10/26/2011 Intraday Watering

[Cobra]

Cobra,

i've never drawn a measured move target before.
Is 975 about right?

not exactly. you have to find a flag before you can apply measured move.

[Namo]

Apparently the latest news driving the market is this from AP, which hit the tape 12 hours ago:

China and other emerging powers have agreed to help eurozone countries facing a debt crisis by taking part in a bailout fund, the China Daily said Wednesday, citing a source close to EU decision makers.



The state-owned English language newspaper said leading emerging economies would help to finance the rescue fund through the International Monetary Fund, which would boost their voting rights in the Washington-based lender.



The agreement may be written into the final document at a second emergency summit of European leaders, due to begin later Wednesday, the unidentified source told the newspaper.



Further details on China's investment were not provided.

Ironically, this was refuted 3 short hours later by none other than Reuters:

China has backed efforts to tackle the euro zone's debt crisis but there is currently nothing concrete concerning support for a special purpose investment vehicle (SPIV) of the euro zone's bailout fund, a Chinese diplomat said on Wednesday.



"China always supported the EU's effort to deal with the crisis and has done its bit," said the diplomat, who is based in Brussels. "China will continue to do so but, with regard to the special purpose vehicle, there is nothing concrete and detailed."

[bushwaffle]

http://www.zerohedge.com/news/idiot-mar ... ut-refuted

The imagineers at work

[Cobra]

Folks,

First post here.. have been following this site for a few weeks now... great work...

I have a confession, for a few days I thought Cobra was a woman.... and then realized I was wrong when I jumped on this intraday chat...

Cobra you rock, thx for all the knowledge waterfall.... and thx to all experts posting here...

Thanks and welcome aboard.

Why did you think I'm a woman?

[Me XMan]

Cobra. Do you think China will bail out Europe?

[Cobra]

cobra,
current price action is bullish rather than bearish. am i correct at that assessment?

well, you got it right.

[agnosia]

Nice ! I am looking gold too, but not trading on a regular basis.
Close my cl @ 91.60.
I will long again if 92.10 trigered !

yeah it's taking me some time to adjust but i like how /gc trades, it's a tamer version of /cl. i closed my /cl 91.80 for +1, so now i can make some bad trades and be ok. lol.

for gold i plan on doing my routine like i do with /cl. get the floor closing prices, start marking my charts with pivots and fibs. let me know when you have a /gc trade idea and i wil do the same.

[ricster3]

One fake news and then nothing can ever stop this market from going up again. Once the news is proven fake, the markets don't even react back down... they continue UP UP UP!

How can that be? How can the confidence inspired by those fake rumors not evaporate when it's proven wrong?

[Cobra]

Cobra. Do you think China will bail out Europe?

China will bailout everyone as long as those big guys can remain in power. They don't care their people because their official media clear said: all those money are not PEOPLE's money. Apparently they don't think China belongs to Chinese people.

[Cobra]

One fake news and then nothing can ever stop this market from going up again. Once the news is proven fake, the markets don't even react back down... they continue UP UP UP!

How can that be? How can the confidence inspired by those fake rumors not evaporate when it's proven wrong?

i think that's because bears are nervous been given enough lessons for the past 2 years, so they cover fast, really fast.

[agnosia]

i am looking for 1234 /es to close out my long and that is the cup and handle target.

[Cobra]

bears have wasted too much time here, I'm disappointed!

[jarbo456]

bears have wasted too much time here, I'm disappointed!

if you watch as well, the bears were gaining momentum to create a bearish pattern down when the news just "happened" to break...

even if it's false news, it's enough to screw the technicals.

[janez]

long: sqnm, apkt, wag

day trade only.

[Al_Dente]

decent squeeze dows: MRK CVX GE XOM…
others have eased up a touch

[Me XMan]

They love taking out those stops from bulls and bears.

One fake news and then nothing can ever stop this market from going up again. Once the news is proven fake, the markets don't even react back down... they continue UP UP UP!

How can that be? How can the confidence inspired by those fake rumors not evaporate when it's proven wrong?

[agnosia]

i am looking for 1234 /es to close out my long and that is the cup and handle target.

target met. nice +13 on that one now i can chill.

[Cobra]

hopefully a small 3 push up here plus a little negative divergence above.

[Me XMan]

SPX is mirroring EUR/USD price. Everything is on Eurozone.

[Algyros]

There's positive divergence on the SPX 5 minute chart via the MACD.