07/13/2012 Live Update

[Mr. T]

Another rip the face off the bears rally (on nothing).

Poor bears, it takes them three days of hard fighting to get down 150 points (and with terrible econ data to back it up).
The bulls recover that in 10 min without any good news.

But it can all be explained:
Cutting Italy's rating...... that's bullish for the Euro

[Cobra]

Cobra,target for 2nd leg ?

wait for pullback first before calculating the target is possible.

[jdow]

Cobra, i subcribe last night... i owed it to you... thnx

[OverUnder]

You don't count that 30 minute consolidation as the end of leg 1 and beginning of leg 2, still the first leg without any real pullback?

Cobra,target for 2nd leg ?

wait for pullback first before calculating the target is possible.

[Cobra]

Cobra, i subcribe last night... i owed it to you... thnx

Thanks and welcome aboard!

[Cobra]

You don't cunt that 30 minute consolidation as the end of leg 1 and beginning of leg 2, still the first leg without any real pullback?

Cobra,target for 2nd leg ?

wait for pullback first before calculating the target is possible.

I don't count consolidation as pullback.

It's no science. if the 1st up leg is very small, then consolidation is enough to be considered as pullback.

what we have is very huge push up, so consolidation is nothing.

[johnnywa]

Might get another pop up with this consolidation around 1350 and no dip after 1st 1 1/2 hour of trading.Thanks

[CognitiveDissonance]

Bad luck day for da bears

How did this play out in comparison to your spreadsheet?

My spreadsheet assumes a rally on a gap up or a sell off on a gap down. Sometimes markets do the opposite. Reliability is lousy.

GXC & FXI (both China) had mixed signals but favored a gap down.
INP & EPI (both India) favored a gap down.
EWJ (Japan) was flat.
EWG (Germany) favored a gap up.

I could do a study, but I'm just lazy and it's been a while since I conjured up the formulas.
It seems that if I expected a gap up and we get a gap down, there's a good probability that the markets will rise to higher prices, as if we gaped up, and versa vice.

The spreadsheet generates a target close, but it's risky as anything to place bets that prices will head towards the target close. For instance, EPI (India) is sitting very high. You could short it, but it's risky.

Japan opens first. If it predicts a gap up, and Japan does gap up and rally, it could throw off China's predicted gap down. So, Japan is sometimes a wild card.

Thanks

[KeiZai]

CRB at long-term res

[swayne99]

c'mon AAPL, join the party Stuck in neutral

[Cobra]

nothing to say, wait for this consolidation area to resolve first. the pattern is bullish biased.

[TraderGirl]

Semi's could have another leg down...bear flag...

[jdow]

men. holding my QQQ down.

c'mon AAPL, join the party Stuck in neutral

[TraderGirl]

SPX hit resistance at the center trend line....for now...

[OverUnder]

Thanks, didn't know you counted like that.

You don't count that 30 minute consolidation as the end of leg 1 and beginning of leg 2, still the first leg without any real pullback?

Cobra,target for 2nd leg ?

wait for pullback first before calculating the target is possible.

I don't count consolidation as pullback.

It's no science. if the 1st up leg is very small, then consolidation is enough to be considered as pullback.

what we have is very huge push up, so consolidation is nothing.

[CognitiveDissonance]

Please let this market drop to true value

Bears can pray too

[stockcycle]

Another rip the face off the bears rally (on nothing).

Poor bears, it takes them three days of hard fighting to get down 150 points (and with terrible econ data to back it up).
The bulls recover that in 10 min without any good news.

But it can all be explained:
Cutting Italy's rating...... that's bullish for the Euro

quote from http://www.guardian.co.uk/business/2012 ... ded-moodys
"Italy auction strong, premium to market but low bid-cover suggest single very big buyer"

[johnnywa]

Here is the pullback,Europe still very strong going into close

[TraderGirl]

TECL (used to be TYH) hit resistance at trend channel...

[ClarkW]

Just sold EDC and TNA purchased yesterday afternoon. Not holding anything over the weekend. Good luck everybody!