11/01/2011 Intraday Watering

[Cobra]

volume surge, let's watch for the current bar and the next. I still believe more rebound as it's still too stretched. The next bar would tell us if any small pullback, such a pullback would fail I guess.

[bobo]

50.8 vs expectations of 51.6 according to Santelli. Construction spending in line with prior month revised up. Auto and truck sales out throughout the day. Chrysler has already reported.

i guess ISM was not so great according to this large red bar.

[BullBear52x]

GM,
if you wonder how bad this is, well, complex Cluster Island Reversal day on all major indexes today. Very bad.

[soku]

hope everybody is fine. once again i see (and enjoy) huge waves during off hour. with eur crisis as major force of the market movement, it is hard for you guys in the states to swing.
bab, u alright? as i suggested couple times, play smaller and play shorter.
kena, good job. i love my pet

[99er]

SPX
http://99ercharts.blogspot.com/2011/11/spx_01.html

So much for the bounce.

[Cobra]

Micro picture, big picture:

The attachment SPX67.png is no longer available

The attachment SPX77.png is no longer available

nice chart. I agree, bear haven't won the batter yet. we have very strong support here plus ma 20 as support. so still too early to say.

[stocksage]

the funny thing is all these mutual funds buying at the end of this last rally to make sure they have enough beta on because they were behind, now they are really behind.

[BullBear52x]

Fib Fan/Arc target

[Buckethead]

Cobra, I would not take those comments personally. In fact, you may welcome such comments as future sentiment indication. Such data is invaluable!

Market Lesson #2334 : Never stay long with an extremely high NYMO
Market Lesson #2335 : Specially after a mega-rally

good lesson. I was blamed for sharing this NYMO thing twice: why you brought out this? in strong market it doesn't work!

I cannot believe this: I share my secret without asking anything back, and it proved work even with the strong up that we did have sharp pullback the last 2 times, but still people blamed me for bringing it out. That's unbelievable. Now you should know why I was so pissed off.

[Mr. BachNut]

Still Market Neutral.

Well, the jackals locked in good performance through 10/31. So, bonuses will be good and year end hedge fund redemptions tolerable. The market can be free of window dressing now.
Yes, there is bad news, but it is also a good time for these guys to take profits and reposition a bit.

Yesterday's drop did NOT do much damage to the technicals IMO. Nor did it fully clear overbought conditions. Today looks like more progress will be made in that regard.

While the Top looks to be in, as an intermediate term trader, I am hard-pressed to short with my mechanical model on a buy and technicals still looking good.
Odds favor a test of some kind on last Thursday's high as soon as the overbought condition is cleared (a NYMO around 0 would do the trick). May not happen, but I'll play the odds.
Remember that there is a clack of folks who were late to the rally and have performance anxiety. They are buyers on a bounce up.
Tactically, I may put a stop on my hedges, which are now in the money, at neutral NYMO. Thus, a bounce would cause me to go net long. If the sky just keeps falling, the hedges will stay on.
I am inclined to view a net long as a scalp type thing. Down the road, I am anticipating technical deterioration and a mechanical sell to give me the green light on a short, perhaps for a trip down to Cobra's S&P 1,000 notion. We shall see.

[BullBear52x]

so far so good with this analog right?

[noob]

Hehe that's life =)

About the lesson, I warned you that should switch to short on Friday, you said you rarely disclose counter-trend positions.

Market Lesson #2334 : Never stay long with an extremely high NYMO
Market Lesson #2335 : Specially after a mega-rally

good lesson. I was blamed for sharing this NYMO thing twice: why you brought out this? in strong market it doesn't work!

I cannot believe this: I share my secret without asking anything back, and it proved work even with the strong up that we did have sharp pullback the last 2 times, but still people blamed me for bringing it out. That's unbelievable. Now you should know why I was so pissed off.

Lao da calm down =) A lot of us appreciate what you do here!

I'm calm. I just complain that no matter what you do, even you knee on the ground begging people to take your money for free, you'd still get blamed.

[Al_Dente]

so far so good with this analog right?

Speaking of disrespect…..
I do recall that over the last few days/weeks…I may have called you a name or two that perhaps wasn’t toooo complimentary…... http://www.youtube.com/watch?v=D1wLGlMI ... re=related

[KENA]

hope everybody is fine. once again i see (and enjoy) huge waves during off hour. with eur crisis as major force of the market movement, it is hard for you guys in the states to swing.
bab, u alright? as i suggested couple times, play smaller and play shorter.
kena, good job. i love my pet

U Bet..I have been in the red but now with my added shorts I am well into the green..Sold 1/2 My shorts this morn..Now looking to trade,I feel better.Good trading to you.

[mac769]

This looks like a nice butterfly, although just beginning to spread its wings..

some consolidation ahead and then the flight continues

[waverider]

Hey Al, as Cobra has informed us, it looks like his very overbought internals are coming through... I got excited when he said he had a bearish tone last night. Is this HOD?

[h2oskier]

Market Lesson #2334 : Never stay long with an extremely high NYMO
Market Lesson #2335 : Specially after a mega-rally

good lesson. I was blamed for sharing this NYMO thing twice: why you brought out this? in strong market it doesn't work!

I cannot believe this: I share my secret without asking anything back, and it proved work even with the strong up that we did have sharp pullback the last 2 times, but still people blamed me for bringing it out. That's unbelievable. Now you should know why I was so pissed off.

you shouldn't be pissed off. it's exactly this kind of comments of disbelief that make this indicator work. think what would have happened if everybody acted on this signal.

Cobra, I know it's hard to ignore criticism but many of us that are normally silent really appreciate all the hard work and effort you put into sharing what you have learned. THANK YOU !!

I admit nowadays I easily get pissed off because I've been blamed for the past 5 years, no matter what I do. So I'm getting very impatient now. I know it's a bad sign as no one is the god in the stock market so I'll try my best to calm down and listen to everyone. I sure will try.

Cobra, All I can say is that I have learned a TON off of this board you have created. I would gladly pay if you were to make it a pay board (and that may eliminate many of the negative people). At the end of the day, you do not tell people what to do, you simply provide your own educated guesses. I've learned my lesson not to follow gut instincts but to follow charts and your wisdom (as well as a few others on this board).

I look forward to your further insight and greatly appreciate the service you have provided.

Just remember, you are not God and do not control people. People make their own decisions to buy and sell. If they chose to listen or not listen to you, that is their decision (possibly their miss-understanding of your direction, but still their decision). They win, they made the decision. They lose, they still made the decision.

Once again, thank you and keep up the great work and ignore the ignorant.

[soku]

es 1220-1222 was 10/26 bottom. now becomes a res area. i am expecting a reb to 1232-1235, hopefully today

[PRI]

Market Lesson #2334 : Never stay long with an extremely high NYMO
Market Lesson #2335 : Specially after a mega-rally

good lesson. I was blamed for sharing this NYMO thing twice: why you brought out this? in strong market it doesn't work!

I cannot believe this: I share my secret without asking anything back, and it proved work even with the strong up that we did have sharp pullback the last 2 times, but still people blamed me for bringing it out. That's unbelievable. Now you should know why I was so pissed off.

Cobra,
PLEASE do not let your detractors shake your confidence, or make you feel like you have to explain yourself. 50,000 people monitor YOUR site. Not his.
We value your information. It is quite possible that those who question why you share red flags that are contra indicators are not sophistacated traders or
possibly not intelligent enough to understand your motivation.
You have proven the effectiveness of your analysis over and over (insert 100 x - like you say) again. Stick with what works and remember that you do not have
to explain / defend your observations.
And as always, thank you for sharing your valuable work.

[wayne0708]

rebound as I expected. still not enough, we're way too stretched!

REBOUNCE here is selling opportunity?