09/27/2011 Intraday Watering

[jarbo456]

Short is trapped. Did add to position to average price up, now SPY 116.43. Total position has been kept on the small side.
Will generate a small profit if gap to yesterday's close ever gets closed and a big profit if there is a move to new lows.
Bad news is that this bounce much higher than it should have been, which puts thesis in serious doubt.
Of particular concern is that NYA and certain other indexes hit lower low with positive divergences. So, there is an arguement for a double bottom having been made even though S&P didn't make one.
Will not be adding further to position. Have stop near last weeks highs but may tighten that if market action dictates.
Gulp.

i'm right there with you. unfortunately.

[KENA]

FYI..Dorsey Wright update..As of yesterday all 15 Point & Figure charts on TA are still in O's.Even with the mkt up big the changes were very, very small with more then half of the adding more red with World Bullish Points dn -2.80.As accurate as this info may be the conditions are not good.We will just wait and see.

[BullBear52x]

Look at this hourly bar this could just be a retest, Fibocombo here, a trade below green Fib fan is sell able still (Fib 32.8/78.2)

[uempel]

I guess Cobra will short 1195

[BullBear52x]

Anything under 119 is a sell at this juncture, above 119....second mortgage your home and buy

you don't have to wait "119" to second mortgage your home. It's already 2.5%. cannot be lower.

And if there is any equity in the house. . .

[KENA]

FYI..Dorsey Wright update..As of yesterday all 15 Point & Figure charts on TA are still in O's.Even with the mkt up big the changes were very, very small with more then half of the adding more red with World Bullish Points dn -2.80.As accurate as this info may be the conditions are not good.We will just wait and see.

[Al_Dente]

Today’s internals: strong bull begging for a breather/pullback….but the short covering pretty strong
Here’s the easy-to-read one with NYADV purple, and MAs and VWAP invisible etc
(TLT corrected)
http://stockcharts.com/h-sc/ui?s=SPY&p= ... =244514321

[AK84]

Cobra,

Tomorrow is the third last trading day of the month Is it still "normal" to be up on this day with the short at third last day theory?

Seems that hasnt worked too well recently. Just wondering esp now since the rally has been ridic. and chiosc is wayyyy too high!

[cougar]

IWM is now above the 4/8 pivot.
Update:

[KENA]

FYI..Dorsey Wright update..As of yesterday all 15 Point & Figure charts on TA are still in O's.Even with the mkt up big the changes were very, very small with more then half of the adding more red with World Bullish Points dn -2.80.As accurate as this info may be the conditions are not good.We will just wait and see.

Don't know why but this posted twice to get it cleared.

[99er]

cougar: "Missed your contributions during the weekend ..."

Focusing now on 4-hour charts so will be posting less. Will update regularly though. Saw your weekend charts and really appreciate your contributions! Volpinacci's too.

[ultramarine]

Short is trapped. Did add to position to average price up, now SPY 116.43. Total position has been kept on the small side.
Will generate a small profit if gap to yesterday's close ever gets closed and a big profit if there is a move to new lows.
Bad news is that this bounce much higher than it should have been, which puts thesis in serious doubt.
Of particular concern is that NYA and certain other indexes hit lower low with positive divergences. So, there is an arguement for a double bottom having been made even though S&P didn't make one.
Will not be adding further to position. Have stop near last weeks highs but may tighten that if market action dictates.
Gulp.

Thanks for the update, Mr Bachnut. Agree that the up move has been powerful but that is often the case in bear market rallies after seriously oversold conditions. I plan to add some tiny short positions this afternoon, probably nearer to the close. If it goes to 1200, fine by me. I would only close the short if we exceeded 1220. TLT has been firming up a bit here. It is close to channel support, so if that holds, then maybe the equities rally will top out here. A breakdown of the channel near 114 would be bad news for bears though.

[grachu]

from your night report cobra you mentioned the spx to go high on the tinted area before the 1 half hour ? on your view have we meet that ?

[soku]

aapl announced 10/4 iphone event. i expect 10/15 ip5. well, they beat my expectation.
well for aapl, they have the habit of beating

[Al_Dente]

sorry, here's the correct link to internals

http://stockcharts.com/h-sc/ui?s=SPY&p= ... =244514321

[BullBear52x]

Not shorting, just some good juncture here on the ES

[uempel]

I like catching a rocket, Cobra doesn't...

[grachu]

cobra within the next days you think we are going to fill this gap ? to 116 ? I know about this is just a rebound but I am asking just of a GAP type of question you rock thanks

[Cobra]

cobra within the next days you think we are going to fill this gap ? to 116 ? I know about this is just a rebound but I am asking just of a GAP type of question you rock thanks

gap doesn't have to be filled especially the up gap, we have huge amount of unfilled gaps since March 2009. I mean I don't know, we'll have to wait and see.

[Cobra]

from your night report cobra you mentioned the spx to go high on the tinted area before the 1 half hour ? on your view have we meet that ?

yes, the rebound is exceptionally strong this time.