08/19/2011 Intraday Watering

[biotrader]

Pull back... test of strength. Let's gooooo!

[soku]

my upside target remains at 1155-1160 area, but my confidence level for my numbers are dropping

Where's the conviction? Where's the discipline?
I had same range. Temporary bounce on expiry day to let off some of the selling pressure...before more down.

not guilty.
it's just business as usual. if a month's trading is unbalanced, it makes sense to play some counter trend rally on oe to kill the itm options. oops i mean to manage some cahflow pressure for the settlement.

[barbaragull]

cnbc: a survey shows 46% believe there will be more qe in next weeks' jackson hole, as compare to 19% july survey.
furthermore, in gs's new gdp forecast, new qe is factored in.

Oops, that sounds bearish then?

[Cobra]

gap filled but I think there's more on the upside.

Cobra:

With your posting, I have learned a lot over the past few months. However, sometimes, I still do not understand your logic. Would u mind explainng ur reasoning on the upside? Thanks

Up was strong, so should be more.

[AK84]

Anyone know what dates Jackson hole is ? When does the Bernank speakk ? ? Looks like they will take the market to under 1100 right before he rockets it higher with QE3. I really cant imagine there being no pressure from other Fed officialls regarding this. Gold is already parabolic as it is ....this will make it go insane but I stay away from the Gold trade .

[Out of Bounds]

Full short, may rise to kiss pivot goodbye, then drop

*edited to correct image

SPY _2011-08-19 104748 1.GIF (13.03 KiB) Viewed 29544 times

[Cobra]

gap filled but I think there's more on the upside.

how can u see more upside? how much?
thanks

the push up was strong, so should be more. don't know how much.

[99er]

Hey Ben...
30-Year http://99ercharts.blogspot.com/2011/08/30y_19.html

Ski jump?

[Cobra]

Cobra,

Any chance we retest the open on the ES at 9:30 EST - at 1124 ish...if not, do you see any move back down.

normally the rebound would fail. don't know if it's today or some days later.

[biotrader]

Orderly pullback so far, so good. Should test highs.

[Cobra]

Fib info, I won't be surprised to see the rebound to test the red moving average (MA200). I don't know if it'll, just I'm prepared.

[uempel]

Nervous markets require fast trading.... I'm waiting for a solid breakthrough at 1150 - but I don't believe it will happen today. Bearish environment

[99er]

RUT
Back test.
http://99ercharts.blogspot.com/2011/08/rut_19.html

[soku]

Anyone know what dates Jackson hole is ? When does the Bernank speakk ? ? Looks like they will take the market to under 1100 right before he rockets it higher with QE3. I really cant imagine there being no pressure from other Fed officialls regarding this. Gold is already parabolic as it is ....this will make it go insane but I stay away from the Gold trade .

jackson hole will be started mid next week, and ben's speech is scheduled 10am ET 8/26/2011.
to my evil spirit, spx at 1000 will be more helpful in proving his new qe is correct and necessary.

[99er]

Look honey...
SPX http://99ercharts.blogspot.com/2011/08/spx_8738.html

Black Diamonds.

[jarbo456]

Anyone know what dates Jackson hole is ? When does the Bernank speakk ? ? Looks like they will take the market to under 1100 right before he rockets it higher with QE3. I really cant imagine there being no pressure from other Fed officialls regarding this. Gold is already parabolic as it is ....this will make it go insane but I stay away from the Gold trade .

he gives his speech at 10amEST on Friday, August 26th.

[soku]

aapl to launch ip5 in oct? rumor source said it is from T' vp.
if that's true, should i overweight aapl? which is bullet proof anyway

[jarbo456]

wow...anyone seeing that fat finger candle on the SPY chart?

[shumushu]

Like I said earlier, trail your stops guys if your trading, market is most likely to reverse on option expiry.

[AK84]

Anyone know what dates Jackson hole is ? When does the Bernank speakk ? ? Looks like they will take the market to under 1100 right before he rockets it higher with QE3. I really cant imagine there being no pressure from other Fed officialls regarding this. Gold is already parabolic as it is ....this will make it go insane but I stay away from the Gold trade .

jackson hole will be started mid next week, and ben's speech is scheduled 10am ET 8/26/2011.
to my evil spirit, spx at 1000 will be more helpful in proving his new qe is correct and necessary.

Thanks Soku and Jarbo . yes I think 1040ish is a good spoe before launching QE 3.


So what happens to Gold then ? Is it really going to go up forever? What , if any , are the catalysts to make gold go lower besides liquidity issues ? I can hardly imagine Central Banks start to sell gold to pay their debt. That would be the dumbest move ever.