07/11/2012 Live Update

[TraderGirl]

NUGT looks like we are in the 3rd wave of wave 5, and we have fallen below the 78% retracement....so looks like potentially more down since we are not even done with the wave (iii)....

Edit: the alternate that this is abc for wave 5 and the wave is almost complete...but I believe we have more down next week after a bounce...so miners will probably go down with the market....

[stucap]

Materials (XLB) Daily: Breaking below trendline. Looks like more down ahead. NOT A RECOMMENDATION

got some color from an options desk this morning that there were some large pre-market put trades on the XLB and XLI. will lead to some downward pressure as market makers look to hedge out the exposure.

[ClarkW]

Materials (XLB) Daily: Breaking below trendline. Looks like more down ahead. NOT A RECOMMENDATION

got some color from an options desk this morning that there were some large pre-market put trades on the XLB and XLI. will lead to some downward pressure as market makers look to hedge out the exposure.

Thanks for passing that along Stucap! Great info

[TraderGirl]

Materials (XLB) Daily: Breaking below trendline. Looks like more down ahead. NOT A RECOMMENDATION

Nice chart Clark, thanks!

[cguirguis]

Cobra, do you think AAPL is going to hold 600?

[uempel]

Update:

The attachment 10.png is no longer available

Well, signal first looked like a bull and then it failed... Next signal due about 12:10 pm...

[Petsamo]

potential double bottom on IWM

[SWalsh]

1066 E.O.M

We are only 3 months from The Battle of Hastings.

I think that my new "I Think" system....use great battles of history. No statistical analysis.....I'm just posting based on dates. And June 4th's low was 2 days before D-Day, that was successful. Clearly a major mkt signal. I should have predicted that one.

And June 11 was a low and that's the day Mr. T's 2010 film was released. I'm telling ya, this is easy. Yep, 1066 it is.

[stucap]

potential double bottom on IWM

boing! i hate when the IWM sneaks up on me like that.....

[Cobra]

hard to call here, wait.

[jdow]

QQQ rose exactly to 20 day ema an turned back down. target 62.50

Update:

10.png

Well, signal first looked like a bul and then it failed... Next signal due about 12:10 pm...

11.png

[Mr. BachNut]

Market Neutral.
Yesterday did a surprising amount of damage to my little collection of technical indicators.
Surprising in that it was not a huge down day or huge volume day, but the damage has accumulated.
The bulls were supposed to come back from fourth of July and buy, but they obviously didn't get the memo.

I now have technical crossover points within striking distance, and I could get a sell signal any day now (or not at all).
The bulls need to get something going here, or the market will rollover on its own weight.

One observation about the ES chart. Yesterday, not only did it touch and bounce off of the rising bottoms support line, but also it closed right on the nexus of two subordinate pattern lines. The market is beautiful.

[Al_Dente]

Internals are bearish EXCEPT $TRIN: volume is flowing into advancing stocks at the moment (can change quickly)

[TWT]

XIV: Absence of impulsive action off July 3 high should result in a wave (C) up In order to complete the DZZ off the June 4 lows

[grachu]

cobra could you gives an update on apple ? do you think your call on your last Report still hold true ?

[OverUnder]

Got it thanks.

Cobra, do you know why my charts sometimes appear with a scroll bar on the right side of the chart? It seems to happen whether I just leave the chart as an attachment, or use the "Place inline" feature. The don't seem to be unsusually tall.

that's because the chart you posted is too small. Make it larger, the thumbnail will be displayed you won't see the scroll bar then.

[fehro]

IF we break this area... could see a sharp move down. 1305ish 200day SMA to start.

[KeiZai]

Hi all, remote cannot post images but check marketwatch - 10yr T-note P-bar or what?

Euro ouch

[fehro]

if we lose support at 1335ish, red trendline, be very careful...

[stucap]

if 1335ish goes, be very careful...

market seems to be avoiding/setting up for a test of that line. bulls likely want the test overnight, like at 4am so the euros can BTFD?