06/21/2012 Live Update

Mr. BachNut · Post by **Mr. BachNut** » Thu Jun 21, 2012 10:50 am

Something to watch. There is a well defined rising wedge on the ES future. The break could be a mover.

Mr. T · Post by **Mr. T** » Thu Jun 21, 2012 10:54 am

Bulls are strong......

No PoMo? Really?

BullBear52x · Post by **BullBear52x** » Thu Jun 21, 2012 10:57 am

MO sell signal after market yesterday.

Post by **Cobra** » Thu Jun 21, 2012 11:05 am

support. another way of calculating target.

jarbo456 · Post by **jarbo456** » Thu Jun 21, 2012 11:06 am

tradergirl...

think you posted a UCO chart a few weeks ago showing the importance of the current level.

low of 23.08 is within sight at this point. could be interesting to think about getting some long...with a stop just below the 23.08 low.

SWalsh · Post by **SWalsh** » Thu Jun 21, 2012 11:06 am

Mr. T wrote:All the data I see from this morning is bad....... why are we up?

it wasn't bad enough before 10 AM that the HFTs couldn't contain it. That whopping miss on the Philly manufacturing index at 10 AM could not be ignored.

Richarab · Post by **Richarab** » Thu Jun 21, 2012 11:07 am

Mr. BachNut wrote:Something to watch. There is a well defined rising wedge on the ES future. The break could be a mover.

Rising Wedge.jpg

I am short hard on ES since yesterday
Definitely saw that wedge - but the crazy swings yesterday started to form a wedge pointing up
The spx 8ma and 60ma crossed and towards bears - with moody downgrades plus other poor data I think some resolution down is going happen now - you are right in that it may just be a buy the bounce

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rpccharts · Post by **rpccharts** » Thu Jun 21, 2012 11:13 am

KING DOLLAR TO ELECTION

EvilTrader · Post by **EvilTrader** » Thu Jun 21, 2012 11:14 am

Wheres mr Myagi ?

Hey pal, our NYMO signal really never fails.

It didnt today.

Cheers.

Post by **Cobra** » Thu Jun 21, 2012 11:15 am

2nd target met. now yesterday's low as support, let's see.

Richarab · Post by **Richarab** » Thu Jun 21, 2012 11:15 am

EvilTrader wrote:Wheres mr Myagi ?

Hey pal, our NYMO signal really never fails.

It didnt today.

Cheers.

And cobra did you lunch early ?

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BullBear52x · Post by **BullBear52x** » Thu Jun 21, 2012 11:15 am

The way we trade here, Bears will get the bear bar confirmed today also. Now MACD is turning, believe what you see folks.

Al_Dente · Post by **Al_Dente** » Thu Jun 21, 2012 11:17 am

Nydec >2000
High on day

ClarkW · Post by **ClarkW** » Thu Jun 21, 2012 11:22 am

EEM at the 61.8% retracement of right wing. Strong move but might take a break here.

BullBear52x · Post by **BullBear52x** » Thu Jun 21, 2012 11:26 am

Intraday oversold, but since we are in sell the rip mode lets see how it reacts here.

jdow · Post by **jdow** » Thu Jun 21, 2012 11:29 am

BullBear52x wrote:The way we trade here, Bears will get the bear bar confirmed today also. Now MACD is turning, believe what you see folks.

goldman says short sp down to 1285 per cnbc

cougar · Post by **cougar** » Thu Jun 21, 2012 11:33 am

ClarkW wrote:EEM at the 61.8% retracement of right wing. Strong move but might take a break here.

Excellent! Congratulations!

cougar · Post by **cougar** » Thu Jun 21, 2012 11:35 am

BullBear52x wrote:Intraday oversold, but since we are in sell the rip mode lets see how it reacts here.

R U short IWM? hope so! It is now in a support zone...If it breaks it....=> 77

Post by **Cobra** » Thu Jun 21, 2012 11:36 am

3rd target met, should be more. bloody day today could be.

Mr. BachNut · Post by **Mr. BachNut** » Thu Jun 21, 2012 11:36 am

One comment on Crude Oil.
Look at a weekly chart.
Yesterday, it pierced below a rising bottoms line from the February 2009 low.
It has been consolidating above this line for the last four weeks. So, the line was providing support.
The significance of the break probably explains the big volumes in USO yesterday.
It could be a move to force capitulation and set up for the turn, but if not, a revisit to those 2009 lows is technically in the range of outcomes over a longer time horizon.
Hard to believe.
The follow through from here should be informative.

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