09/22/2011 Intraday Watering

[uempel]

I guess SPX is going down, but I'm not sure about the timing: a drop from here is just "to easy" and trading SPX tends to be difficult. Let's see.

[buyorsell]

I'm a relative newbie here.
Here is my trade:
long of SPY if it bounces from 1125
hold my short position on IWM.

[silkway]

spy broke day low

[Cobra]

testing the morning, let's see.

[newbie_77]

should i buy or sell now?

You can't be a newbie
u must be a shill

naw really green

[stockcycle]

I have the feeling that the re-bounce is counting on minutes.

Too early or bad call admitted!

[bushwaffle]

should i buy or sell now?

You can't be a newbie
u must be a shill

naw really green

prob about to be really red....sorry couldn't resist.

[uempel]

CNBC says 1120 and buyers should come in FWIW

Really ? CNBC is retarded. Please do not listen to anything they say. Watch on Mute only. And when Cramer comes on , throw your remote at your TV and blow it up

AK84, don't know why CNBC likes Cramer, can't imagine viewers enjoy watching/listening when he's on. Presumably he has his fans. We also watch mute, switch on volume when Rick reports. Good Interview with Soros last night. He's really bearish.

Uempel,

I think there is no doubt that you are a SUPERB chartist! I know you are indian as am I (do u trade out of India or the US ?) Always been curious!

Love ur work ! and the market is falling apart as we speak!! 1121 should provide a good bounce!

Thank you AK84. As to 1121: If the market does not play tricks the breaking point is 1127/28 - and it's been broken now. Might come back up to kiss the broken channel good-bye, but the channel is broken.. As to my whereabouts and nationality - I don't think that's important.

[soku]

I have the feeling that the re-bounce is counting on minutes.

Too early or bad call admitted!

right or wrong, i long

add: if we take 1124.75, good chance to test 1130 area on es

[buyorsell]

Could be a trap here. I won't do anything now.

[Cobra]

info only, bearish 1-2-3 or Double Top text book target. over 70% chances.

[SB73]

Unempel is a snake, but just of a lesser degree than a Cobra

[stockcycle]

I have the feeling that the re-bounce is counting on minutes.

Too early or bad call admitted!

right or wrong, i long

add: if we take 1124.75, good chance to test 1130 area on es

Yes, You play the oversold expecting for a bounce? It works number of times.

[uempel]

Could be a trap here. I won't do anything now.

Yeah, I agree, I think it's too slow for a breakout.

[tapesense]

4 hour ES projects to 1097, no profit taking at 30 min and hourly measured moves from end of yest. Glad I got flat, was thinking to get long again in SPY 117s but monthly and weekly setups may trump the rest

[MajorEasy]

CNBC says 1120 and buyers should come in FWIW

Traders on bloomberg have said the same thing,
watch out below if 1120 doesn't hold,
we're at 1118 at this moment....

[grachu]

in human terms ? going to go lower today ?

[Cobra]

Unempel is a snake, but just of a lesser degree than a Cobra

Uempel is not snake, he has totally different style with amazingly high winning rate.

[Mr. BachNut]

a little fib info since lots of people are asking for the rebound target.

this should be at least 2 legged down, so the very first rebound if any should be a sell.

noticed that RSP already decisively broke the very first support and approaching the 2nd one while SPY is till pretty much fighting the very first support. so the selling is broad based, just someone tries to hold a few heavy weighted stocks to make the indices look not bad. I assume AAPL is holding well, well, that's interesting, you cannot live without AAPL?

no, cannot live w/o aapl
i think there may be some correction. nothing big, maybe 370s

There are a lot of funds that have to stay pretty fully invested. I suspect that AAPL and a couple of other good names are getting rotated into as these funds sell everything else. I have never thought of AAPL as a defensive stock, but why not? I think this sort of rotation may be what is sparing the NASDAQ (where AAPL carries a big weight) from the degree of damage experienced elsewhere.

[Richarab]

dead cat bounce..meeeeeoooow