05/25/2012 Live Update

[Petsamo]

I need someone to tell X what direction down is

[TraderGirl]

DAX looks bad, consolidating under H&S Top neckline only make the bearish pattern as real as it gets!

The DAX has had a wild day - soaring over 1.5% and then giving it all back on news out of Spain - all of Europe may just be waiting until the 6th of June for the cavalry to come to the rescue... (date of the next ECB meeting....)

If you are a good range trader, it certainly is working well - not easy for those that like trending markets....

While Memorial Day normally brings dips - that dip on Wednesday was so significant, if (and it is a BIG IF) we may be following last year's pattern which is up over the weekend in to Tuesday's trade and then top out at the open and down.... It just feels like there has not been enough squeeze on the shorts .... The parallels to last May are not perfect, but there are some significant similarities.

Thanks,

-D

Could be down into the ECB meeting on the 6th, then spike up into the 10-12th. Should this timing happen, there is a major Bradley turn date on June 12th, and then it looks like the sh!# hits the fan in some way because we could turn down at that point... don't know if we will get the short squeeze everyone is waiting for. I would say from June 6th to the 10th-12th is a possibility but that is only 3-4 trading days...

[Richarab]

I need someone to tell X what direction down is

indeed. its south. please go south. no speed limit. really.

[Al_Dente]

Where’s the Baron von BeeBee ?
NAT GAS
http://www.eia.gov/naturalgas/weekly/
(click something somewhere and get weekly email updates)

[Mr. BachNut]

Market neutral.
I think I'll go play golf today.
Volume should be light this afternoon, and the jackals will do what they want with the market.
As Euempel has some ellipses suggesting May 31 could be a mover, I am looking forward to next week.

[cougar]

Paging TG: DUST moving...

[ClarkW]

Is it about DUST time?

[TraderGirl]

Market neutral.
I think I'll go play golf today.
Volume should be light this afternoon, and the jackals will do what they want with the market.
As Euempel has some ellipses suggesting May 31 could be a mover, I am looking forward to next week.

29-30th could be down, and 31-1st could be up...

[SB73]

Possible cup and handle forming for push up to my target of 133.60. Still on long from 131.90 with stop now in the green. GLTA. DUST could be interesting soon for a retrace.

[cougar]

Is it about DUST time?

Yes...but very carefully...

[Mr. BachNut]

Two quick comments on the NASDAQ triangle:

One, volumes are already pretty light today.

Two, I've read that useful triangles tend to breakout well before the apex. This thing will look pretty pointy by the end of the day today. So, if this thing doesn't break until late in the day (if at all), I am not sure one should have much conviction that the consolidation phase is over and the next trending phase has begun.

[Al_Dente]

PAGING OIL
so if there’s all this excess inventory…
Check out this oily OPEC chart
“””low spare oil production capacity tends to be associated with high oil prices…. other market factors … inventory levels. “””

“spare capacity” …oy?
http://www.eia.gov/todayinenergy/detail.cfm?id=6410

[EvilTrader]

Good morning
CHINA HARD LANDING
http://www.bloomberg.com/news/2012-05-2 ... s-say.html

China not looking so good.....

You folks stop being so politically naive.

Chinese dictators wont allow a hard-landing. They will print money like everyone else and stimulate everything they can.

They cannot afford a spreading population insatisfaction at this point in history, with close examples in Africa, Egypt, Lybia, Syria, replacing their dictators.

The chinese dictators will stimulate everything they can to keep their heads not separated from their bodies.

So i wouldnt bet on a hard landing at all. A little noise and speculation here and there, ok, hard landing, NO!

[TraderGirl]

Paging TG: DUST moving...

I was looking at the chart of GDX yesterday and trying to figure out the potential bottom support when we could potentially pull back more towards the end of June. The correction we are having looks eerily similar to 2008. Wave 5 happened within one month back in 2008. I see support somewhere around $35 and $27.50 as potential...????

Everyone says "But it is so oversold", but it was also oversold in 2008, but it still continued to lose 22pts in wave 5....

Just some thoughts...

[stucap]

Bulls better start praying. Slim margin of error here. Bears are attacking.

[Cobra]

not good looking, double top could be...

[cougar]

Is it about DUST time?

Yes...but very carefully...

GLD and DUSt got coherent signals simultaneously...
Sold @ 51.44...not great....

[OverUnder]

FAZ descending triangle with target, same as gap fill. But 2 day channel on /es will have to hold and looks sketchy.

[Ed02]

Any p-bar today?

[Al_Dente]

Nyadv ~1300
Nydec ~1400
50/50-ish indicates chop…