11/07/2011 Intraday Watering

[Dow Trader]

Hourly update

[SB73]

bulls feel weak adding starter position of TZA. Don't like VIX / Small Cap action plus Cobra's 4th push up point is spot on.

[jarbo456]

GM, looks like IHS intaday playing out the target looking up to recent high

PAGING Baron von BearFlag52x
What is IHS?

think he means Inverse Head & Shoulders.

[cougar]

remember, this chart is still valid. by 10am ET if bulls cannot exceed tinted area marked by 4, this'll be the weakest push up since 1,2,3,4, because it takes longer and longer time to push up of the same size.

Yes... great chart, Cobra!
Very helpful!

[99er]

Update

RUT http://99ercharts.blogspot.com/2011/11/rut_07.html

[grachu]

cobra we are not getting tweets .. !!!!!

[BullBear52x]

GM, looks like IHS intaday playing out the target looking up to recent high

PAGING Baron von BearFlag52x
What is IHS?

inverse head and shoulders, looking to fail now. more like a bull trap now, too early to call out.

[quatzl]

I don't know. In recent memory, every time I underestimated the bulls, I lost money.

[pady]

1263 area is developing a neg div which will continue to develop above that level also. I see a max around 1270. Matches a 0.62*A runup of the ABC.

[grachu]

BTW cobra I am blonde 5.9 and Ieggy and I LOVE YOU !!! Don't ever leave us !!! LOL

[tdo722]

check the dollar, positive divergence and now the dollar is breaking out.

[Dow Trader]

Remebering the 1240 - 1250 area

[agnosia]

I don't know. In recent memory, every time I underestimated the bulls, I lost money.

yep that's kind of the game lately. fake weakness to suck in bears and then squeeze them.

that said, this market does look tired.

/cl broke it's 200sma at 95.10 but could not hold it. momentum looks to be waning.

[Al_Dente]

BTW cobra I am blonde 5.9 and Ieggy and I LOVE YOU !!! Don't ever leave us !!! LOL

i am brunette, and would shave my hairy stubby legs for the cobra

[xfradnex]

Corba~ As you mentioned on weekend's report, today will be bearlish biased. It seems you turns to bull's side?

chart rules, forget about statistics, we trade what we see. so far the market is strong.

For me, it is hard to change my mind on market direction quickly. Stats are for playing the odds, but if a different horse looks like it is winning than you thought then you must change sides immediatly. Even given 90% odds on a move, there is that 10% that you must recognize immediately when it is starting to happen. Cobra's experience is strong here. He changes his mind as needed in the short term as needed.

[BullBear52x]

not good bulls dip the toe in my yellow zone now.

[waverider]

31 is a good support level for $vix if anyone is bearish. Had to post this picture, LOL.

[Me XMan]

My SPX target is 1223.

not good bulls dip the toe in my yellow zone now.

[Mr. BachNut]

Still Long.
I have tightened stop to hedge and go neutral. My technicals look OK, but something smells (the elevated VIX and continually rising TED spread in particular). I am a little worried about Mr. Market doing one of those surprise one bad loss days erasing five days of gains type of moves. This may just be paranoia though.

Over the weekend I asked myself, why does a tortoise hang out with a bunch of snakes?
Given that I make changes few and slowly, why do I follow this blog and bother to post amongst a more active, faster crowd?
I don't know if any of you will care, but there are two reasons: 1) Turns in bigger trends and patterns are often preceded by the moves of smaller trends and patterns. So, monitoring these is important for a bigger pattern person like me. 2) When it is time to make a trade, I care very much about the immediate TA for that day.

I post my equity position here just to return favor for all the valuable things I see, even though many of you might find my boring seldom changing position not too helpful in the short term. Just a guess, but I think over time my position changes will tend to be a somewhat slower than Cobra's impulse trades and somewhat faster than his non-stop trades. Can't tell whether they'll make any money...

[BullBear52x]

My SPX target is 1223.

not good bulls dip the toe in my yellow zone now.

I am looking at that direction but first 125 got to take down first then I will have a sell signal, right now just early bird shots. 124.4 will not hold this time if breaks below 125