05/18/2012 Live Update

[stucap]

Out of curiosity, are any readers here going to buy FB today?

oh my the NQ is tanking right now... holy cow

no. not going to buy FB.... very curious how it does today...

i say it doubles on open and then fades....

[EvilTrader]

we are due a heavy and i mean HEAVY bounce, either if we go down to SPY = zero later.

[Cobra]

another too obvious to work sample, IWM H&S Top: http://stockcharts.com/public/1684859/c ... /125784160;

[SWalsh]

Is there Blood in the Streets yet?

[Cobra]

wild-est-est-est guess for fun.

[Al_Dente]

“Wet hoodie” contest now on at FB campus (source Bloombrg)
Oy

[parker]

maybe Futia is right
and his version of 3 peaks and domed house predicts huge rally

The real story during election years, especially when a Democrat is in the White House, is that May is a month for correcting, while June is a month for screaming higher. The timing of the turns is more important with this tool than calculating the magnitude of the move. Coming up just ahead is a bottom due May 14, which our subscribers have known about for the past month and so they have been anticipating its arrival. There is also a bottom due at the end of the May, which helps to illustrate the point that sometimes a bottom is what prices go down into, and sometimes it is what prices go up out of.

A big strong June and July is wholly contrary to the old saw about “Sell In May…”. Most of the time that rule does work, at least in part, but in election years a whole different rule goes into effect. If the correlation persists this year as well as it has been doing up until now, we can look forward to a big rally in June before the market finally enters a plateau in July, when the media’s attention is tuned to the campaign promises being slung by the presidential candidates.

So I suppose that the revised motto should really be, “Sell In May And Go Away, Except If It Is An Election Year, And Seasonality Is Running A Week Behind, In Which Case Expect A May 14 Bottom, And A Really Strong Month Of June”.

Tom McClellan (PragCAp) may 6

[Cobra]

not looking good, you don't want to see consolidation here.

[Al_Dente]

AAPL bounce
sqz

[KENA]

The liquidity ticked dn into contraction area and the # of weak stocks spiked higher and the # of weak stocks ticked a hair lower..The charts have not reversed .The Dorsey Wright P&F NYSEBP and all others all ticked dn in the red.Lot of negitive still out there but the mkt is screaming for a relief rally at any time.Did not post the charts but let me know if you want them.Not much change.

[soku]

spx to 1700, (maybe not today)
i feel there could be some retaliatory reb ahead. my focus is still 1290-1300 area. spx 1300 psycho effect should not be ignored.

add: daily fib based break down

[Al_Dente]

Intraday I don’t got no stinkin’ buy signal ….. yet

[TraderJoe]

WOW! Look at AAPL moving!

[Cobra]

again, consolidation is not good, bulls need to leave this area as soon as possible.

[Al_Dente]

WTF
Germany Frankfurt exchange has orders FB $70
[Bloomberg now]

[TraderJoe]

WTF
Germany Frankfurt exchange has orders FB $70
[Bloomberg now]

That should make the NASD POP!!

[MrMiyagi]

I thought I read yesterday the bids for Facecrook were 78$.

[Al_Dente]

WTF...Germany Frankfurt exchange has orders FB $70...[Bloomberg now]

That should make the NASD POP!!

Yo, Joe: dog wants to talk to you: http://screencast.com/t/0pn9qCnZhe5Y

[Claire]

trader joe: why would the nasd pop if facebook is up -- it's not on the nasd

[Unique]

aapl has fulfilled my 1st target: http://stockcharts.com/public/1684859/c ... /231686385;

520 will not be filled within this wave. Big bounce first.

Bounced big.