10/27/2011 Intraday Watering

[Cobra]

if anyone cares about the fundamentals of the situation, this was actually well written, which is surprising considering it came from marketwatch:

...The first is that the private lenders have “voluntarily” (ha ha ha) taken a 50% haircut, which while maybe not quite enough at least presents a possible if not probable way for Greece to grow out of the hole it’s in. (A number closer to 66% would have been better.) Read more on European debt deal.

More importantly, European banks will be recapitalized after — and “after” is the key word — writing their euro-zone debt exposure to market...

There still are plenty of details to be worked out — such as, who’s going to pay for the boost in the EFSF, who’s going to pay for the banks to recapitalize, how Greece will suddenly turn the corner when it’s still uncompetitive against its euro-zone neighbors, whether write-downs will be needed for Irish, Portuguese, Spanish or (shudder) Italian debt, or what the standing is of U.S. banks that bought insurance on Europe via credit-default swaps, since those instruments basically aren’t worth the paper or hard-disk space they’re written on.

nowadays, you should trade against fundamentals I guess. The most unbelievable trade usually the most right one.

[StrikePrice]

Primary count is Ending Diagonal.

I took a haircut, but nothing like those Greek Bondholders.

[Apple]

Holy Cow. RIG up $2. They must have found oil in Rhode Island

[Petsamo]

This is wierd, fellas. X is staying elevated.

[stocksage]

Reloaded es shorts don't think this holds for more than a couple of days.

[GreedyKojiro]

Cheer LONGS !

[Tabby]

Honey...
SPX http://99ercharts.blogspot.com/2011/10/spx_9586.html

Call Tabby!

I can see you start surfing from the top of Eiffel Tower or maybe a roller coaster.

[Dow Trader]

The reason for my short position was based on weekly chart that is still in sell and price trading at major resistance in the first test and first touch . It is basic and simple ( old school )

[barbaragull]

officially testing MA200 now.

i am shorting this first touch. /es 1272

i am praying that you got it right and make big money (i am so deeply under water with heavy short )

my stop is HOD ,. looking good so far. i'm looking at covering near 1260

my last added batch set the same covering price as yours, however, i started too early at too low price. The last batch shorted at 1261.75 pre-market, (it was meant to scalp )

[Tutti]

The reason for my short position was based on weekly chart that is still in sell and price trading at major resistance in the first test and first touch . It is basic and simple ( old school )

Basic, simple & old Skool are my favorite types of trades

[Petsamo]

Holy Cow. RIG up $2. They must have found oil in Rhode Island

You gotta look at % change. XME is $2 higher too; it is an ETF. Percentage wise, XME is higher than RIG.

[standard_and_poor]

huge gap opens like today are typical trademarks of a wave 3 in full bloom.

[Al_Dente]

MS + 11%

haha. how awesome is that? you basically screw yourself by exposing your naked butt to a crumbling EU economy, and then not only did you get bailed out with a US led TARP program, two years later, you get bailed out AGAIN with an EU led TARP which negates your insurance obligations.it's good to be one of the big guys. when your trade fails, have the government(s) change the rules of the game.

“most” “serious” “analysts” believe that bailouts are good very short term, but just kick the reality can down the road (like the USAA+ did, and is still doing), and they see Greece as the tip of the iceberg.
Ostrich “analysts” are cheering today.
After all, personal consumption shows folks ARE BUYING groceries, ya know
We can only afford to follow the market, and believe what it tells us….. intraday… today…and then tomorrow it may tell us a different story
Put yr pants on that “naked butt” and here are the internals:
http://stockcharts.com/h-sc/ui?s=$NYDEC ... =246211365

“There are no facts, only interpretations.” [Friedrich Nietzsche]

[jarbo456]

if anyone cares about the fundamentals of the situation, this was actually well written, which is surprising considering it came from marketwatch:

...The first is that the private lenders have “voluntarily” (ha ha ha) taken a 50% haircut, which while maybe not quite enough at least presents a possible if not probable way for Greece to grow out of the hole it’s in. (A number closer to 66% would have been better.) Read more on European debt deal.

More importantly, European banks will be recapitalized after — and “after” is the key word — writing their euro-zone debt exposure to market...

There still are plenty of details to be worked out — such as, who’s going to pay for the boost in the EFSF, who’s going to pay for the banks to recapitalize, how Greece will suddenly turn the corner when it’s still uncompetitive against its euro-zone neighbors, whether write-downs will be needed for Irish, Portuguese, Spanish or (shudder) Italian debt, or what the standing is of U.S. banks that bought insurance on Europe via credit-default swaps, since those instruments basically aren’t worth the paper or hard-disk space they’re written on.

nowadays, you should trade against fundamentals I guess. The most unbelievable trade usually the most right one.

ahhhh yes...what are fundamentals anyway? merely reasons talking heads give for price action after the market's closed.

[bushwaffle]

Multiple supports ahead at 126.50, will it bounce?

[pablorynx]

if anyone cares about the fundamentals of the situation, this was actually well written, which is surprising considering it came from marketwatch:

...The first is that the private lenders have “voluntarily” (ha ha ha) taken a 50% haircut, which while maybe not quite enough at least presents a possible if not probable way for Greece to grow out of the hole it’s in. (A number closer to 66% would have been better.) Read more on European debt deal.

More importantly, European banks will be recapitalized after — and “after” is the key word — writing their euro-zone debt exposure to market...

There still are plenty of details to be worked out — such as, who’s going to pay for the boost in the EFSF, who’s going to pay for the banks to recapitalize, how Greece will suddenly turn the corner when it’s still uncompetitive against its euro-zone neighbors, whether write-downs will be needed for Irish, Portuguese, Spanish or (shudder) Italian debt, or what the standing is of U.S. banks that bought insurance on Europe via credit-default swaps, since those instruments basically aren’t worth the paper or hard-disk space they’re written on.

I think the other thing which seems to be lost in the shuffle of who's going to backstop who and how much leverage and austerity and such, is that no clear plan for GROWTH is actually articulated. Austerity with no growth implies you're going to lower GDP growth. it gets worse, not better. (Europe likely goes into recession next year). Meanwhile, the market rallies as it can't wait for the hammer to fall. Remember, we get used to stuff until we can't ignore it. This whole saga could take two years before minimal resolution.

[StrikePrice]

huge gap opens like today are typical trademarks of a wave 3 in full bloom.

I disagree. Cash is more important and so far cash is selling. Wave 3 was all that cash buying from 10/4 to 10/12. This gap is a trademark of the end of a Wave 5 imho.

[janez]

This morning at open likely the best short opportunity.

[Dow Trader]

first intraday support in ES is 1260 to 1255 area

[jarbo456]

I think the other thing which seems to be lost in the shuffle of who's going to backstop who and how much leverage and austerity and such, is that no clear plan for GROWTH is actually articulated. Austerity with no growth implies you're going to lower GDP growth. it gets worse, not better. (Europe likely goes into recession next year). Meanwhile, the market rallies as it can't wait for the hammer to fall. Remember, we get used to stuff until we can't ignore it. This whole saga could take two years before minimal resolution.

totally agree with you. i mean, just look at us...well those of us from the USA. we're 3 years post the first round of qe, and we're STILL looking for a solution. no, this european thing will come to head again in the next year. i just wish i wasn't a year early in my shorts...after all we ALL know what it means to be early - just means you're wrong - . lol