10/20/2011 Intraday Watering

[spuderik]

NAAIM finally broke the record string of weekly readings beneath 5. It rose to a level of 21.32 this week, meaning the investment managers now have a net 21% exposure to the stock market.

AAII showed 36% bulls, 36% bears.

The put-call ratio seems to be easing finally, though it is still historically high.

Overall, we're starting to see some moderation in the extreme bearishness that has been evident for the last several weeks. Even more moderation (or outright bullish sentiment) is a necessary precursor to another down leg in the months ahead.

[agnosia]

i dumped my crude, got out at even. doesn't look good,, gonna stand aside for now.

[tdo722]

anyone watching copper? it looks like it is doing skydiving.

[waverider]

i am watching 85.20ish for support on crude. critical level that must hold. if not we are probably headed down to 83ish

Well done seeing that big drop coming. Thanks for the update I like looking at your support levels. Looks like possible support just above 84 at the 38.2% from the high as well, but your 83 looks stronger.

[BullBear52x]

anyone watching copper? it looks like it is doing skydiving.

Dr. copper is a must to follow for real economy indication. not what my uncle Ben say.

[Al_Dente]

Upgrade from underperform to outperform. However copper chart over past few months is pretty uninspiring.

BIG move FCX

FCX cash cost for copper is about $0.95 for the year ---- i think there's a little wiggle room on margin........

Thx stu …in my “old school,” reduced supply (strikes halt production) + rising demand (China gorilla demand, India, then less so Japan) = higher prices… EVENTUALLY…But maybe old school is just old fashioned these days?

[silicon_beaver]

SHOULD BE A BOUNCE HERE, RIGHT?
120.3

[Cobra]

i decide to be lazy today, because technically hypothetically presumably many years ago, my mom gave birth to me today.
as usual, i sent my mom flowers and a thank you note, to apologize the pain i caused on that day and since then. yes i am very sure i am THE pain.

Happy Birthday!

thanks to all. a reliable source says even tho i am 1 yr older now, i am still younger than cobra.

Really. Tell me how old are you now?

[BullBear52x]

SHOULD BE A BOUNCE HERE, RIGHT?
20.3

You missed one number.

[Cobra]

measured move target, the green line below may get tested. this is the 2nd leg down I've been talking.

Hi cobra,

Are we still using that P-bar 121.10 as the target and completion of this 2nd leg?

I've updated the 2nd leg target. p-bar target is where you could take profits.

[StrikePrice]

measured move target, the green line below may get tested. this is the 2nd leg down I've been talking.

Yes. My wave count and Fib target lines up nicely with that.

[Richarab]

i decide to be lazy today, because technically hypothetically presumably many years ago, my mom gave birth to me today.
as usual, i sent my mom flowers and a thank you note, to apologize the pain i caused on that day and since then. yes i am very sure i am THE pain.

Happy Birthday!

thanks to all. a reliable source says even tho i am 1 yr older now, i am still younger than cobra.

Really. Tell me how old are you now?

i am 72. thanks.

[Denali92]

measured move target, the green line below may get tested. this is the 2nd leg down I've been talking.

That measured move target would be ideal for a few reasons - the biggest one is that it is INCREDIBLY rare for an opex week to have the high and low on the same day and one of those should give....

Also, when Tuesday is the high of the week - odds are split 50-50 between Thursday and Friday being the low of the week....

Lastly, a move there today would probably generate an opex hourly buy signal which could cause us to rally tomorrow.... or later today....

-D

[silicon_beaver]

SHOULD BE A BOUNCE HERE, RIGHT?
120.3

You missed one number.

You got me. sharp eyes.

[Nomorework]

SHOULD BE A BOUNCE HERE, RIGHT?
20.3

You missed one number.

Ha, if it's at 20.3 I'm buying a yacht. You all are invited.

Good call on the 120.3 bounce tho

[uempel]

anyone watching copper? it looks like it is doing skydiving.

Dr. copper is a must to follow for real economy indication. not what my uncle Ben say.

Yeah, at 3.20 support now, but could go down to 2.40 (P&F show this, so do Fibs). Let's see if support holds.

[waverider]

Nydec strong, dollar extremely strong, bottom of the channel support spy. If that doesn't hold obviously 120 is potential support.

[BullBear52x]

SHOULD BE A BOUNCE HERE, RIGHT?
120.3

You missed one number.

You got me. sharp eyes.

I am not 72 but in need of reading glass soon, I mean like now. yes, 120.3 to 120 is good place for a pulse.

[EvilTrader]

measured move target, the green line below may get tested. this is the 2nd leg down I've been talking.

Hi cobra,

Are we still using that P-bar 121.10 as the target and completion of this 2nd leg?

I've updated the 2nd leg target. p-bar target is where you could take profits.

You bet against P-bars at your own risk !!

[Al_Dente]

Nydec strong, dollar extremely strong, bottom of the channel support spy. If that doesn't hold obviously 120 is potential support.

Thanks wavy, like yr chart (earlier), u never suspicious watching UUP as possibly skewed by active ETF volume? u don’t need 2 watch futures USdollar or pairs??
nydec >2000 my magic number
can't keep up w board here.... need 2 find faster music... and stronger coffee