10/03/2011 Intraday Watering

[silicon_beaver]

Still possibly lunch attack by bulls then pullback but closes green. They did twice last week.

[Michelle]

JJC looks bright eyed and bushy tailed this morning.

[MajorEasy]

bloomberg reported a large bearish bet 130,000 QQQ $50.00 puts purchased...
could also be some kind of a hedge...
never know for sure

[champix]

Any guess regarding Crude strenght? Gap filled and 3 dollars up last 2 hours? EUR still depressed... so....

[Dow Trader]

with VIX at 42 market will not close here, there will be an impulsive wave but the question is when and in which direction ... flat is the game name for day trading in my view

[Cobra]

Cobra -- do you still think it will close a green day today?

range day, anything possible.

[Mr. BachNut]

Careful here, we may be setting up for correction rally that could last a couple of days.

This could turn into a run up into the jobs number on friday, and then a sell the new event when the number comes out.

Doing so would clean out some excess bearishness and set the stage for reload to go back down once more.

Let's see.

Still short. Probably won't do anything. Nothing to add to other comments except idle speculation.
I can't tell you how many posts I've read calling for 1120 to fall with a swift drop down to somewhere between 1000 - 1080.
If that's what folks want, Mr. Market can be counted on to deliver something different.
BullTart's scenario could fit that bill with Mr. Market delivering the drop only after some bearishness is cleared.
I am assuming for the moment that the trading range continues with support around 1120 and big resistance between 1200 -1220. Everything in between is fair game, especially with VIX zoning in the 40s.
I can envision a move within the range that breaks a descending tops line to really gut wrench bears.
I expect the range to break when I least expect it and in a fashion that causes me maximal frustration.

[gabor]

I think the intraday trend is very similar to what we saw in the past couple of days. And I think the trend will hold until the intraday dynamic is similar.
We probably need a large gap down to reverse.

[KENA]

$ is up..Copper dn...CRB is dn (under 299 not good) Futures dn..Euro dn...Europe mkts dn..Vix is high.What else did i miss.Time to work out back later.

[Mongoose]

Cobra -- do you still think it will close a green day today?

range day, anything possible.

Yes, it looks like that.

[SB73]

Small caps again leading the way down, but emerging markets not confirming. Range day conculsions? My understanding is that it would mean a lower low ahead. Saw the Europe close was brutal...bulls still just need imagination. I need to see capitulation.

[CognitiveDissonance]

Careful here, we may be setting up for correction rally that could last a couple of days.

This could turn into a run up into the jobs number on friday, and then a sell the new event when the number comes out.

Doing so would clean out some excess bearishness and set the stage for reload to go back down once more.

Let's see.

I like your take on it. With how hard the market has been holding on it's a realistic scenario. Plus, now that the cat is out of the bag - in mainstream media - that things aren't going all so well on wall street perhaps the funds need time to unload.

[Cobra]

watch blue line below in case of Double Top.

[jarbo456]

intraday triple bottom?? unlikely...hopefully we get some breakdown.

[hemlock21]

I see a descending triangle on the 5 min SPX from 1143 to todays low formomg or is it the tequila?

[Unique]

It's time to break down.

[SB73]

Bulls being lulled to sleep...

[Cobra]

double top target. besides, it looks more and more like a descending triangle.

[SB73]

double top target. besides, it looks more and more like a descending triangle.

I see a larger decending triangle...target 1104 on SPX.

[99er]

BKX
Update.
http://99ercharts.blogspot.com/2011/10/bkx.html