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12/20/2011 Intraday Watering

SB73
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Re: 12/20/2011 Intraday Watering

Post by SB73 »

And once again we close at the high of the day... After the blood bath on the shorts overnight was able to take a nice scalp on 1000 TNA from 43.15 to 44.40. There is some real power in recognizing these slow grinds higher that allow for some profit taking.
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CognitiveDissonance
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Re: 12/20/2011 Intraday Watering

Post by CognitiveDissonance »

tdo722 wrote:This rally is unreal. The bears fought for 8 days to get it down to 1202. The bull sneezed 1 day and got 61.8% back.
Bulls couldnt risk spx breaking below 1187, bull chart would have been broken.
@cognitivebias1
FinancePhD
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Re: 12/20/2011 Intraday Watering

Post by FinancePhD »

keesa wrote:
tdo722 wrote:Well, we all know today's high is not going to be the top, cobra's wisdom. buying here is a safe bet as well but might not be the best price.
I don't think Cobra is buying here. He may buy at tomorrow's close if I read his style correctly.
Yep, tomorrow afternoon is a good timing, since the first wave of the bulls should have locked in a 5%-10% profit by that time. You can enter this "risk off" game when they realize the profit.
Last edited by FinancePhD on Tue Dec 20, 2011 4:58 pm, edited 1 time in total.
tdo722
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Re: 12/20/2011 Intraday Watering

Post by tdo722 »

waverider wrote:
tdo722 wrote:Well, we all know today's high is not going to the the top, cobra's wisdom. buying here is a safe bet as well but might not be the best price.
Obviously better to look for a lower low and confirmation tomorrow rather than buying here.
I think you mean a higher low than 1202. Because a lower low means, there is no rally.
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jarbo456
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Re: 12/20/2011 Intraday Watering

Post by jarbo456 »

CognitiveDissonance wrote:
jarbo456 wrote:
CognitiveDissonance wrote:
jarbo456 wrote:
janez wrote:Anyone holding shorts into tomorrow?
who's holding their longs overnight?

i'll probably sell half, and see if there's a dip tomorrow to buy into.
That's a good plan, I may do that as well. I'm in TNA
weighing NOT missing a choo choo train that may not look back over the next few days, and a freaky pattern of MADD, MDD, MADD, etc. etc. days
Yeah, I hear you. With the ECB launching its loan program to banks tomorrow I expect this rally to last through Friday. It's a good swing trade IMHO
bought some USO calls instead. /CL looks strong...and i think there's more there, even if the equity market starts to flag a little.
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Cobra
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Re: 12/20/2011 Intraday Watering

Post by Cobra »

Well, i think that's it for today. We had 7 consecutive green hourly bars, we had MAD after MDD, the chances are yesterday's low will be revisited soon. I know at this stage, nobody would believe me, even myself, so I can only say, this is what happened in the past when the same pattern happened. I have no idea whether we'll see the the same thing again. My task is just to report you the past odds. And it's up to you to decide. Thank you guys, I'll see you tomorrow.
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Me XMan
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Re: 12/20/2011 Intraday Watering

Post by Me XMan »

Just wait for tomorrow...bears will be in command again :D
tdo722 wrote:This rally is unreal. The bears fought for 8 days to get it down to 1202. The bull sneezed 1 day and got 61.8% back. Then again, that's why cobra impulse system has an 80% winning for bulls and only 70% winning for bears.
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jarbo456
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Re: 12/20/2011 Intraday Watering

Post by jarbo456 »

AUD/JPY has been strong all day...even in the face of weakening EUR/USD.../ES is pushing to day's high.
FinancePhD
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Re: 12/20/2011 Intraday Watering

Post by FinancePhD »

Me XMan wrote:Just wait for tomorrow...bears will be in command again :D
tdo722 wrote:This rally is unreal. The bears fought for 8 days to get it down to 1202. The bull sneezed 1 day and got 61.8% back. Then again, that's why cobra impulse system has an 80% winning for bulls and only 70% winning for bears.
One reason behind Santa Rally is "pessimists temporarily left the market for vocation". Are they willing to be in charge on the Caribbean beach?
StrikePrice
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Re: 12/20/2011 Intraday Watering

Post by StrikePrice »

Me XMan wrote:Market could have a dip tomorrow and give it another go?
StrikePrice wrote:Last 1/2 hour can always be tricky. I reduced my position at 3:30 and likely short a little for fun. ;)
I'm expect a backtest of 123ish area of SPY and then another go. Bottom line didn't hurt to buy a small put when SPY was above 124.
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chocobee
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Re: 12/20/2011 Intraday Watering

Post by chocobee »

Me XMan wrote:Just wait for tomorrow...bears will be in command again :D
tdo722 wrote:This rally is unreal. The bears fought for 8 days to get it down to 1202. The bull sneezed 1 day and got 61.8% back. Then again, that's why cobra impulse system has an 80% winning for bulls and only 70% winning for bears.

Bought TZA at close :-)
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Petsamo
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Re: 12/20/2011 Intraday Watering

Post by Petsamo »

[quote="Cobra"]We had 7 consecutive green hourly bars, we had MAD after MDD, the chances are yesterday's low will be revisited soon. I know at this stage, nobody would believe me, even myself, so I can only say, this is what happened in the past when the same pattern happened. I have no idea whether we'll see the the same thing again.[quote]
Tomorrow would be nice. I got caught partial long, sold my XOP premturely in the morning.
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TWT
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Re: 12/20/2011 Intraday Watering

Post by TWT »

SPX: regardless of the wave count in the longer time frame the trend is clearly down with lower highs/lows.

As long as 1292 remains above the price we cannot rule out that SPX has began off the summer highs a large corrective wave (B) within a potential channel that could aim at the July 2010 lows. In other words the upper trend line could act as resistance (also the 200 dsma) on any countertrend rebound attempts
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rpccharts
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Re: 12/20/2011 Intraday Watering

Post by rpccharts »

Europe got the pop.... if you werent trading overnite... go short
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