12/06/2011 Intraday Watering

[Buckethead]

I think euro will actually sell on the news after some disappointing pop. The large move up on gaps have already happened this past week. Priced in

EURO is at its high for short interests.
Watch for shorts-covering if there are good news on Friday.

Today's CPC options showing people frontrunning the Europe summit. People loading up.. like they did Thanksgiving. Like they did debt ceiling.. Lottery ticket. For that reason market bid some today while macro was bearish. I do not think we can rally much because everyone frontrunning the "good news" friday. Trade carefully.

[tdo722]

if you want to read as H&S top, sure. I just find H&S pattern has very high failure rate.

everything looks bearish, but the bulls refuse to look at the memo sitting on their desks.

my guess is we'll drop to 1245 in the last 10 minutes and gap up tomorrow. ha!

I don't read today's intraday action as bearish.

you don't read today's action as bearish, but you read the intermediate term chart bearish no? in terms of interpreting the three bearish reversal candlesticks, the higher CPCE, etc. etc.?

[/quote]
$VIX is bullish but I see big resistance at 29.5, I hope I get back before market close, it will be clear then what's for tomorrow.[/quote]

please keep me in the loop of your trades.

Cheers. hehehe...

[rhight]

OK. I'm a bear here. Oh contrair! Ready to be stopped out of my short at a move above 1250 SPX. Then will trail another short entry up. This market is at least short term overbought at overhead resistance. May only be a minor swing low though.

[rhapsody1447]

Bearish break out of intraday triangle. I'd target the bottom of the p-bar at 12pm

[BullBear52x]

OK. I'm a bear here. Oh contrair! Ready to be stopped out of my short at a move above 1250 SPX. Then will trail another short entry up. This market is at least short term overbought at overhead resistance. May only be a minor swing low though.

I tried t short EDC on top of buying EDZ, no shares.

[jimme]

/DX breaking up out of a bull flag... or is it a fakeout???

[CognitiveDissonance]

it's boring recently. i do more readings now.
i have never heard of John Hussman until occasional observer mentioned him here. here is his econ report. it makes sense to me.
http://www.hussmanfunds.com/wmc/wmc111205.htm

what do u do during downtime? can we share? can we build it like a community?

I'm writing a book about China, the oil trade and policy.

i have Cognitive Dissonance all the time. i don't think there is exchange on crude oil in china. you are not writing on financial market trading, but more on politics, is that right? r u chinese? i think u need to be chinese to understand policies and politics over there.
any spoilers? china is supporting sudan against un, supporting iran against us, etc?

Yep, writing about the politics and policies of it. I don't believe in any inherent biological advantage to understand politics, it's just human nature with attempts to disguise it with culture and religion. Now, if you're a Martian then you would have difficulty understanding it

Long story short, people have been making money and killing each other for far longer than any culture has existed. Death and taxes have always been a guarantee...

Spoilers? China is a very rational actor but the new crop of military leaders lack combat experience, thusly, they have toooo much bravado, combine with typical naval officer mind set and you have potential for flare ups, but not major war. FWIW

[soku]

dynamic support 1252-1254 if break, we will see low 1240s

[jarbo456]

not so fast. -_-

market is crazy choppy right now. for whatever reason, the breakdown doesn't look like it wants to happen. but the breakout doesn't have any follow through behind it.

[Me XMan]

Now what your chart is saying.

Bearish break out of intraday triangle. I'd target the bottom of the p-bar at 12pm

[BullBear52x]

tdo722, I am getting bearish bias based on many charts I follow, but do nothing as of now. if I can short EDC I wouldn't mind few hundred shares no more and nothing else for now.

[noob]

if you want to read as H&S top, sure. I just find H&S pattern has very high failure rate.

ok does that mean once it becomes members only, we should refrain from mentioning what you said in market outlook on this board? thx.

[rhight]

OK. I'm a bear here. Oh contrair! Ready to be stopped out of my short at a move above 1250 SPX. Then will trail another short entry up. This market is at least short term overbought at overhead resistance. May only be a minor swing low though.

I tried t short EDC on top of buying EDZ, no shares.

Your joking, right. In other words you're a maxi bear right now? I meant to say stop at 1257. Shorted at 1264. I don't have a bias, right now (just a position )

[tdo722]

is that a break out or a fake out?

[cougar]

Regrettably, I missed the PALL breakout today…
Well, too late to chase it now…I am watching for a possible retrace & bounce entry …

[BullBear52x]

OK. I'm a bear here. Oh contrair! Ready to be stopped out of my short at a move above 1250 SPX. Then will trail another short entry up. This market is at least short term overbought at overhead resistance. May only be a minor swing low though.

I tried t short EDC on top of buying EDZ, no shares.

Your joking, right. In other words you maxi bear right now. I meant to say stop at 1257. Shorted at 1264. I don't have a bias, right now (just a position )

On EEM yes, as toppy as it can get for an early bird.

[Buckethead]

BTW, equities are not trading off euro

I think euro will actually sell on the news after some disappointing pop. The large move up on gaps have already happened this past week. Priced in

EURO is at its high for short interests.
Watch for shorts-covering if there are good news on Friday.

Today's CPC options showing people frontrunning the Europe summit. People loading up.. like they did Thanksgiving. Like they did debt ceiling.. Lottery ticket. For that reason market bid some today while macro was bearish. I do not think we can rally much because everyone frontrunning the "good news" friday. Trade carefully.

[CognitiveDissonance]

if you want to read as H&S top, sure. I just find H&S pattern has very high failure rate.

everything looks bearish, but the bulls refuse to look at the memo sitting on their desks.

my guess is we'll drop to 1245 in the last 10 minutes and gap up tomorrow. ha!

I don't read today's intraday action as bearish.

you don't read today's action as bearish, but you read the intermediate term chart bearish no? in terms of interpreting the three bearish reversal candlesticks, the higher CPCE, etc. etc.?

$VIX is bullish but I see big resistance at 29.5, I hope I get back before market close, it will be clear then what's for tomorrow.[/quote]

please keep me in the loop of your trades.

Cheers. hehehe...[/quote]

TDO, remember how I said don't be on the TNA train, I got off a couple points too early, but now it's vix time - unless they somehow save the EU this week.

[Me XMan]

GO BULLS GO! Breaking $126.50 would be real nice.

[jarbo456]

is that a break out or a fake out?

i'm not trusting anything today.