11/15/2011 Intraday Watering

[BullBear52x]

Internal, bears should take today easily right at the moment or I'll be so disappointed

be prepared to be disappointed. the bulls, once again, just took off.

I see that we are at critical support level, but my crystal ball point southward at the moment so will have to go with it.

[agnosia]

how the hell can we trade in this triangle? no direction whatsoever.

buy the bottom, sell the top.. pretty straight forward so far

[taggard]

nice point agnosia--one minor add-on a triangle is sort of a complex range since the highs and lows tend to narrow. but the return to mean (center of triangle) is always worthwhile (until it isn't).

[Al_Dente]

My last post for today GLTA .... A short story, to save for later
As Mayor Bloomberg awaits a court ruling on “property rights”, and re-closes Zuccotti Park after evicting Americans overnight… here is a tale of etymology and history… this one from Ireland and England, long ago and far away…

In 1880, during a disastrous Irish harvest , a “land agent”, Captain Charles Cunningham Boycott, refused to reduce “rents”, and started evicting Irish families from their ancestral lands. Suddenly, the Captain’s servants departed en masse, laborers stopped working on his estate, the postman “forgot” to deliver his daily mail, local grocers refused to sell him food. He complained that he was only doing his “job” as caretaker (hired by one of the many absentee British “landowners” in Ireland). He finally had no other choice but to give up and return to England, where a journalist covering the story coined a new word for the English language: “Boycott”.

“… You must shun him on the roadside when you meet him, you must shun him in the streets of the town, you must shun him at the … fair … and the marketplace … by leaving him alone … by isolating him … as if he were a leper … you must show your detestation of the crimes he has committed.”
[Charles Stewart Parnell, 1880, who began his career as Lord High Sheriff of County Wicklow, Ireland, and was later elected to the British House of Commons, where he used obstructionist filibuster tactics to drive the Brits nuts, and advance his struggle for Irish self-government, aka “Home Rule”].

“It is no use relying on the Government...You must only rely upon your own determination ...Help yourselves by standing together...strengthen those amongst yourselves who are weak ...band yourselves together, organize yourselves.... and you must win...“ [Charles Stewart Parnell, James Joyce’s hero]

http://www.youtube.com/watch?v=XaI5IRuS2aE

[Dow Trader]

Hourly ES

[tdo722]

how the hell can we trade in this triangle? no direction whatsoever.

buy the bottom, sell the top.. pretty straight forward so far

I know that but we are in the middle of the triangle. That's what I mean.

[Cobra]

so far I'm not happy with the bulls action this morning as so far the rebound overlaps.

[uempel]

Update:

[99er]

Here we go...
SPX http://99ercharts.blogspot.com/2011/11/spx_1026.html

Go get'em honey.

[simpletrader]

so far I'm not happy with the bulls action this morning as so far the rebound overlaps.

choppy and confuse, and stay sideline

[agnosia]

how the hell can we trade in this triangle? no direction whatsoever.

buy the bottom, sell the top.. pretty straight forward so far

I know that but we are in the middle of the triangle. That's what I mean.

well now you do some day trade scalps since we are in the middle. wait for a break above the middle to go long or break down to go short. i am looking at /es 1256 to go very long again. at the moment i am just day trading ...

[agnosia]

nice point agnosia--one minor add-on a triangle is sort of a complex range since the highs and lows tend to narrow. but the return to mean (center of triangle) is always worthwhile (until it isn't).

yep good point.

[uempel]

Thanks Al, the second good story you tell us here. Didn't know the origin of "boycott" (nor did I know the "al dente" story from the trading rooms..)

[pady]

I just sold into this rally

Me too. 125.5 short. Swing trade to 1200.

1200 seems too low, but good luck.

I concur, first of all we'd have to break out of the triangle to the downside. Second, we'd have to break the 50% retracement of 1222. Nice short entry BTW Petsamo.

Sorry for quoting a random number. I meant between 1184 ( 50% retracement ) and 1209 ( 38% retracement ).

[taggard]

how the hell can we trade in this triangle? no direction whatsoever.

buy the bottom, sell the top.. pretty straight forward so far

I know that but we are in the middle of the triangle. That's what I mean.

trading qqq using front options is getting decent swigs of 10%--so time frames and leverage are an issue--but if you want to play and you get close up it works decently. the other approach longer term is that a triangle in options ex week could crack huge or do nothing at all--one can either sit and burn energy watching for the larger break or conserve energy by not watching (and perhaps studying--re ronin).

Well, what does that mean ?
lt would be nice to do something.
We are doing something. We're sitting here, waiting.

[BullBear52x]

back in the day we have JP Morgan trying to save the world, today we have Warren Buffett.

[jarbo456]

looks like a symmetrical triangle in formation on the 5 minute SPY. now at the bottom of the triangle, might have another bounce up to the pivot 125.58. overall trend looks down, but hard to say, as the bulls take any consolidation as a bullish pattern...just think of all the bearish pennants and descending triangles which broke to the upside.

[maoof]

All cash until we move out of this broad triangle. I'm sure there are great scalps out there but I'd rather be passive at this point.

That said, I'm looking to get long either late today or tomorrow. Hoping this leg down gives a good entry point.

[quientuves]

Well, what does that mean ?
lt would be nice to do something.
We are doing something. We're sitting here, waiting.

Now you can write a book titled "The trading Zen". I'll write another title "Psichotic Trader". I hope to sell more books, but i'll buy yours to learn something and win my readers in the market.

[MrMiyagi]

These type of days erode the crap out of short term options.