04/14/2011 Intraday Watering

[BullBear52x]

GM,
For SPY or SSO play, I will look for intraday double bottom to switch from evil side, so far now we got RSI divergence.

[maldini]

IWM is strong today, I smell a rebound, finally

[99er]

SPX
Likely bounce at mini-H&S (right shoulder of H&S) target of 1298 to back test the neckline around 1310. H&S target of 1275.
http://99ercharts.blogspot.com/2011/04/spx_14.html

[maldini]

IWM is strong today, I smell a rebound, finally

LOL, hope I didn't jinx it

[stocksage]

goog earnings will start a tech rally tomorrow.

[cletus]

Thursdays rarely are reversal days. Don't know why, they just aren't. Biggest bullish sign now is that IYR is positive on this weak tape, but it is also at the 50 line on the hourly RSI, which could be a turn lower point.

[BullBear52x]

No rush to do anything lots of resistance here.

[uempel]

Options expiry tomorrow is key. Todd Salamone at schaeffersresearch.com wrote this last Saturday:

Look for 1,300 on the SPX to act as potential support on a decline. There is major put open interest getting set to expire at the 1,300 strike on SPX options, and at the 130 strike on SPDR S&P 500 ETF (SPY - 132.86) options, which could be supportive.

To read the article go to:

http://www.schaeffersresearch.com/comme ... k=mmoezine

[FJoe]

I understand Vix is a sentiment measure in reality, but why has it moved so little with a drop of 35 S&P points, when every other decline of this amount since 2009 has seen the Vix pop a lot more to the upside.

Is it becoming somewhat meaningless, or is it saying this decline is over. It sure looks like a double top on the S&P, so we should go down quite a bit more to me...but I had to buy this today at 1300 on the ES (S&P minis) with a stop at 1296 for a swing trade.

That said, if we are up too much today from the open, I don't see it going much higher...so I am confused.

[AK84]

goog earnings will start a tech rally tomorrow.

what makes u say that GOOG will beat Earnings? I like the chart from a weekly perspective but the fundamentals have me worried on a number of items....

[orion.colorado]

Mornin' Cobra, et al...

Thought I would show some support vs. lurking. Thanks for your blog and this board, Cobra. I, and others I have referred to your sites, appreciate them.

Also, at risk of goldbug wrath, ss SLV ave 40.31. Stop at 40.85.

http://www.screencast.com/users/orion.c ... 380d658f96

[99er]

RUT
H&S target of 775.
http://99ercharts.blogspot.com/2011/04/rut_14.html

[stocksage]

goog earnings will start a tech rally tomorrow.

what makes u say that GOOG will beat Earnings? I like the chart from a weekly perspective but the fundamentals have me worried on a number of items....

I know a lot of folks that work in tech. Goog and aapl still doing extremely well. That said, I own it much cheaper and am not buying now.

[Mr. BachNut]

VIX getting back to the low zone of its recent daily trading range.

[BullBear52x]

UNG is acting like a hedge of SPX lately. wierd

[uempel]

Hourly SPX with momentum:

[rptrader]

vix so low, so stagnant and boring, should keep with downside trend.
Maybe goog bring some excitement later.

[FJoe]

Thanks Umpel for the great charts.

Cobra/others,

Wouldn't anything now trading back below the open be a bad sign for the bulls. Seems like decent gap downs that trade up 3-4 points or more from the open after the first hour should hold the open. Thoughts and thanks for a great board.

[99er]

SPX
Back test of mini-H&S now complete...on to 1298.
http://99ercharts.blogspot.com/2011/04/spx_867.html

[Cobra]

MA as resistance.