05/16/2012 Live Update

[MrMiyagi]

Rebound cancelled.
Full court press to the downside.

[MrMiyagi]

Cancel Victoria Day.

[uempel]

Yesterday's signal was not easy. I first thought it was a bull, went long. But nothing much happened, and that's always a bad sign. So I sold with a gain of 1.5 handles. And as soon as I sold the signal finally showed its true intentions, SPX tanked 15 handles. A smart trader would have immediately gone short. But I kind of lost faith in the signal - and I was hungry too Bad trading, no excuses.

Yesterday:

Today:

[stucap]

Rebound cancelled.
Full court press to the downside.

need selling volume to crush the LOD or else another bounce opp.

[MrMiyagi]

need selling volume to crush the LOD or else another bounce opp.

"Selling volume? We don't need no stinkin' volume!"

[snakehead]

Rebound cancelled.
Full court press to the downside.

The Rally had legs.

..... In a parallel universe !!
http://www.youtube.com/watch?v=B6X541x4v0g

[Cobra]

Now it makes a descending triangle look.

[Mr. BachNut]

Paging euempel:

Do you have any elliptical signals on deck for tomorrow and is there any time precision to them?

There's a chance of an inside day today if yesterday's lows can hold. Unclear but possible at the moment.
An inside day today could set up tomorrow as decisive.

BachNut, I posted this chart last week and again last night on Cobra's blog, suggests today or tomorrow. Of course it isn't SPX, but BPSPX works as a proxy.

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As to a signal on an SPX chart: I've got a good signal for next week, I think it's for Thursday 24th (I'm not showing the chart here)

Thanks!

[SWalsh]

Chaz!!!!
I loved you in Dancing with the Stars......... actually I didn't watch it. Love your mom though.

New Avatar...so far this is as good as it gets!

[PhilM]

It looks like a descending triangle from about 11:10 to now (1:10).

[Al_Dente]

Now it makes a descending triangle look.

thank you cobra for so many updates today
appreciate that

[Petsamo]

Don't anyone tell F what direction down is

[TWT]

NDX: The EWP off May 1 does not suggest to me enough confidence of a bottom. Bulls need strong eod

[Cobra]

Lunch time, will be back. hopefully for bears, it's a descending triangle.

[snakehead]

I just shot a mouthful of coffee out my nose.

CNB-Fail kept mentioning "fed minutes, fed minutes, fed minutes, fed minutes, fed minutes, .... blah bla bla"
and then some guest (correctly) pointed out that the Fed minutes should be like 9th or 10th on the list of things investors
should be worried about.

No sh---, Sherlock. What, with bank runs in Greece, Europe imploding, Hollande trying to sell his communist philosophies to Merkel, etc....

ROTF.

[BillyRipken]

Anyone have feeling about the long term price of gold from around here? More down to come or are we at good value area?

[fehro]

some possible trendlines...

[Al_Dente]

I AM SICK OF FB ALREADY
Had 2 turn Bloomberg off, music on http://www.youtube.com/watch?v=DFG9dwol ... re=related

[TraderGirl]

Looks like F is trading in a bear flag, a fall through this support and F is in trouble...

[67Chevy]

Anyone have feeling about the long term price of gold from around here? More down to come or are we at good value area?

Here's the channel I've been watching...hope it helps.