08/16/2011 Intraday Watering

[Cobra]

that's no good.

I had a perfect long setup today (while Uempel still waiting for his entry ), had to close out with much smaller gains than I planed. Too bad. On 2nd thought, still better than Uempel who's empty handed anyway.

Is it like Uempel said it's testing 1187 (which is his entry)? still bull or bear for this week?
Will you hold position over night?

You mean my short-term model? yes, it had a long trapped right now, so must hold overnight.

Cobra Impulse System maybe a short today assuming we close in red eventually.

[Cobra]

Sarkozy/Merkel are talking about the taxation of financial transactions - that's why the market reacted nervously

just a proposal, those rich guys control everything, don't think they'll punish themselves.

Umpel,
where did you get the news from? could please post a site?

France, Germany to Propose Financial-Transaction Tax
http://www.bloomberg.com/news/2011-08-1 ... n-tax.html

First of all, welcome aboard!

2ndly, why transaction tax now? They did something bad to bring down the market? Transaction tax only hurts the market, making the market down.

[Tabby]

Sarkozy/Merkel are talking about the taxation of financial transactions - that's why the market reacted nervously

just a proposal, those rich guys control everything, don't think they'll punish themselves.

Umpel,
where did you get the news from? could please post a site?

France, Germany to Propose Financial-Transaction Tax
http://www.bloomberg.com/news/2011-08-1 ... n-tax.html

Thanks George.
Looks like Bloomberg removed it. File not found.

[pdz]

2ndly, why transaction tax now? They did something bad to bring down the market? Transaction tax only hurts the market, making the market down.

US should introduce Transaction tax too!....To short sell only

[Cobra]

well, 3rd touch, I don't think the low gonna hold.

[George H]

Did we get a double top these two days? More downside to come?

[uempel]

Sarkozy/Merkel are talking about the taxation of financial transactions - that's why the market reacted nervously

just a proposal, those rich guys control everything, don't think they'll punish themselves.

Umpel,
where did you get the news from? could please post a site?

I checked all kinds of stations and found the press conference on France 24 (in english). PC is still going on. I've got a special link to all kinds of news/business channels. In general I watch Bloomberg or CNBC.

[Mr. BachNut]

FYI. VIX option expiration is tomorrow. There are a lot of in the money calls at 30 and 27.5 strikes relative to puts. Market makers, if their their books are on the short side, may take a crack at pushing some of that out of the money late in the day/open tomorrow...like picking a ripe fruit. Just a possibility to be aware of...can't be sure.

BachNut,
Newbie here. Does that mean big money will try to keep the VIX below 27.5 (low) resulting in a green/bullish tomorrow?
Thanks for posting. I'm not exactly sure where to get the calls/puts/strike info either.

This is similar to looking at the Max Pain (the price where the maximum number of puts and calls expire worthless) for a big etf like SPY near an option expiration day. It has a gravity in that it maximises the premium kept by the option writers and minimizes the exercises to be dealt with. So, as expiration day approaches, it is not uncommon to observe a push toward this level. It is one variable in the mix.

It looks irrelevant now in light of the post Merkel/Sarkozy trading.
I get my data off of my trading software, which shows open interest numbers for options.

[Me XMan]

What a setup for bulls trap.

Did we get a double top these two days? More downside to come?

[debossman08]

Thanks for the response BachNut.

[Petsamo]

Did we get a double top these two days? More downside to come?

I saw that SPY tweezer top. Yea! Let's make new lows!

[Me XMan]

It's broken

well, 3rd touch, I don't think the low gonna hold.

[BullBear52x]

we got bulls and bears here in full house, where is cougar?

[Al_Dente]

Sarkozy/Merkel are talking about the taxation of financial transactions - that's why the market reacted nervously

just a proposal, those rich guys control everything, don't think they'll punish themselves.

Umpel,
where did you get the news from? could please post a site?

I checked all kinds of stations and found the press conference on France 24 (in english). PC is still going on. I've got a special link to all kinds of news/business channels. In general I watch Bloomberg or CNBC.

Get Bloomberg live FREE at http://www.bloomberg.com/tv/
Click a few times until you get live TV.
Video is always buffering, but audio is quite good.
Plus, one commerical on entry, then NO commericals!

[Cobra]

another failure on my 90% winning rate setups, unbelievable.

[Anaconda]

What a setup for bulls trap.

Did we get a double top these two days? More downside to come?

From an Elliott Wave perspective, we've certainly retraced the minimum required from last week's lows (although this seems too obvious, since we hit the target almost spot on). Cautiously bearish short term. Very bearish long term.

GL.
A

[99er]

ES
Update.
http://99ercharts.blogspot.com/2011/08/es_7147.html

[pidge66]

another failure on my 90% winning rate setups, unbelievable.

Cobra, did we just get an L2 on the SPY daily?

[BullBear52x]

another failure on my 90% winning rate setups, unbelievable.

EW guys nail it. end of w4, on my signal no short yet, unload for sure. let see the 5dma how will it do there.

[99er]

So what is MACD in French?
SPX http://99ercharts.blogspot.com/2011/08/spx_2071.html

Merde.