02/01/2012 Intraday Watering

[BullTart]

Would love to see double top here.

Double top with NegD on the SPY daily would be a picture perfect finish to this run-up.

Slightly higher high to suck in the last of the bulls before pulling the rug out from under.

However, if this doesn't play out, time to take the hit and look for another good trade setup.

[Petsamo]

This headline is scary !!!!!
"American Airlines reportedly set to cut up to 14,000 jobs"

Well, they did file for bankruptcy

File bankruptcy means restructure the debt. But, cut 14,000 jobs means business is down BIG ! I guess they do need pilots or people to serve you. 14,000 people will ask Obama for help/money ...

Under a bankruptcy, everything is restructured, including job losses. Pensions are a big problem in unionized companies. Pensions are also considered debt, present and future.

I flew in on US Air to Newark in October and checked in online. It used to be $149 to upgrade to first class if available. Now, it's $75 and you can put your name on a list to be notified. When I checked in there were 8 seats available in coach on whatever is six across and about 30 rows back. A321 maybe was the plane. And there were 3 First Class seats. That $75 includes the $25 for baggage so it's a $50 upgrade on a $238 flight if you booked at least 30 days in advance. There are little signs like this all over the place about the economy. about 165-170 people didn't want to pay $50 for first class? 4 years ago you had to try to check-in online at exactly 24 hrs before to have a shot at an empty first class seat.

BTW, I think there is very limited risk to be short here as that might be a failed 5th wave. Your stop would be a new high for that play based on that tea leave EW reading.

I love to fly. Here's my helicopter.

[Cobra]

hmm, no good, now the target becomes possible. watch green line.

[uempel]

Update:

[xglider]

Next up is Portugal. Greece is old news IMO.

From ZH:

IIF SEES `VARIOUS ELEMENTS' OF PACKAGE COMING TOGETHER IN DAYS
IIF SAYS IT EXPECTS GREEK DEAL NEXT WEEK


Wash, rinse and repeat........

News is waste of time LOL

So is shorting......

yes, everything is waste of time LOL.

I need to wait for market to drop about 10% so not to front run

Funny thing about this market is that it ramps on presumably the Greek PSI deal being hours away, then when news comes that no, no deal this week, maybe next, the market *never* marks back to where it should be before the news. Its like heads they win, tails you lose if you are short!

[uempel]

Update:

[SWalsh]

This headline is scary !!!!!
"American Airlines reportedly set to cut up to 14,000 jobs"

Well, they did file for bankruptcy

File bankruptcy means restructure the debt. But, cut 14,000 jobs means business is down BIG ! I guess they do need pilots or people to serve you. 14,000 people will ask Obama for help/money ...

Maybe Obama will take over the airlines and show them how its done

I went all day without reading his name. Where's the penalty box?

[soku]

1321.25 vwap. i like to cover around 1315-16 or 4:15 close

[BullBear52x]

Well, they did file for bankruptcy

BTW, I think there is very limited risk to be short here as that might be a failed 5th wave. Your stop would be a new high for that play based on that tea leave EW reading.

I love to fly. Here's my helicopter.

I am getting one too, I like black hawk though

[SWalsh]

Funny thing about this market is that it ramps on presumably the Greek PSI deal being hours away, then when news comes that no, no deal this week, maybe next, the market *never* marks back to where it should be before the news. Its like heads they win, tails you lose if you are short!

I does sort of ruin that "Good things come to those who wait" saying!

[Unique]

Funny thing about this market is that it ramps on presumably the Greek PSI deal being hours away, then when news comes that no, no deal this week, maybe next, the market *never* marks back to where it should be before the news. Its like heads they win, tails you lose if you are short!

"greece deal" has been going on for months. Worry more about Italy and Spain.

[Al_Dente]

Next up is Portugal. Greece is old news IMO.

From ZH:
Wash, rinse and repeat........

News is waste of time LOL

So is shorting......

yes, everything is waste of time LOL.
I need to wait for market to drop about 10% so not to front run

"""""I need to wait for market to drop about 10% so not to front run"""""

[uempel]

Update:

[Cobra]

H1, not a long setup. wait.

[Unique]

Would love to see double top here.

Double top with NegD on the SPY daily would be a picture perfect finish to this run-up.

Slightly higher high to suck in the last of the bulls before pulling the rug out from under.

However, if this doesn't play out, time to take the hit and look for another good trade setup.

Very high success rate on this trade...time will tell.

[gabor]

Nasty up will be tomorrow. May be with a huge gap. I do not think that the market will turn back before testing 52-week high.

[cougar]

Long SONC: breakout on chart with Volpinacci Harmonic Fan

[L_T]

Nasty up will be tomorrow. May be with a huge gap. I do not think that the market will turn back before testing 52-week high.

Paging Petsamo: what does your spreadsheet say about gap up or down stats here?

[waverider]

She's trapped at the moment Al. Have a good one and thanks all!

[cougar]

Ready to enter short SPX tomorrow at opening, if they don’t open above the red rectangle: