05/23/2012 Live Update

[Petsamo]

XME & FCX are suggesting the bottom is in

[SB73]

GDX with a major reveral forming. Cobra any thoughts on this one?

[Mr. BachNut]

Time for a little symetrical triangle?
Don't know what will happen. Just a possibility.

[Al_Dente]

It took her one hour to get it up to vwap
ONE
HOUR
Let’s see if she wants to be sticky at vwap

[MrMiyagi]

130.80$ tops today, then cancel Christmas.

Down she goes.

[TraderGirl]

130.80$ tops today, then cancel Christmas.

Down she goes.

Any p-bars today??

[MrMiyagi]

Any p-bars today??

QQQ 62.35$ earlier and SPY 132.03$ short while ago.

[Carlos]

2nd leg down?? maybe gap down tomorrow? thoughts?

[ken_d17]

130.80$ tops today, then cancel Christmas.

Down she goes.

Any p-bars today??

Interesting !! I saw one on TDameritrade qqq before the turn. It went to just below no change. Now it is gone.

[TraderGirl]

Any p-bars today??

QQQ 62.35$ earlier and SPY 132.03$ short while ago.

Nice!! Thank you!!

[Al_Dente]

one min internals
[ps: bachnut...back at you soon]

[TraderGirl]

130.80$ tops today, then cancel Christmas.

Down she goes.

Any p-bars today??

Interesting !! I saw one on TDameritrade qqq before the turn. It went to just below no change. Now it is gone.

TD's bars are there one minute and gone the next, very buggy.....

[MrMiyagi]

TD's bars are there one minute and gone the next, very buggy.....

TD Waterhouse stay there forever.

[Cobra]

cobra, does a head-shoulder pattern is forming on spy 5 min?

no I'd rather see it as bear flag.

[taggard]

I disagree with you on the unwritten “rules” against flipping an IPO, it’s not even close to definitional “insider trading” rules,

i should have been more clear--was not trying to say this stuff is insider trading by law--but that i consider it such. just as skewed info flow allows various people to figure out company conditions early on (this being a legal issue now on fb)

again the astute trader can figure this stuff out indirectly by watching price action so in the end it is not a big deal. . . and it is common and accepted.

as an aside--in general the public is so ignorant about the market it is breathtaking (because they invest in 401ks etc otherwise you would not care much). most people spend more time planning their yearly vacation than understanding their retirement planning.

lately schools in la have been cutting back heath classes so that they can devote more effort to college prep--the same prep which is leaving kids in debt and about 50% of recent grads not getting any sort of real job they trained for after they get out of college.

i cannot think of a more important class for kids to take than one that explains how their bodies work (esp diet mental health stuff most people never think about till it's too late--but again at least 25% of usa women are on an pysch drug so it's clearly an issue). but a close second or third would be markets 101. just as people get tested to get a driver's license it would be nice to see them get tested on things like "fee structure" and have a basic grasp of the last 100 years of dow history. also 2nd or 3rd "home econ" (eg basic tax structure--how to balance a check book--and some sort of grasp of how debt works) is not considered important enough to teach.

good luck on your trades

[MrMiyagi]

no I'd rather see it as bear flag.

biased partypooper...

[Cobra]

GDX with a major reveral forming. Cobra any thoughts on this one?

GDX rebound might have legs, but it's just a rebound so far.

[fehro]

... only 5 more trading days in this month after today. Friday may be very quiet as Monday is a holiday, or there could be a very sneaky sell off in the last hour before the long weekend, to "catch" people off guard... or just chop/prop window dressing for the next few days, as we complete a triangle. fwiw.

[TraderGirl]

2nd leg down?? maybe gap down tomorrow? thoughts?

Don't know if we will get gap down tomorrow...we could rally here, then pull back at the end of the day....???

[TWT]

SPX: The down leg can be counted as corrective. I like the final wedge as indication that a DZZ could be over