05/04/2012 Live Update

[Al_Dente]

SLV: Inverse H&S on 15min. / Strong move up end of yesterday on heavy volume appears to have some follow thru

thanks clark

[Cobra]

still in target area. no comments.

[Ed02]

Next week could be a big giant short squeeze, we are due a 3 or C wave up, so we can get to 1420 pretty fast....IMHO...

Today is also an OE day? Will that affect things a bit?

[DRL]

Seems like some rotation going on. XLU (Utilities ETF) is up 0.56% while SPY down 0.87%.
Does this suggest that equity money is rotating, not leaving equities? Any one with thoughts here?

[BullBear52x]

finding dip buyers?

[TWT]

EURUSD: I am expecting a Zig Zag down off the May 1 peak

[BullBear52x]

TRIN is not bearish. Hmm....

[Al_Dente]

Seems like some rotation going on. XLU (Utilities ETF) is up 0.56% while SPY down 0.87%.
Does this suggest that equity money is rotating, not leaving equities? Any one with thoughts here?

agree
Sector rotation (“borrowed” from Murphy)
Out of offensives, into defensives
(if u could cram xlu and tlt in there….. same view...)
Except for discretionary, which only knows how to go up

[Petsamo]

Looks like a bounce

[CarlosDK]

Cobra what is your view for today ? Where do you think we bottom intraday ?

[Al_Dente]

TRIN is not bearish. Hmm....

That trin can go divergent for HOURS just to pizzzzz us off….

30 minute gap almost filled !
Bottom panel green line: this is the first time in weeks that the dollar has joined the bear spy camp; this should be significant if it can persist…
[whereas yield has been bear spy since march]
http://stockcharts.com/h-sc/ui?s=SPY&p= ... =260512572

[taggard]

a few ideas i like

when you look at a price bar on a chart--everything in the universe relevant to that stock for the period of time you are observing it--is 100% contained in the price bar. the trick is how you observe this.

use multiple confirming indicators usually means being so slow you miss many trades. watching more stuff splinters intention and attention--it is not safer it just feels safer.

the type degree and focus of attention is the key--not the style of trading.

you cannot know the future movement of the stock--all you can know is what is going on right now in this moment--the rest is either or both--conceptual overlay or delusion. to the degree one is certain it is more likely delusion 9x out of 10.

the market is either in a trend or a range

whatever current mode the market is in now will continue until it ends--and when it ends it will look different on your chart

if the market is in a trend--it will eventually morph into a range--if the market is in a range it will eventually morph into a trend.

if the market is in a trend--you buy the trend till it ends. if the market is in a range--you short the top--and buy the bottom--till the range ends.

al brooks stuff--

always have 2 good reasons to enter a trade (page 275 of first book)

reversal bar
good signal bar pattern
ema pull back on a trend--esp if 2 legged
breakout pull back
breakout test
hi/low 2-4 (must have trend line break if fading a trend
FAILURE OF ANYTHING (prior high/low/flag breakout/reversal from overshoot/or trend channel line


He looked up at me again smiled and told me without words that my heart was good but that I was too busy thinking about too many things one after another. He said that when we talk to ourselves without listening carefully we usually are not aware of preoccupations or obsessions that separate us from someone or something. Listening he said is different than thinking because it is more reflective more observant.

good luck on your trades everyone

[Cobra]

Cobra what is your view for today ? Where do you think we bottom intraday ?

I don't see any bottom pattern yet, so wait.

[DRL]

Seems like some rotation going on. XLU (Utilities ETF) is up 0.56% while SPY down 0.87%.
Does this suggest that equity money is rotating, not leaving equities? Any one with thoughts here?

agree
Sector rotation (“borrowed” from Murphy)
Out of offensives, into defensives
(if u could cram xlu and tlt in there….. same view...)
Except for discretionary, which only knows how to go up

54sector.png

If that is the case, doesn't it argue for a sideways correction while rotation happens, rather than a large correction? And then perhaps a push up later on?

[BullBear52x]

TRIN is not bearish. Hmm....

That trin can go divergent for HOURS just to pizzzzz us off….

30 minute gap almost filled !
Bottom panel green line: this is the first time in weeks that the dollar has joined the bear spy camp; this should be significant if it can persist…
[whereas yield has been bear spy since march]
http://stockcharts.com/h-sc/ui?s=SPY&p= ... =260512572

Check out RSI(5) on the weekly. back below 50 now. this is something bigger than just a pull back and reset. supper moon this weekend.

[gappy]

Cobra what is your view for today ? Where do you think we bottom intraday ?

I don't see any bottom pattern yet, so wait.

Just a reminder, Sunday is "flash crash" anniversary.

[victorm]

Cobra what is your view for today ? Where do you think we bottom intraday ?

I don't see any bottom pattern yet, so wait.

Just a reminder, Sunday is "flash crash" anniversary.

Nice, no bottom here today

[champix]

BYE BYE CRUDE... -4%

[Al_Dente]

TRIN is not bearish. Hmm....

That trin can go divergent for HOURS just to pizzzzz us off….
30 minute .....

Check out RSI(5) on the weekly. back below 50 now. this is something bigger than just a pull back and reset. supper moon this weekend.

Baron von Moonie
I leave the moon stuff to our TraderGirlfriend, that’s her expertise, I’ve got enough to worry about.
She said turn day today; I wish she had an exact time like uempel

[TraderGirl]

DJI could be in control...sitting as support, suggests if we stay in channel, we could go somewhere around 13500 by the 11th...???