02/07/2012 Intraday Watering

[SWalsh]

prechter said his stop is 1360. now lots of people guessing the top shd be 1361

On his entire shorts that was from about 1050 ????

That would be amazing. He has buried people for almost 3 years. A friend sends me his worthless EW reads where counts change and rules are broken to fit his own bias (actually Steve Hochsberg writes them but his monthly remained bearish). His "Socionomics" seems not to be working. I believe his Yale degree was in psychology. I wouldn't be surprised if he was Skull-and-Bones and paid to keep people selling...LOL

[Me XMan]

Got out $134. Waiting now.

Taken short position $134.20

[Me XMan]

You know what I think of UNG

Nice gap on UNG @ 5.25, if that doesn't hold it's going to 5, maybe lower.

[SWalsh]

The HFT guy had to leave early, but the algos looked busiest at the lower channel and then again higher at the 62% retracement.

I expect a break of the upper channel line would see them buying. IMO, they especially like ES trendlines to trade at.

[ClarkW]

SONC continues it's move up. Very strong so far today...

YUM brands also came out with strong earnings, and is continuing to make all time highs.

Trading micro caps worth it? There are relatively better choices FAS/FAZ/BAC 20% in a week.

You've obviously never had their chili dogs, JK. It's just one holding for me, not a substantial amount. It was first mentioned by Cougar and has worked out great. I don't think I'd call $500 million market cap a "micro cap" though.

[Cobra]

strong rebound so at least 2 legged.

[tnnguyen3]

Market is super amazing! always have some dip buyers.

[Cobra]

a little bit bigger picture, looks like a rectangle or bull flag.

[Petsamo]

What is this? That sell off was another false alarm ?

[Al_Dente]

Classic squeeze sticks on 5m spy
Helped by sqz in dows:
TRV, HPQ, JNJ, MSFT, DD

[thanos]

Man those HFT are sure buying up this market. Damn those HFT are crazy traders.

[L_T]

USO going totally nuts. What's up with oil?

[Cobra]

testing the previous high.

[SB73]

strong rebound so at least 2 legged.

Cobra the shape of the sell off looks the same as the rebound. Does two legged only apply to rebounds

BTFD is in full mode. Gotta keep playing it until it stops working.

[BigChief]

Man those HFT are sure buying up this market. Damn those HFT are crazy traders.

Not "traders"... but computer programs;)

[SWalsh]

What is this? That sell off was another false alarm ?

Just looks like a C wave down in a normal 5-3-5 correction at this point.

What concerns me is this top 10 of the Nasdaq that's on a sell now. I tends to be quite right so upside could be limited:

[Petsamo]

USO going totally nuts. What's up with oil?

It's oversold/underbought, especially when compared to the rest of the market

[thanos]

Man those HFT are sure buying up this market. Damn those HFT are crazy traders.

Not "traders"... but computer programs;)

Thanks BigChief. I thought HFT stood for Happy Fun Trading?

[ib612]

broke through the high

[BigChief]

Man those HFT are sure buying up this market. Damn those HFT are crazy traders.

Not "traders"... but computer programs;)

Thanks BigChief. I thought HFT stood for Happy Fun Trading?

I like that too