10/06/2011 Intraday Watering

[Al_Dente]

morning update from the muni market...

"Selloff in muni trend from yesterday continuing today. . . belly getting hit the most. 10 bp move on the first read."

luv u jarbo

[seekingknowledge]

Russell 240 Minute Chart -- Check out the top of the trendline! We are pretty much there!

Russell 240 Minute Chart -- Check out the top of the trendline! We are pretty much there!

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!!

OK no worries. Hint: you can repost the chart if you like.

Absolutely! Check it out! Thanks!!!! Appreciated your help.

[Namo]

From Zerohedge

In a first for the Fed, 15 minutes ago the Fed started its first anti-POMO, or outright bond sale, this time for up to $9 billion in bonds due between 01/15/2012 – 07/31/2012. This is liquidity taken out of the market (think reverse repo) and money that can not be used to buy Netflix by the primary dealers. As a result, the recent (massively levered: thank you HFT in FX and 200x margin) surge in the EURUSD would make sense, as the last thing the market needs is for the robots to find a correlation between inverse POMO days and market drops, which would then be front run on any of the next anti-POMO days. The operation will conclude at 11 am EDT. Expect to see an end to the EURUSD rise as soon as the operation is concluded.

[SB73]

Blowoff...adding to short initiated at 1145.

[EvilTrader]

Taking 115 is critical for bulls.

[Cobra]

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!

the low was in too. there's no reason SPX low was in while RUT low wasn't in.

[jarbo456]

morning update from the muni market...

"Selloff in muni trend from yesterday continuing today. . . belly getting hit the most. 10 bp move on the first read."

luv u jarbo

thanks man. love you too...

just wish i knew how the hell to read your internals chart though...

LOL

[ddd]

Now watch the overnight high on ES @ 1148.50.

[jaijailyc]

going in SPXU for a quick scalp

[uempel]

Check the blue ellipse...

[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!

Thanks! Just needed to hear it from the best.

the low was in too. there's no reason SPX low was in while RUT low wasn't in.

[heavenskrow]

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!

the low was in too. there's no reason SPX low was in while RUT low wasn't in.

TQQQ and Russel 2000 looks like a clear bottom. SPX is kind of hard to tell, but we should follow the leaders

[ultramarine]

Russell 240 Minute.png

Russell 240 Minute.png

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!!

OK no worries. Hint: you can repost the chart if you like.

Absolutely! Check it out! Thanks!!!! Appreciated your help.

Yes, we are definitely there now. Should be good for some kind of correction today and or tomorrow. Even if we are back in rally mode, prices are unlikely to push through the trend line on first attempt.

[BullBear52x]

Check the blue ellipse...

SPX3.png

remember resistance is not working, only support.

[wayne0708]

uempel,
your 1150 target has met so are you shorting?

[BullBear52x]

selling tech land, SMH INTC MU....

[tdo722]

I short at 1152 with a stop loss 50% at 1157 and another stop loss the remaining 50% at 1167.

The magic number 1152 has been widely anticipated by many chartists online, FYI. I am still holding 100% long position on 10% equity of total capital. That long has a stop loss at 1130 for 50% and the remaining 50% at 1122.

[Cobra]

support.

[Al_Dente]

From Zerohedge

In a first for the Fed, 15 minutes ago the Fed started its first anti-POMO, or outright bond sale, this time for up to $9 billion in bonds due between 01/15/2012 – 07/31/2012. This is liquidity taken out of the market (think reverse repo) and money that can not be used to buy Netflix by the primary dealers. As a result, the recent (massively levered: thank you HFT in FX and 200x margin) surge in the EURUSD would make sense, as the last thing the market needs is for the robots to find a correlation between inverse POMO days and market drops, which would then be front run on any of the next anti-POMO days. The operation will conclude at 11 am EDT. Expect to see an end to the EURUSD rise as soon as the operation is concluded.

I can’t always absorb the complex zh stuff on bond mkt… me have to simplify it to: FED sells bonds = bull spy
Dovetails nicely w jarbo’s inside dirt on squid selling munis = bull spy
SOOOO impt, as bond market is the 800-zillion pound gorilla in our global jungle market.
PS: am always late getting to my church (zerohedge.com); appreciate the heads up namo

[jarbo456]

From Zerohedge

In a first for the Fed, 15 minutes ago the Fed started its first anti-POMO, or outright bond sale, this time for up to $9 billion in bonds due between 01/15/2012 – 07/31/2012. This is liquidity taken out of the market (think reverse repo) and money that can not be used to buy Netflix by the primary dealers. As a result, the recent (massively levered: thank you HFT in FX and 200x margin) surge in the EURUSD would make sense, as the last thing the market needs is for the robots to find a correlation between inverse POMO days and market drops, which would then be front run on any of the next anti-POMO days. The operation will conclude at 11 am EDT. Expect to see an end to the EURUSD rise as soon as the operation is concluded.

I can’t always absorb the complex zh stuff on bond mkt… me have to simplify it to: FED sells bonds = bull spy
Dovetails nicely w jarbo’s inside dirt on squid selling munis = bull spy
SOOOO impt, as bond market is the 800-zillion pound gorilla in our global jungle market.
PS: am always late getting to my church (zerohedge.com); appreciate the heads up namo

i generally concede to the fact that the bond guys...though a boring date...tend to be right more often than any of the equity guys...muni's are leading the market...just as they did in 2008.