05/06/2011 Intraday Watering

[uempel]

This grid is pointing to a Friday high at 1353.45 (that is if I've drawn it flawlessly, which I haven't). Anyway, I'm going to close some longs at that level.

[BullBear52x]

SPY is approaching its immediate resistance area, see Oval area, 5dma + Fib retracment of 78.6%

[Olly Varadi]

while i'm not able to predict anything ....
i have seen ES moves of only 4 points for the whole day
after a huge gap up as we've had this morning...

Consolidation?

[Dow Trader]

99er,
you like the triple top/bottom pattern.. check the smaller time frame in Russell2000 futures how it is acting near 840

[ocassional observer]

I can sort of understand why there is a need for a death adjustment since working ager can die prematurely. But what a hack is the job adjustment for birth. Do they count the "under aged" (including one month old maybe) in the stat?

bd is an adjustment to the total of labor force, or the base for the unemployment rate.
so people retired need to be subtracted and new graduates need to be added. arguably people not actively searching for job will be subtracted as well.
in short it is a legitimate adjustment but often got abused. and the definition of "actively searching" is changing all the time.
check the full sets of data of the change in unemployment this year, you will see pretty much the drop in base is the major force of the improvement.

sry it took me a little too long to reply.
short at 1347.75. go bear go

that is a bad explanation. retirees are subtracted from the employed regularly and that is counted in the household survey inside the participation rate and the employment to population ratio. the birth\death is a model trying to account for the employment change due to the creation or destruction of businesses. apparently most of the new hiring does not come from small businesses but more so from new businesses which by nature are small at first (startups etc.) the problem is that the BLS is quite inept in accounting for these numbers so they introduce a lot of noise to the data. a better way to look at things is to look at nsa yoy numbers compared to the previous month.

[KENA]

This grid is pointing to a Friday high at 1353.45 (that is if I've drawn it flawlessly, which I haven't). Anyway, I'm going to close some longs at that level.

Grid.png

Thanks UEMPEL. I will watch and may sell my SPY long that I got yesterday near the close.

[Cobra]

fib 61.8% retracement.

[BullBear52x]

This is where I go short one last sell the rally type of play. a little neg divergence on RSI here.

[uempel]

Status 13.25 pm:

[uempel]

This is where I goes short one last sell the rally type of play. a little neg divergence on RSI here.

Yeah, I think that was the top for today.

[dr659]

fib 61.8% retracement.

And that is a resistance level?

[Cobra]

volume surge, so may see small pullback here.

[Cobra]

fib 61.8% retracement.

And that is a resistance level?

yes.

[KENA]

This is where I goes short one last sell the rally type of play. a little neg divergence on RSI here.

Yeah, I think that was the top for today.

Thanks again you guys I am also now out.

[BullBear52x]

This is where I goes short one last sell the rally type of play. a little neg divergence on RSI here.

Yeah, I think that was the top for today.

I got share to sell short on SSO today wow! got to be careful here.

[AK84]

Cobra, you going long into the closeee brooo ?

[pablorynx]

Nasdaq making new highs, but puts being bot in the spx pits

[soku]

stopped, reshort, exit. it's a rough day. 1349.25 is the critical line. waiting for a clear signal, which could be on either side.

[99er]

YM
Having trouble breaking out......
http://99ercharts.blogspot.com/2011/05/ym_06.html
U-turn?

[99er]

Dow Trader: "you like the triple top/bottom pattern.. "

Thanks for the heads up.