04/18/2011 Intraday Watering

[agnosia]

bears have taken control me thinks. don't see another leg up IMO

[BullBear52x]

selling pressure is increasing.

[Cobra]

no idea what the market is doing. still possible there's 2nd leg up, just the target is now lower. lunch time, see you later.

[99er]

Crude
Update.
http://99ercharts.blogspot.com/2011/04/crude_18.html

[doji]

Crude
Update.
http://99ercharts.blogspot.com/2011/04/crude_18.html

A bearish rising wedge breakdown?

[ActiveTrader]

The recent pattern is to gap and grind, with very little intraday volatility. Is this crap ever going to end? Wake me up when volatility comes back.

[BullBear52x]

Vix, lower high but still below 200dma/1m. not that exciting for Bears just yet, bulls can fumble them any time now.

[ActiveTrader]

The ES does look like it wants to bounce now to 1298, but the thing just grinds all day so how do you trust it.

[BullBear52x]

SPY 130.11 need to clear before the Bulls will get the ball.

[MiniMilt]

Silver
Setting up to BTFD.
http://99ercharts.blogspot.com/2011/04/silver_18.html

What's your take on Silver? A resistance at the upper trendline?

Thought I would jump in with a pretty good play on SLV.

Today was the 55 day cycle from the summer lows. It has been very dependable to date and also coincided with a touch of the top pitchfork at the morning highs. Cycle lines cover up the highs and lows of the turn date, but a short with a stop at today's high is an excellent low risk/reward trade.

If you are shorting as of this post: $0.42 cents of downside and probably a minimum of $2.50 or so to the upside.

[doji]

Silver
Setting up to BTFD.
http://99ercharts.blogspot.com/2011/04/silver_18.html

What's your take on Silver? A resistance at the upper trendline?

Thought I would jump in with a pretty good play on SLV.

Today was the 55 day cycle from the summer lows. It has been very dependable to date and also coincided with a touch of the top pitchfork at the morning highs. Cycle lines cover up the highs and lows of the turn date, but a short with a stop at today's high is an excellent low risk/reward trade.

If you are shorting as of this post: $0.42 cents of downside and probably a minimum of $2.50 or so to the upside.

yes, I did short a little SLV this morning. Since it's anti- uptrend short, I put a stop at 43 (above today's 42.5 high).

[Cobra]

the 2nd leg up as I said, now approaching resistance and the target, let's see how far this rebound can go. again, bears simply couldn't make a single downtrend day. I'm so disappointed!!!

[BullBear52x]

Silver
Setting up to BTFD.
http://99ercharts.blogspot.com/2011/04/silver_18.html

What's your take on Silver? A resistance at the upper trendline?

Thought I would jump in with a pretty good play on SLV.

Today was the 55 day cycle from the summer lows. It has been very dependable to date and also coincided with a touch of the top pitchfork at the morning highs. Cycle lines cover up the highs and lows of the turn date, but a short with a stop at today's high is an excellent low risk/reward trade.

If you are shorting as of this post: $0.42 cents of downside and probably a minimum of $2.50 or so to the upside.

I don't trade metal, but if I do I will not short SLV until RSI30 5min. hit 70 and price stay be low 42.5. just a thought.

[cletus]

the 2nd leg up as I said, now approaching resistance and the target, let's see how far this rebound can go. again, bears simply couldn't make a single downtrend day. I'm so disappointed!!!

Outlook downgrade on US debt is good news...because it made a buyable dip in the market (as thought by bulls).

[BullBear52x]

After a long fight the bears got fumbled and now 1 down and 10 Bulls.

[cletus]

VIX at BB midline. Expect a bounce in VIX around 17.60, so good chance the market sells off towards the close today.

[Cobra]

I see a head and shoulders bottom here. this part i'm not sure yet, will need wait and see.

[cletus]

By the way, just to go back to something I highlighted a long time ago, the end of the month trade worked again 22 of 22...but it worked 5-10 days after the trade was triggered at 1318.

The rule should be revised, sell at close two days prior to month end, close on lower low, 22 of 22.

[Cobra]

we can see some resistance here and the rebound so far looks like a bear flag, so theoretically the pullback is not over yet, well, theoretically, subject to change at anytime.

[rptrader]

Though VIX can't hold, still sell into the close.