02/15/2011 Intraday Watering

[Cobra]

First of all, welcome aboard. The ship leaves around 9:10am ET every morning. Feel free to water here. I may not have time to reply every mintue, but I'm always here so just keep watering...


Surprise surprise surprise, 5 consecutive gap down opening, I don't rememeber this happening for a long long time. Change of character? Well, let's see. Judging by the gap, it's almost out of yesterday's range, so the gap may not get filled and today could be a trend day - either uptrend whole day or downtrend whole day. The global ES looks like a H&S top with the neckline being tested so many times so I don't think it's going to hold, therefore chances are good this H&S top may work, targeting 1318 ES.

[wave]

[ContangoKid]

Thanks, Cobra. Looking forward to some interesting market discussion and trading ideas. I find this URL handy for getting a real-time bird's eye view of what is going on at large during my busy day:

http://finviz.com/futures.ashx

[xchzheng]

Good mornong, Cobra! I was in TZA yesterday, but feeling like gambling this time.

[maldini]

good morning!

[lilyywwang]

Morning, everybody!

[Cobra]

Opening. Initial support at yesterday's low.

[xchzheng]

Hi, Cobra. is there an option to view posts only from the certain person here?

[wxtrader001]

hello,cobra

[Cobra]

Hi, Cobra. is there an option to view posts only from the certain person here?

I cannot find it so far.

[Cobra]

The bulls chances are that AUDJPY had a breakout and if it turns out to be a real one, then chances are good this is another buying opportunity. Well, judging by the first 10 minutes opening, bulls may need some lucks this time.

[Cobra]

Rebound from intial support. Again AUDJPY as shown by green curve underneath holds the key.

[wave]

I think AUDUSD, which is now showing some weakness, has stronger correlation with equity market movement.

The bulls chances are that AUDJPY had a breakout and if it turns out to be a real one, then chances are good this is another buying opportunity. Well, judging by the first 10 minutes opening, bulls may need some lucks this time.

[maldini]

what a bull bar!

[Cobra]

Here's some statistics from Sentimentrader:

a low-volume push to a new 52-week high the Monday of expiration week. Both times the S&P pulled back into Friday. That's actually a pattern that goes all the way back. It has occurred 22 times in the history of the S&P 500 SPDR (SPY) and only 5 times did it manage to show a gain between Tuesday and Friday.

Not one of the 22 instances managed to show a gain of more than +2% at any point through Friday's close (4 of them lost more than -2%). It has happened 8 times since the 2009 bottom, and only 2 of them showed a gain.

[simpletrader]

Rebound from intial support. Again AUDJPY as shown by green curve underneath holds the key.

I would look at oil and energy section today. if rebound, may bring the bull stronger.

[wave]

I wish the gap could be filled so the bear will not worry about it any more and can turn back to the south.

[Cobra]

Retest the OR low with increasing volume, there's a chance for bulls but personally I don't think the OR low going to hold.

[Cobra]

I think the next 2 supports stand much better chance.

[rbharol]

Cobra,
Can we have a 'Like' button under all posts as we have in facebook?
Sometimes you like the post and want to convey that just by clicking on like!