05/08/2012 Live Update

[Cobra]

well, guess that's it for today. as for the next couple of days, I've said 2 times in this thread, go find yourself, no repeat here , thank you guys, I'll see you tomorrow.

[Petsamo]

So who's placing bets for a gap up?

You guys are seeing a bullish outcome but my spreadsheet's indicating a gap down tomorrow.

[fehro]

backtest? of the pink channel?

[Cobra]

Poor VIX collapsed before the close, might be some really really good news tonight. could be a huge money printing machine is turned on!!!

[Mr. BachNut]

Remarkable effort to hold that neckline. A lot of fingers pulled away from the ejection button.
Perhaps we're bottomed and turned, but the chart doesn't look bullish.

[Petsamo]

1.7 million last buy on IWM

[TraderGirl]

If we don't start to turn down tomorrow, this could be the "Jupiter effect". There is a very bullish Jupiter aspect this weekend. Could end up causing us to go up sharp into Friday...??

[MrMiyagi]

So who's placing bets for a gap up?

You guys are seeing a bullish outcome but my spreadsheet's indicating a gap down tomorrow.

Had SPX finished in the 1355 and less range and consequently crashing the lower BBand (10,1.9) I would have bet gap up 80% but at this point it is above the lower BB and only good news or momentum will keep it going up.
Or something like that, what do I know...

[SWalsh]

So who's placing bets for a gap up?

You guys are seeing a bullish outcome but my spreadsheet's indicating a gap down tomorrow.

FLAT....out on the close. I will take a LARGE bow for seeing that failed 5th and reversing.

We might have just finished a C wave down of an A-B-C. Plus, the hourly MACD histogram was screaming for this rally. But I have two big reasons not to make new highs (as implied by an A-B-C) so I'll watch. Breaking 1340 SPX this week would say that's just wave 1 down and this is wave 2 correcting, and then they really have to work to buy the election of France....uh....I mean America. Fellow travelers all.

[SWalsh]

will anyone laugh at me if I say this is a bump and run reversal? (bearish pattern). Just from my not so clear memory, Bump and Run reversal does work. I'm not trade on either side now, closed all the day short long time ago so kind of neutral, so don't get me wrong.

I wouldn't laugh. If we open higher, close a few gaps, and break through unchanged this is going to look corrective today. The charts have many large bars next to each other in opposite directions.

[Al_Dente]

If we don't start to turn down tomorrow, this could be the "Jupiter effect". There is a very bullish Jupiter aspect this weekend. Could end up causing us to go up sharp into Friday...??

TraderGirlFriend
Other night I was with friend with iPad with an astronomy app (maybe NASA app??)
Lift the iPad up to the sky, screen facing you, saw the splendid universe with stars identified on screen…cut thru all the clouds and lights.
Didn’t work very well but was the coolest thing I’d ever seen…. thought of U
Hope your little one is better soon

[MrMiyagi]

Poor VIX collapsed before the close, might be some really really good news tonight. could be a huge money printing machine is turned on!!!

TD Waterhouse VWB; Volkswagen Bus going off a cliff?

[SWalsh]

Remarkable effort to hold that neckline. A lot of fingers pulled away from the ejection button.
Perhaps we're bottomed and turned, but the chart doesn't look bullish.

There's a number, 956, that is SEARED in my memory just like Christmas in Cambodia on a boat is to John F. Kerry.


"The Horror...The Horror"

[MrMiyagi]

Hold your horses...

[Petsamo]

For those who believe in market manipulation by the banks, here's an article for ya:

Bank of Japan buys record amount of stock ETFs But purchases fail to prevent heavy market drop

[TraderGirl]

If we don't start to turn down tomorrow, this could be the "Jupiter effect". There is a very bullish Jupiter aspect this weekend. Could end up causing us to go up sharp into Friday...??

TraderGirlFriend
Other night I was with friend with iPad with an astronomy app (maybe NASA app??)
Lift the iPad up to the sky, screen facing you, saw the splendid universe with stars identified on screen…cut thru all the clouds and lights.
Didn’t work very well but was the coolest thing I’d ever seen…. thought of U
Hope your little one is better soon

Sounds very cool! Thanks for your thoughts!!

[TWT]

So who's placing bets for a gap up?

You guys are seeing a bullish outcome but my spreadsheet's indicating a gap down tomorrow.

FLAT....out on the close. I will take a LARGE bow for seeing that failed 5th and reversing.

We might have just finished a C wave down of an A-B-C. Plus, the hourly MACD histogram was screaming for this rally. But I have two big reasons not to make new highs (as implied by an A-B-C) so I'll watch. Breaking 1340 SPX this week would say that's just wave 1 down and this is wave 2 correcting, and then they really have to work to buy the election of France....uh....I mean America. Fellow travelers all.

For the first time in a long time I would give the benefit of the doubt to the bearish idea of an impulsive wave (C) down

[snakehead]

What do you guys make of the recent break of the obvious "neckline" in the India stock market index ($BSE or $BSESN)?
I am thinking of gambling on some INDZ (the 3x inverse India ETF).

I expect a small bounce in global markets, $BSE comes up for the "last kiss goodbye", and then I can grab some
INDZ at a slightly lower price than it is now.

[Al_Dente]

PAGING OIL AND DOLLAR
“...Iran is accepting renminbi for some of the crude oil it supplies to China...”
http://www.ft.com/intl/cms/s/0/63132838 ... z1uJSmprZn
perhaps smarter oil people can translate this for us
seems to me a sign of some oily/dollar bypass ... something…..?
WDIK

[TraderGirl]

Looks like GLD fell through critical support line. If we correct into July 3rd or so and stay within the lower pitchfork support, that support is sitting around around 1490 around that time...

Of course, we could start to head higher from here, but with the market's in "risk off" mode during corrections, I can see GLD heading lower along with the markets...