10/25/2011 Intraday Watering

[Apple]

http://www.reverbnation.com/eplay/artist_863454

If you guys get bored, hop over for a minute and check out my songs. "Reality" is the one I just finished.

[StrikePrice]

The vix divergence bothers me. I have been looking for a lower low or at least a more convincing double bottom to go with a top. This rally still has some unfinished business IMO, but the market can do what it wants.

Check out the VIX (I like using a line chart) and compare the recent 10/14 & 10/24 swing with 7/8 & 7/22 swing with an RSI Indicator. Maybe that will make your Bear suit a little more cozy.

I see it, but in July, the S&P made a lower high while the VIX made a higher low (consistent). So far last few days, S&P has made a higher high but VIX has refused to make lower low (inconsistent). So a bear suit may already be in fashion with this divergence as the tell. But given Friday's and yesterday's strength, I think the setup would be tighter with a failed test of yesterday's top or a double top of some kind.

I think my point is not Bull or Bear. It is just that there is something about the S&P and VIX charts that doesn't look complete yet to ring the bell on this move.

Thanks for clarification. Caution makes sense with 200MA still within a strong rally's reach.

[pady]

Also anybody else see a small ascending triangle...

[Dow Trader]

As long as we are below today's high, next stop is ES 1213
any action between them will not add to the over all picture

[MrMiyagi]

Still holding on to TZA from yesterday, didn't wake up early enough as I might have sold it this morning.
In case anyone cares...

[tdo722]

So much for a Zig-Zag. Looks like a Triangle. That sux, could go either way.

Just got back to my desk and had same thought "crap triangle" !!! Thinking we have one more high above 1260...

What are we looking at gentlemen? 1273 (200 dma) the ending of this 5-wave up from the low of 1197? also, this is 61.8% of wave 3 from 1226 to 1256. coincidence? also, could it be that at 1273 (200dma) the 1st leg of this 4 week rally ends? Man, makes me want to go all in shorts at 1273. hmm...

[SB73]

As long as we are below today's high, next stop is ES 1213
any action between them will not add to the over all picture

Beautiful thoughts...I concur. I do expect another reasonable bounce after that.

[Unique]

http://media.giantbomb.com/uploads/0/53 ... _super.png



1:30 get ready kids

[pady]

If we bounce off 124, then not good for bears. I see a nice abcde triangle forming now.

[tdo722]

If *the low* of "the next 2 hourly candles" above "1245.87"
then initiate "long" positions

Else
sideline

[knock]

http://media.giantbomb.com/uploads/0/53 ... _super.png



1:30 get ready kids

mind explaining a little more what the deal is with 1:30 timing? thanks.

[BullBear52x]

This down move is very broad, I expect more to come.

[Dow Trader]

YM update

[Unique]

http://media.giantbomb.com/uploads/0/53 ... _super.png



1:30 get ready kids

mind explaining a little more what the deal is with 1:30 timing? thanks.

http://i.imgur.com/8pUpw.gif

Draw your own conclusion.

[Cobra]

little triangle here. still clueless about the market.

[SB73]

Consolidation right on the bear flag line is good for the bears.

[brownstein00]

it all about the dollar...

[pady]

One possibility for bears is that, we had the drop from 1256 to 1233 as A, what we have going now is B, so another drop from 1245 to 1222 range for C. Maybe another down at close or a gap down in the morning. Again 124.5 is crucial for bears on the up side.

[Unique]

Good luck.

[BullBear52x]

I don't think we will close below my line in the sand, but the closing price today will gauge the future of this peak, the exhaustion bar we got yesterday confirmed today, for this down move to be meaningful to the swing trade tomorrow I don't want to see a trade higher than today's close. or side ways action will drag on for few more days to a week.