11/08/2011 Intraday Watering

[stockcycle]

The next bearish pattern is in the forming with SPY 15' chart.
15' chart: Following the down break of rising wedge on Nov 4 2011, It seems to me that an Ascending Broadening Wedge is in forming. If we expect this bearish pattern in short term, we should pay our close attention to the RL (Resistance Line) of the ABW (Ascending broadening wedge) and the resistance level 127.25.
Bearish scenario: If SPY retraces after touching the RL of the ABW (we join the bears at this point as an active trader), then we'll cover if we see a bounce at the SL (support line) of the ABW. We'll hold the shorts if SL is broken down.
Bullish scenario: If SPY breaks out the RL of the ABW (we join the bull camp!) and manages to breakout 127.25 (we close longs if 127.25 is a solid resistance / but we'll keep longs if SPY close above 127.25). If 127.25 become a support at Nov 8 close, we may dream 129.42 as the target of Nov 9.
http://cyclestockmarketwinner.blogspot.com/

[keesa]

The Nikkei & Hang Seng dropped their markets from their open; India stayed flat. So, how come Europe is so excited? Europe closes one hour after US starts trading ...

the so called Italian rumor is driving the market up.

[I_Got_Prechterized]

The Nikkei & Hang Seng dropped their markets from their open; India stayed flat. So, how come Europe is so excited? Europe closes one hour after US starts trading ...

2 hours after.

[SB73]

Looks to me like a fade the gap day. Not entering anything yet want to watch the first 15 minutes for some indicators

[Mr. BachNut]

Went neutral in Yesterday's down draft. Perhaps too soon.
Despite the bullish price action in the afternoon, the intermediate term technicals I track showed some deterioration yesterday. Not enough to short but enough to start looking for topping behavior.

The attached chart seems like some good bear food.

[Cobra]

the open.

[BullBear52x]

GM, OK this will do it.

[agnosia]

long 1261.5 /es

[SB73]

wait for it boys there will be plenty of opportunities either way.

[Grizzly]

wait for it boys there will be plenty of opportunities either way.

OK, let us know.

[noob]

SPX 1273 seems to be a good point to short.

[99er]

Honey...
SPX http://99ercharts.blogspot.com/2011/11/spx_08.html

Let's back up the truck.

[Al_Dente]

PS: is $RUT flat, or are my quotes wacky again?

[DRL]

PS: is $RUT flat, or are my quotes wacky again?

Mine are always off. But this morning even Fidelity isn't providing good data on the R2K

[jarbo456]

the buying looks real today. might be done with my shorts for now.

[SB73]

wait for it boys there will be plenty of opportunities either way.

OK, let us know.

Long with a stop at the low of the day...relatively low risk trade (meaning losses will be minor if it turns). If we break below the low jump on the short.

[KENA]

GM, OK this will do it.

We will have to wait and see.Weaker opening then expected but I guess the mkt goes as Europe goes.

[agnosia]

long 1261.5 /es

anyone know when the big italian vote is ?

[jarbo456]

long 1261.5 /es

anyone know when the big italian vote is ?

supposed to be 2:30pm? but might've been moved to 4pm?

[Al_Dente]

People, people: ….. Greece was soooooo yesterday…. Its Italy today people, ITALY
Sheesh, you gotta keep up already
Here Greek bonds chart courtesy dcurban1
http://www.bloomberg.com/apps/quote?ticker=GGGB10YR:IND