05/15/2012 Live Update

[MrMiyagi]

SPY should bounce right around 134.15$.

[Cobra]

well, that's why I don't like range day, my calling powers are totally gone. I'm neutral.

[MrMiyagi]

Why do you still think bias is up Cobra?

[uempel]

Very last chart: this ain't something for daytrading, but it gives us a bigger picture. Suggests that dips beneath 1300 should be quickies - if not we will short them

[Cobra]

volume surge, so hopefully a rebound here.

[Cobra]

aapl, you don't want to see the consolidation above support. http://stockcharts.com/public/1684859/c ... /260183775;

[KeiZai]

Commodity players NZD divergence with AUD warns of bounce

[dr659]

volume surge, so hopefully a rebound here.

Double bottom

[Cobra]

volume surge, so hopefully a rebound here.

Double bottom

no, it's more like a descending triangle now.

[MrMiyagi]

Cancel power hour.

[Mr. T]

Cancel power hour.

And cancel Christmas.....

[Cobra]

one more touch on the support, it might not hold anymore, this more and more looks like a descending triangle.

[stucap]

one more touch on the support, it might not hold anymore, this more and more looks like a descending triangle.

does it need one more bounce to complete or could it break at any point now?

[SWalsh]

well, that's why I don't like range day, my calling powers are totally gone. I'm neutral.

Looking at the action lately, this is now under complete control of the computers and where those not computers (think cells) place their orders. Trendlines should expect to be broken, with the best trade coming back inside, as well as wide stops used.

FT has an article asking where the volume has gone? I know a few guys at trading firms not using algos and they are being picked apart. Some guys there for some time have quit to take career changing jobs elsewhere before there is no employment as a trader.

They are now trying religion to woo traders to Wall Street. They don't get it yet. A stacked Justice Department with appointments (Holder, et al) from firms that defend white-collar crime has let them kill the Golden Goose. The public is not coming back, and any "kid" aged 25-30 who now has some money wants nothing to do with Wall Street. A friend of mine started on Wall Street in 1958 and wondered why everyone was so old. Few young people wanted to work there. We'll quite possibly create that environment again.

Barry did his job, as did Bush by laying the bipartisan groundwork, of paying off all the powerful. They took no haircut on losses. And now all we have is, as Nanex puts it, "The Race to Zero" with machines. If you are a trader and you vote for this guy in office do you dream on slitting your own throat? Because what we are seeing here is a result of NO REGULATION. This mkt sucks.....I'm making some money in it and it still SUCKS! This is a bad market. I would never let a friend asking me about trading do so and I have stopped a few. Without the right skills and experience this is a bloodbath. Who do people think lose, the computers? That won't happen, or be allowed.

[dr659]

one more touch on the support, it might not hold anymore, this more and more looks like a descending triangle.

Any thoughts on the P Bar ? Looks like that was on friday.

[MrMiyagi]

Gold/silver miners getting the "prison soap bar welcome" treatment.

[Cobra]

incoming. I cannot believe we'd see a break down today.

[Cobra]

one more touch on the support, it might not hold anymore, this more and more looks like a descending triangle.

Any thoughts on the P Bar ? Looks like that was on friday.

no idea when will P bar works. Maybe now bots cannot control the market, therefore P bar doesn't work anymore?

[Cobra]

aapl not looking good either: http://stockcharts.com/public/1684859/c ... /260183775;

[Al_Dente]

PAGING KEIZAI
This is daily (NOT intraday)
Note the grey-dotted line is $VXV:$VIX, the inverse of yours
So, it becomes the ratio of longer term 93 day vol to shorter term 30 day volatility on the spx.
It looks quite bearish…. do you get the same or different read?