Trades with cats wrote:Crude draw was spectacular, unfortunately so was the build in gasoline. None the less the Saudi strategy of making the very visable US inventory drop is working.
/CL 48.80 goes… triangle 60m.. look for a $2+ drop.. in oil… /CL under 200d 49.36, at 50w SMA 49.08.. those go.. look out below
Pasta Boss- I saw the larger than usual number of points up yesterday as a different and more meaningful new high. You looked at the past and said not necessarily so. Future Trader 71 was agreeing with you this morning. His point was that all the recent new all time highs had a volume profile with two way trading . He is looking for a spike up and immediate rejection of the price as a failure high. And we have had several of those recently as well, just not at all time highs. So my mistake was thinking size means less quality. With the multiday consolidation the energy was there for a bigger than usual move.
Trades with cats wrote:Crude draw was spectacular, unfortunately so was the build in gasoline. None the less the Saudi strategy of making the very visable US inventory drop is working.
/CL 48.80 goes… triangle 60m.. look for a $2+ drop.. in oil… /CL under 200d 49.36, at 50w SMA 49.08.. those go.. look out below
testing 200d SMA again .. talk about Moving Avg ping pong.... 50w to 200d SMA about 10 times in the last 2 weeks..
Trades with cats wrote:Pasta Boss- I saw the larger than usual number of points up yesterday as a different and more meaningful new high. You looked at the past and said not necessarily so. Future Trader 71 was agreeing with you this morning. His point was that all the recent new all time highs had a volume profile with two way trading . He is looking for a spike up and immediate rejection of the price as a failure high. And we have had several of those recently as well, just not at all time highs. So my mistake was thinking size means less quality. With the multiday consolidation the energy was there for a bigger than usual move.
Thanks boss, I’m just trying to take it day by day
Over on the evil site, everyone thinks it’s a top too
OFF TOPIC:
Different view of internals ALL CUMULATIVE
NY Tick (middle panel, purple) was trying to tell us something for days
[edit: thanks for that FT71, i like him]
Disclaimer: I am not an investment advisor. This is just my opinion NOT investment advice.
“… it’s the height of the American summer and nobody is going to be phoning in from their vacation to hastily buy the dip in U.S. stocks. Not when valuations are so stretched. Many punters don’t have more capital to put to work anyway, with retail cash piles at their lowest level since 2000, according to survey data from AAII. The implication therefore is that many market participants are away from their screens and the majority of marginal standing orders must be stops to reduce exposure, rather than add…. seasonal patterns ...[bla bla bla] ... August is by far the worst month for the S&P 500 over the last 20 years -- people don’t like fighting the market from the Hamptons…. The Nasdaq and bellwether tech stocks failed to validate the latest leg higher in the S&P 500, which will disproportionately increase the number of bearish analyst notes, further fueling a negative spiral.”
[source: one trader on the evil site]
[Pasta here: but do the BOTS take a vacation? I don't think so]
Last edited by Al_Dente on Wed Aug 09, 2017 11:34 am, edited 1 time in total.
Disclaimer: I am not an investment advisor. This is just my opinion NOT investment advice.
2nd test of day low, sharp rebound anytime then bears are over again, key time.
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brokebybernacke2 wrote:dax down 1.3%...still not sure good bounce level reached yet...caution still bulls
Yep, very undecided, bulls figures all falling a lot, now in 5m. inverted again, seems some low base formation...
... caution is highly recommended once we have oscillations 100-200
guess bears are over again. it's 100% mm at least.
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[a few minutes late]
DIS is only 3.32% of the dow (the #14 heaviest weighted), now down >4%, the biggest down in the dow and in the OEX today
And NFLX is only 1.13% of the QQQ
But both are pretty dreadful
Nobody likes the news
PCLN is the worst red in the QQQ today -7.3%,
plus TRIP down -2.8% so the pundits think online travel has hit peak
Disclaimer: I am not an investment advisor. This is just my opinion NOT investment advice.
Going to San Diego for a couple of days next month. Local hotels all saying they will match any internet price. Same strategy as Best Buy, and it is certainly working for them.
bears did better today but generally should be another push up before bears can have chances.
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ES sitting on the line between a higher low and double bottom. TF has already dropped on down to a new 24 hour low with no regard for the power of the 1400 level.