11/28/2011 Intraday Watering

[MrMiyagi]

I went massive short during pre-market around 730ESt so need this btch to burn

Give it a few days and it will go down like a 737 with rudder issues.

[PolarBull]

New short interest numbers released today
http://online.wsj.com/mdc/public/page/2 ... tml#shortD

And nice short int chart from zh
http://www.zerohedge.com/news/no-new-sh ... -month-low

The short interest chart from ZH is misleading (why am I not surprised?) At Nov 15, SPY was at 126.12. Two weeks before at Oct 31, SPY was at 125.45 and so the reduce in short interests is understandable. Fast forward to today and I can bet you that the short interest today is much higher.

And I can see that we have a massive amount of bears here. 1100 by end of week? Maybe I should take this as a contrarian indicator.

[Buckethead]

however people want to spin it today, a 30 handle up day is a 30 handle up day.

[Cobra]

well, guess that's it for today, not a perfect day for bulls but not very bad. Chances are today's high will be revisited in the next couple of days but the bigger picture remains down. Thank you guys, I'll see you tomorrow.

[ActiveTrader]

Question: why can't the ES trade in a range for 1 or 2 days before trying to fill the 1198 gap down. Technically, it would make more sense, but not much in this market makes technical sense.

Because Vix above 30

Maybe that argument works and maybe it does not, but normally it is not all up or all down. Need some chop in between. Do you think the ES will make new highs on daily chart in the next 10 trading days. At the current time, I view making new daily highs as not likely.

[chodaboy19]

119.47$ at the close today perhaps...

Nice call!

[hiram]

New short interest numbers released today
http://online.wsj.com/mdc/public/page/2 ... tml#shortD

And nice short int chart from zh
http://www.zerohedge.com/news/no-new-sh ... -month-low

The short interest chart from ZH is misleading (why am I not surprised?) At Nov 15, SPY was at 126.12. Two weeks before at Oct 31, SPY was at 125.45 and so the reduce in short interests is understandable. Fast forward to today and I can bet you that the short interest today is much higher.

And I can see that we have a massive amount of bears here. 1100 by end of week? Maybe I should take this as a contrarian indicator.

i think the amount of bears here is a great contrarian indictor, the easy trade is to assume a meltdown, the hard trade is to assume a melt up, my exprerience is that its never easy. lol. my long entry via dec 2 119 spy calls is already up 15 points, usually i would have sold but today i will pay to see another card.

hiram

[SB73]

Thanks Cobra and everyone,

TA. Shorts squeeze is in the making, how I know? when most people realized it tomorrow. I joke I joke have a good one.

Good to know I am on the opposite side of the trade, but still may close out before close.

Well that didn't last long stopped out...still with small gain. Tomorrow seems to be pointing to bullish results.

[TWT]

KBE : The Potential count calls for a Zig Zag in progress hence a pending wave (C) should complete the countertrend bounce

[MrMiyagi]

119.47$ at the close today perhaps...

Nice call!

Thanks.. a little off though, mind you; I'd rather be off on the upside anyday I am not short.

[Me XMan]

WOW! IMPRESSIVE CLOSE!

Thanks Cobra and everyone,

TA. Shorts squeeze is in the making, how I know? when most people realized it tomorrow. I joke I joke have a good one.

[737controller]

crash and burn......

[hiram]

crash and burn......

dont bet on it! lol.

hiram

[Dow Trader]

Question: why can't the ES trade in a range for 1 or 2 days before trying to fill the 1198 gap down. Technically, it would make more sense, but not much in this market makes technical sense.

Because Vix above 30

Maybe that argument works and maybe it does not, but normally it is not all up or all down. Need some chop in between. Do you think the ES will make new highs on daily chart in the next 10 trading days. At the current time, I view making new daily highs as not likely.

" new daily highs " you mean above 1370 ?

[Me XMan]

You are absolutely right about that

however people want to spin it today, a 30 handle up day is a 30 handle up day.

[ActiveTrader]

Question: why can't the ES trade in a range for 1 or 2 days before trying to fill the 1198 gap down. Technically, it would make more sense, but not much in this market makes technical sense.

Because Vix above 30

Maybe that argument works and maybe it does not, but normally it is not all up or all down. Need some chop in between. Do you think the ES will make new highs on daily chart in the next 10 trading days. At the current time, I view making new daily highs as not likely.

" new daily highs " you mean above 1370 ?

Above 1289 on ES.

[MrMiyagi]

Thanks for the input everyone, every viewpoint matters to me.

[Anaconda]

Hiram,

One or 2 folks saying it'll be 1100 by end of week does not a "massive amount of bears" make. If you check sentiment indicators, I think you'll be surprised by the number of folks who are actually BULLISH, despite the last 7 trading days in the red. This suggests the contrarian trade is still that the market will go down MORE, because most traders expect and have expected a large bounce. ...including me. And, believe me, I am unbelievably bearish on our economy and the markets long term.
A.

[Dow Trader]

Question: why can't the ES trade in a range for 1 or 2 days before trying to fill the 1198 gap down. Technically, it would make more sense, but not much in this market makes technical sense.

Because Vix above 30

Maybe that argument works and maybe it does not, but normally it is not all up or all down. Need some chop in between. Do you think the ES will make new highs on daily chart in the next 10 trading days. At the current time, I view making new daily highs as not likely.

" new daily highs " you mean above 1370 ?

Above 1289 on ES.

I don't think we it will go there in 10 days ( but anything can happen specially with Euro news these days ) because the amount of resistance areas in the way up are a lote and clear.

[TWT]

ES Globex:

We have a possible completed DZZ

But the pullback is shalllow as it has not even reached the 0.382 retr.

If a low is in place ES Globex should not overlap below 1187

An overlap will mean that today´s lod is the wave (A) of the pull back

If the bottom is in place the extension targets for the assumed wave (C) up:

- 0.618 = 1213
- 1.618 = 1231