05/05/2011 Intraday Watering

[soku]

my chart reading suggests 1337.25 a cycle high and vwap for today. i guess once it got clear, we will see 1343 pretty quickly.
yo t, why this man works this hard? for a kiss

[Cobra]

OK, I take back what I took back, we'll see a sharp reversal (still a wild guess) and if so we should see a rebound last a day or two, then generally another leg down.

[soku]

cobra, canadian numbers are even worse. yr $$$ may get a chance

we see silver down from 50 to below 40, gold drop more than 60, oil crashed today. $$$ automatically steps up.
in a fact, last thursday rumor on the street saying soros was unwinding commodities. i don't think he knew the bin laden operation at that time, as the president order was issued early friday morning. i don't think obama called him 1 day before. he is just the king of trading. king of all kings.

[Me XMan]

Ya they had to rescue the U$D but still I see it's crapping out sooner than later along with market IMO.

DX
Me XMan...remember this from yesterday?
http://99ercharts.blogspot.com/2011/05/dx_04.html

Today:
http://99ercharts.blogspot.com/2011/05/dx_05.html

[99er]

Silver
Whoa.
http://99ercharts.blogspot.com/2011/05/silver_05.html

[99er]

Me XMan: "they had to rescue the U$D"

While all fiat currencies may ultimately prove worthless, I think Europe is more bankrupt than the States and so expect the EUR to crap out before the USD.

[Me XMan]

Oh craps...SPX 1340 broken.

[soku]

not sure if cobra will take back again, but my bots says 1335 buy.

[Me XMan]

Yup. I agree. EU have to bailout many nations (PIIGS).

Me XMan: "they had to rescue the U$D"

While all fiat currencies may ultimately prove worthless, I think Europe is more bankrupt than the States and so expect the EUR to crap out before the USD.

[Thunder]

Still at the 15 min chanel on the SPY since 4 days now ...!!

[99er]

Gold
Buy the dip?
http://99ercharts.blogspot.com/2011/05/gold_05.html

[99er]

SPX
Okay, Bulls. Rally hard from around here and you've won...big time.
http://99ercharts.blogspot.com/2011/05/spx_05.html

[Mr. T]

At what point is the reverse H&S broken?

Spooky.

[FJoe]

Still up in the air, but if we break above the high we should have seen the low of the day now.

[pdz]

Silver
Whoa.
http://99ercharts.blogspot.com/2011/05/silver_05.html

Is silver still in a correction? where is the target?

[Me XMan]

Tell this to Uncle Benny.

Saying the bailout of Greece has failed, Timo Soini of Finland reiterates his party will not support a similar exercise for Portugal. Right or wrong, his reasoning is refreshingly clear: "It simply doesn't work ... (the debt) just doesn't go away."

SPX
Okay, Bulls. Rally hard from around here and you've won...big time.
http://99ercharts.blogspot.com/2011/05/spx_05.html

[Me XMan]

Karl Denninger has Defcon 1 on now.

•1: Locked-and-cocked. Preparations should be complete. Evidence exists suggesting that a financial, geopolitical or similar event is likely within the next several weeks. Wide-spread economic, geopolitical or social distress has a reasonable probability (better than one in five) of occurring during the above time period. This status will not be maintained for more than thirty days as extraordinary vigilance is required to do so.

[soku]

this is no fun. not sure what it is. i exit my long and will wait to see.
bots says it is too noisy. the reading is not reliable at this moment. i may need to take back my 1343-1345 target. it could go down directly from here.

[Mr. T]

Rev H&S broken?

[Mr. T]

Oh, it's sitting on it.

Eek.