Back to www.cobrasmarketview.com

08/22/2011 Intraday Watering

JustTrading
Posts: 39
Joined: Fri Feb 25, 2011 3:45 pm

Re: 08/22/2011 Intraday Watering

Post by JustTrading »

Cobra,
Please update your view about your call for rally at the latest by tomorrow....still on track....or has today's market changed your mind? Thank you kindly.
User avatar
99er
Posts: 3686
Joined: Mon Feb 14, 2011 3:43 pm
Contact:

Re: 08/22/2011 Intraday Watering

Post by 99er »

SPX
Update.
http://99ercharts.blogspot.com/2011/08/spx_5400.html

Hope tomorrow proves to be more exciting!
kaiboliu
Posts: 54
Joined: Mon Mar 07, 2011 4:58 pm

Re: 08/22/2011 Intraday Watering

Post by kaiboliu »

Cobra wrote:great, another phantom bar, now we all know the pullback target. :mrgreen:
Target hit already. WOW.
User avatar
jarbo456
Posts: 2218
Joined: Wed Aug 10, 2011 9:19 am
Location: New York, NY

Re: 08/22/2011 Intraday Watering

Post by jarbo456 »

anyone else seeing rather wide spreads on SPY?
User avatar
99er
Posts: 3686
Joined: Mon Feb 14, 2011 3:43 pm
Contact:

Re: 08/22/2011 Intraday Watering

Post by 99er »

littletiger

It's the same one.
User avatar
jarbo456
Posts: 2218
Joined: Wed Aug 10, 2011 9:19 am
Location: New York, NY

Re: 08/22/2011 Intraday Watering

Post by jarbo456 »

ending negative today has to be a bad sign.
User avatar
Cobra
Site Admin
Posts: 58333
Joined: Sat Feb 12, 2011 10:29 pm

Re: 08/22/2011 Intraday Watering

Post by Cobra »

difficult to hold the 3rd touch. cannot believe the market cannot hold green for just one day. :o
Attachments
1.png

Like to read more of my commentaries? Please subscribe my Daily Market Report.
Subscribers can find all the members only posts HERE.
StockCharts members, please vote for me HERE, thanks.
User avatar
Cobra
Site Admin
Posts: 58333
Joined: Sat Feb 12, 2011 10:29 pm

Re: 08/22/2011 Intraday Watering

Post by Cobra »

JustTrading wrote:Cobra,
Please update your view about your call for rally at the latest by tomorrow....still on track....or has today's market changed your mind? Thank you kindly.
I need more evidences on bull side. So far two rebound attempts were failed, so I need more evidences to call rally.

Like to read more of my commentaries? Please subscribe my Daily Market Report.
Subscribers can find all the members only posts HERE.
StockCharts members, please vote for me HERE, thanks.
User avatar
Cobra
Site Admin
Posts: 58333
Joined: Sat Feb 12, 2011 10:29 pm

Re: 08/22/2011 Intraday Watering

Post by Cobra »

some may wonder why I use SPY instead of SPX.

SPY has intraday volume while SPX doesn't. After watching me commenting intraday, you should now know volume is important.

Due to tech reason, SPX daily open price is always wrong (almost equal to yesterday's close). So if you like to use Candlestick pattern, you must use SPY instead of SPX.

Like to read more of my commentaries? Please subscribe my Daily Market Report.
Subscribers can find all the members only posts HERE.
StockCharts members, please vote for me HERE, thanks.
User avatar
Cobra
Site Admin
Posts: 58333
Joined: Sat Feb 12, 2011 10:29 pm

Re: 08/22/2011 Intraday Watering

Post by Cobra »

I think that's it for today. The chart pattern as I've been saying almost the half day is Descending Triangle therefore chances are high the market may continue down from here. Thank you guys, I'll see you tomorrow.
Attachments
1.png

Like to read more of my commentaries? Please subscribe my Daily Market Report.
Subscribers can find all the members only posts HERE.
StockCharts members, please vote for me HERE, thanks.
StrikePrice
Posts: 770
Joined: Wed Mar 30, 2011 1:27 pm

Re: 08/22/2011 Intraday Watering

Post by StrikePrice »

Cobra wrote:
StrikePrice wrote:Cobra,

Do you think just using SPY patterns is prudent? The reason I ask is that I see a slightly different pattern in SPX, more a Falling Wedge now turning with a Triangle than see the Descending Triangle. If SPY tracks SPX, wouldn't SPX patterns have more validity?

Thanks.
I see Descending Triangle or Symmetrical Triangle on SPX too. I think you refer to a little bit bigger pattern which could be a Falling Wedge but it has to wait until the smaller triangle to finish first. Plus Wedge normally is difficult to trade because the trading is always against the trend.
Makes sense. Thanks. Looks like we'll get no resolution just yet.
User avatar
jarbo456
Posts: 2218
Joined: Wed Aug 10, 2011 9:19 am
Location: New York, NY

Re: 08/22/2011 Intraday Watering

Post by jarbo456 »

thanks cobra.

holding shorts into tom.
User avatar
Anaconda
Posts: 487
Joined: Fri May 06, 2011 2:57 pm

Re: 08/22/2011 Intraday Watering

Post by Anaconda »

Anaconda wrote:So, we know Friday's phantom target bars were hit today. I'm betting this one, to around 112.64 on the SPY will too (esp. since most everyone expects the pop) :mrgreen:
The phantom bar theory continues to hold. ;)

Expecting more downside tomorrow. SPX 1100 or <, to complete w5 down. Then looking for a strong bounce.
GL.
A
SigmaEcho
Posts: 286
Joined: Fri Apr 08, 2011 12:09 pm

Re: 08/22/2011 Intraday Watering

Post by SigmaEcho »

Cobra wrote:some may wonder why I use SPY instead of SPX.

SPY has intraday volume while SPX doesn't. After watching me commenting intraday, you should now know volume is important.

Due to tech reason, SPX daily open price is always wrong (almost equal to yesterday's close). So if you like to use Candlestick pattern, you must use SPY instead of SPX.
thanks Cobra.
ps: why not ES?
User avatar
Anaconda
Posts: 487
Joined: Fri May 06, 2011 2:57 pm

Re: 08/22/2011 Intraday Watering

Post by Anaconda »

Double gravestone (on blended basis)...reversal of a reversal (i.e. more down)? Bulls had no gas on Friday or today. More down, tomorrow.
Attachments
sc.png
sc.png (8.36 KiB) Viewed 6629 times
User avatar
Cobra
Site Admin
Posts: 58333
Joined: Sat Feb 12, 2011 10:29 pm

Re: 08/22/2011 Intraday Watering

Post by Cobra »

SigmaEcho wrote:
Cobra wrote:some may wonder why I use SPY instead of SPX.

SPY has intraday volume while SPX doesn't. After watching me commenting intraday, you should now know volume is important.

Due to tech reason, SPX daily open price is always wrong (almost equal to yesterday's close). So if you like to use Candlestick pattern, you must use SPY instead of SPX.
thanks Cobra.
ps: why not ES?
Not convenient for me to watch ES.

Like to read more of my commentaries? Please subscribe my Daily Market Report.
Subscribers can find all the members only posts HERE.
StockCharts members, please vote for me HERE, thanks.
Post Reply