10/06/2011 Intraday Watering

[EvilTrader]

Europe Central Bank is hinting rate cuts and monetary intervention to help he banking system.

The message is clear : NO one will go bust, no matter what.

Thats why equities are off the lows.

Maybe the low of the year was already in, i think thats the case. And I have a beautiful $NYMO divergence to support my case.

[Cobra]

the next support will be strong (green line below).

[BullBear52x]

113 is my sell number, right now it could just be a bear trap.

[L_T]

I like the look of it being contained at the 77 level from the daily chart. What's your trigger to go short today or are you already in?

GM Cobra GM!!!!!!!!!!


How are people trading AAPL today ? im looking at break of 375 --->365

i might look to short SINA again around here. looks like it retraced to the breakdown level of 77.

[Cobra]

now the biggest problem I see for bulls is ChiOsc too high.

[heavenskrow]

What would you do???

[wjames]

Cobra if you feel the short term low is in you're going to have to adjust your intermediate forecast no? 1-2 months to reach 1000 was sometime in late Oct. Seems unlikely we'll get there barring something like a no-we-can't Lehman (BAC) event.

[BullBear52x]

TZA or TNA?

[jarbo456]

I like the look of it being contained at the 77 level from the daily chart. What's your trigger to go short today or are you already in?

GM Cobra GM!!!!!!!!!!


How are people trading AAPL today ? im looking at break of 375 --->365

i might look to short SINA again around here. looks like it retraced to the breakdown level of 77.

took a small nibble short already. correlations are very high, so will wait for a better view of the broader market. if there is potential for a follow through rally next week, i'll hold off adding to it.

[KENA]

What would you do???

SELL SELL SELL....BUY BUY BUY...Just kidding I need a little humor today.

[BullBear52x]

More and more signs the bears are marching in.

[Cobra]

again, key support.

[CognitiveDissonance]

TZA or TNA?

That is the question of the day, except for me it TVIX or TNA.

[Al_Dente]

still catching up on zerohedge yest news:
zh is calling this whole “rally” a sqeeze, “….as indices of the most-shorted names handily outperformed the broad market…”
Technically, it is a “short-covering rally” with the occasional elevator, the panic frenzied buying, being the “squeeze” part of it… but all semantics.
(this link not so much for newbies)
http://www.zerohedge.com/news/market-sn ... just-facts
Also of interest, their take on equity mutual fund outflows “...the largest since August ‘10…”
And “…outflows from equity funds… past two years, the bulk of which has gone into bond funds…”
(this link okay for newbies; worth clicking just for the charts/visuals)
http://www.zerohedge.com/news/mutual-fu ... se-plunge-

also, early bear internals
http://stockcharts.com/h-sc/ui?s=SPY&p= ... =245336889

[seekingknowledge]

Hi, Cobra: D U think Mkt is going to visit the recent low?

define the recent low, please.

I think the low was in. we might pay another visit to it, but won't make a lower low, then we're in for a few weeks rally, the real rally. The conclusion is made based on common pattern. Just look at what happened in May last year, that's very typical, the revisit to the low in Aug made only a higher low confirming that the low was in.

If however, the revisit we're about to have decisively break below the low, then I need another pattern before calling the low was in.

For now, I believe the low was in.

Hi, Cobra, How about the low for the Russell? It made a lower low as recently as 9/30. Is the low in for it, too? I assume, "Yes", but never assume. Your input is valued. Thanks!

[99er]

Updates

Gold http://99ercharts.blogspot.com/2011/10/gold_06.html
Silver http://99ercharts.blogspot.com/2011/10/silver_06.html

[heavenskrow]

I dont think its a short covering rally. I believe it was a great fakeout aka bear trap. Anytime theres a fakeout, you have to go on the other side of the trade...

[99er]

Updates

Crude http://99ercharts.blogspot.com/2011/10/crude_06.html
30-Year http://99ercharts.blogspot.com/2011/10/30y_06.html

[ultramarine]

Europe Central Bank is hinting rate cuts and monetary intervention to help he banking system.

The message is clear : NO one will go bust, no matter what.

Thats why equities are off the lows.

Maybe the low of the year was already in, i think thats the case. And I have a beautiful $NYMO divergence to support my case.

Very true. We can also see a similar positive divergence setting up on the Bullish Percentage chart on the SPX.

[seekingknowledge]

Hi, All, Yesterday afternoon, I posted a chart of the Russell and I dyslexically called it the 240 "hour" chart. It is not a 240 "hour" chart, it is a 240 "minute" (or 4-hour) chart. I apologize for this mistake. I am attaching it again. Looks like we should have a nice shorting opportunity very, very soon -- probably today. Here is the attachment again. I don't know how to upload it as an image. Sorry to those who don't have MS Word. Lastly, thanks again to whoever on this board that I learned about the 240 minute chart. It is very helpful to view!

It's pretty easy to upload an image. Even I can do it.

1) Save the image on your desktop
2) when you want to post it, click upload attachment just below the text reply box on left hand side. browse and add the image from your desktop and attach it.
3) then click "place inline" from lower right of the text box under Post Attachments.
4) add your comments above or below the image as you like.

Cool! Thanks so much, ultramarine, for taking the time to provide the details! As you said, "pretty easy". Thanks again!!