02/09/2012 Intraday Watering

[Cobra]

support, don't look bad for bulls so far.

[stucap]

stucap

Still thinking about RSS; my concern is that Google owns it (and everything else it seems). Trying out Twitter for now.

cool thanks --- had your other site on RSS -- made it really easy to follow since you post oodles of charts.....

[Al_Dente]

Intraday sell once again, but to be good sell <135.37 will be better entry.

Baron von Btfd
Yup, I just got a BUY
I never in my life worked harder for a nickel on zzzzzzzzzzzzzzzzzsl
Got anything EASY?
Psssssstttt WITH THE TRENDO

[waverider]

Even Bespoke is saying 86% of the ETFs they track are overbought, lol

[Cobra]

Cobra, consolidation here is good for bull or bear ?

Thanks!

good for bulls of course. consolidation means continuation. the trend is up, so consolidation is good for bulls.

[jarbo456]

Jarbo & SB73 -

These are my supper levels to watch 1330, 1300, 1280, 1265. I am looking how the these support levels are being bought. Unless these are breached, I still believe the trend is up. However I reserve the right to switch sides and be nimble if I see a trend change .

agreed on the 1330...

watching if 1330 is aggressively bought or not will be the early signal for higher risk swing traders to buy puts.

Indeed. Though I am following the trend, the path of least resistance appears to be down. However, I've been burned in the past trying to guess when the pullback is. I know we will have a pullback and it will be a decent one. But, the market has been amazingly (bull)/stubbornly (bear) resilient.

My trading style is a little more conservative and I have been scaling my long position accordingly w/ stops. At this point, I can't justify being 100% in equities, no matter what Fink says . The SPY puts are a minimal investment at these levels.

the previous play on the trend line/moving average that i think we're both looking at was an obvious bear trap. the likelyhood of a second trap is lower - so a more risky bet is allowable IMO.

[Cobra]

triangle I see, so could be more on the upside.

[Al_Dente]

ooooooooo I missed BIDU 13+ stick squeeze (w one teeny red candle)
THIRTEEN STICK sqz
Capish?

[soku]

this market is boring. no move in 2 hrs.

where is cougar. snow is gone. sunshine sunshine! time to get out of hibernation.

[99er]

Just Say No

The FBI in 1991 began questioning Jobs and associates as the increasingly high-profile CEO of Next Inc began to be considered as a candidate for sensitive, presidential appointments.

Jobs himself admitted in a 1991 interview, days before his wedding, that he had experimented with hashish and LSD in his youth.

http://www.reuters.com/article/2012/02/ ... PV20120209

[EvilTrader]

what is the historical high for daily RSI ?

did it ever reach 100 ?

[Petsamo]

This nonsense happens every Thursday at 10:30, like a broken record. Regardless of good news or bad news on natural gas, the same thing happens. The price dumps, then rallies.



Next week, I'll play this.

[stucap]

triangle I see, so could be more on the upside.

i will do a dance when i triangle finally resolves to the downside and stays down there (as i remember last week we had one that dropped and that just resulted in liftoff)

[btran874]

Even Bespoke is saying 86% of the ETFs they track are overbought, lol

My experience tells me that overbought/oversold and negative/positive divergences signal work extremely well in a volatile market aka summer 2010/summer 2011 when VIX is over 30. During happy times (lol) when VIX is under 30, we can stay overbought or negative divergence for days, if not months or even years.

Therefore, in volatile ranging market overbought/oversold/divergences signal is a very good trade method but not currently. I guess perhaps that is one of the reason why many readers of Cobra's blog keeps complaining their TA indicators aren't working and about to give up TA altogether and wondering why their TVIX keeps dropping while their indicators clearly showing overbought/negative divergence.

I trade using only Elliot waves and I also hate corrective waves or ranging/volatile market. I tend to sideline and stay fully in cash during corrective waves because I don't like symmetrical triangle, ending diagonal, flats, leading diagonal, contracting triangle, expanding triangle, etc. This morning drives me nuts because I couldn't figure out what in the world S&P is doing. But as soon as 1353.53 was breached the picture became a little clearer and now I know where the market is going.

Just my 2 pennies. Perhaps, Cobra can chime in.

[EvilTrader]

chasing the mkt higher now is suicide IMO.

[99er]

Believe It or Not

Republican presidential candidate Mitt Romney has inspired a New York-based condom company to create a prophylactic for “anyone with an elite penis.”

The product, sold on RomneyCondoms.com, features packaging with Romney’s likeness, the words “never settle” and a background of $100 bills. “Despite Mitt’s Inability To Stick To A Position, Romney Condoms Are Great For ANY Position,” the website boasts.

http://www.rawstory.com/rs/2012/02/08/r ... ite-penis/

[Al_Dente]

According to nyadv, nydec and the pink circled nyad
This is a wus day
Like all the other wussie AD days when spy made new hi w only half-ish participation
http://stockcharts.com/h-sc/ui?s=SPY&p= ... =256788070

[btran874]

chasing the mkt higher now is suicide IMO.

Let's follow Cobra. I think he's right and much more upside ahead. Well at least 5 more points.

[99er]

SPX Daily

Hanging Man (again). Sheesh.

Later.

[TraderGirl]

Quote of the Week

"There is no sanctity of contracts in the United States. Only fools meet their financial commitments. The non-payers are the truly enlightened."

http://www.zerohedge.com/news/dick-bove ... nancial-co

Nice 99er. Why should we have to pay for the losers that have been living in their homes without making any payments, meanwhile I haven't missed a single payment even though the value of my home is now 18% less than where I bought it...

This is a total farce!!