09/07/2011 Intraday Watering

[agnosia]

wonder if we'll do something similar to yesterday, just in reverse. show a new HOD after 10:30, to then begin selling off at all day long.

nope today we will continue to squeeze shorts to death /es target 1204. resistance is futile.

btw i am keeping my 10 contract /cl long on a tight leash as this is a ton of leverage. stop is break even at 88.20. still keeping the other two forever until we hit 88.93

[Cobra]

tinted area as the target, 75% chances. Personally, I think the red line and moving average above should be visited. Let's see.

[uempel]

Picture 47.png

Channel? H&S?

Yeah, something like this, check the big fat grey channel I posted 5 min ago.

[KENA]

I'm out,sold SPY calls I got yesterday.Good profit, now I wait and see when to short. OR??????? what.

I'm looking to short in the 119.25 - 119.75 area. But who knows, maybe we get a trend day.

Your right..Wait and see what happens..Lately I have been making a lot shorter swing trades.It seems to work for now.The mkt could go into the 1290's.Lets see.

[cowboy]

i personally still like your gap statistics. i think everyone has been fair-warned, and you should continue to do what you do, which is give the likely-hood of gap fill-age or not. just my opinion - not a request.

I agree, and like them, too. One thing I've noticed, there are a few who expect you to call minute by minute market moves, and when you don't, they complain. Please don't let complainers keep you from doing what you do best, and that's give statistics and probabilities. No one can make 100% accurate market calls. All people visiting this board should realize that they have to make the decisions for any trades they make, and they have to take responsibility for their own trades. Cobra, you're good, but no one is 100% all the time.

I've learned so much from you.

Totally agree!! Morning Cobra and everyone.

I dont agree with that at all. I think people should adopt the "banking philosophy" and create their own risk and expect to get bailed out by everyone else.

Don't understand which point you don't agree with.. The TA, statistics or "Morning Cobra and everyone"? I remember someone just posted this...

by Mongoose » Fri Sep 02, 2011 10:21 pm
Cobra, After following your blog for nearly a year, and your most recent Market Outlook, 9/1, is the best I have seen. It is concise, comprehensive and well balanced. I like the TA with the stats. I also like the "if this, then that scenario". The Market Outlook is balanced with market psychology and economic indicators.
Brilliant. Thanks for sharing your insight.

[jarbo456]

everything on the short term looks overbought, but you can't deny the prices. went long about 10 minutes ago, and sticking with it until i see the prices weaken.

[uempel]

Close-up of the grey channel, let's see if SPX moves back in:

[frankthetank]

The market is overbought on stoch, cho and rsi. THe market has gone up 50 straight points since yesterday morning at 10:30> I like the name ostrich rally because tomorrow reality hits with jobless claims in the states. Economy is rolling over and needs its drugs. Each time the drug is given it will become less effective (printing money).

[Michelle]

Don't understand which point you don't agree with?

I think Mongoose was joking.....saying he wanted to trade like a bank......take on risk, then get bailed out by everyone else. Pretty funny.

[Mongoose]

Don't understand which point you don't agree with?

I think Mongoose was joking.....saying he wanted to trade like a bank......take on risk, then get bailed out by everyone else. Pretty funny.

Yes, thanks Michelle.

[frankthetank]

This market refuses to even correct. Can't even form a 15 minute red candle, soon as one forms on big volume someone or things buys it up and takes it to new highs. 20 green candles too 5 red candles on the 15 minute chart over the last day.

[agnosia]

wonder if we'll do something similar to yesterday, just in reverse. show a new HOD after 10:30, to then begin selling off at all day long.

nope today we will continue to squeeze shorts to death /es target 1204. resistance is futile.

btw i am keeping my 10 contract /cl long on a tight leash as this is a ton of leverage. stop is break even at 88.20. still keeping the other two forever until we hit 88.93

ok sold the 10 contracts /cl at 86.6 for a (.40 x 10 contracts) too much stress for me to handle keeping the last two for gap fill 88.93....

[uempel]

Shorted at 1185.

[Mongoose]

The EURUSD hit the 200 day moving average yesterday. And today its been moving up. Euro goes up/$ goes down US equities go up.

I think Cobras projection of the S&P going to 1230 over the next couple of days is pretty good.

[WhyNot]

Shorted at 1185.

I Think 1173 as a good target.

[gabor]

Cobra, would you, please, tell us today's missing GAP statistic! So many people requested it, including me.

[balance]

take a look at wsj's market data http://online.wsj.com/mdc/public/page/2 ... nav_2_3000

top 'sell on strength' is AAPL, MSFT, and INTC (almost all the tech stocks are on the list...)
well, buy on weakness are, of course, those ultrashort etf, and silver/gold/etc..

[cowboy]

Don't understand which point you don't agree with?

I think Mongoose was joking.....saying he wanted to trade like a bank......take on risk, then get bailed out by everyone else. Pretty funny.

Yes, thanks Michelle.

Ooops, sorry, I didn't get it just now...In that case I totally agree with your "totally don't agree"
The banks do all kinds of "business" with high profit and high risk (profit belongs to the bank and risk, well, sell to the people again)...
"bail out" = robbing from people through Fed, gov, etc... And everytime, they make them looks like hero, and "trying" to "save" the world...

[jarbo456]

take a look at wsj's market data http://online.wsj.com/mdc/public/page/2 ... nav_2_3000

top 'sell on strength' is AAPL, MSFT, and INTC (almost all the tech stocks are on the list...)
well, buy on weakness are, of course, those ultrashort etf, and silver/gold/etc..

i like to watch this as well, but it's a little early in the day in my experience. i usually wait until later in the afternoon, after 2pm, to see what kind of longer term positioning is going on.

[uempel]

Stopped out, I might try again