they are bearish on economy. i don't see anything wrong. econ and stock market are not always in sync. we are currently in one of these. it is the qe1-2 caused extra liquidity, or u can call it money illusion. money need a place to go. money managers were forced to enter into equity market to cover the capital costs and opportunity cost. should we be bearish on economy? yes we should. compare now with 1 year ago, is there anything indicating economy recovery? ben didn't do his job to maintain economy. instead he artificially pushed equity market higher. this guy never learned anything from his own mistake. none of the issues in qe1 addressed and corrected in qe2.
yesterday's fed meeting is the first since 1992, that 3 members are against. what does that mean? i guess ben knows it too. we will have to wait for the real economy to recovery by itself, in it's own pace. for now, as inflation low, he will keep on pour money into financial system to give a better look for the market. when will it recovery? maybe 2013. that's the guess of fed.
does zerohedge make money? i believe they do. for example, 2 weeks ago they disclosed a pair trade and unwinded 2 days ago. the trade booked 4% absolute absolute gain or 18% comparatively. even today zerohedge is the first one reported gle typo. i don't think trader at his level will pass it. an easy 8-9% in like half hour.