09/06/2012 Live Update

[Cobra]

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Gap up above yesterday's high so the gap might not be filled.

Global ES breaks the Descending Triangle on the upside (instead of normally on the downside, although it does prove the Descending Triangle or Ascending Triangle, both like Symmetrical Triangle, are continuation pattern, not reversal pattern, lesson learnt). I read the price as testing the range high, therefore it's not a clear breakout yet, but bulls at least are attacking therefore now have better chances.

[Cobra]

DAX maybe is a breakout of the Bull Flag I mentioned earlier but I don't like this shooting star bar, still 2 and half hours to close, hopefully it could change.

[noob]

If you're StockCharts member, please do me a little favor by "vote" and the most importantly "follow" my public chart list here: http://stockcharts.com/public/1684859. You need "follow" only once but vote can be done everyday, so whenever you have time, please vote for me, thanks! If you're not StockCharts member, you can also help boosting my rank by clicking the link once everyday.

Please, again, all my calls in the daily live update is for intra-day only, they're absolutely invalid when the closing bell rings. If you're interested in the forecast for days and weeks, please subscribe my daily newsletter services.

Also personal attack on any board members won't be tolerated. Please limit your topic to trade related only.


Gap up above yesterday's high so the gap might not be filled.

Global ES breaks the Descending Triangle on the upside (instead of normally on the downside, although it does prove the Descending Triangle or Ascending Triangle, both like Symmetrical Triangle, are continuation pattern, not reversal pattern, lesson learnt). I read the price as testing the range high, therefore it's not a clear breakout yet, but bulls at least are attacking therefore now have better chances.

Seems like breakout, retested, now marching up again.

[edgainbc]

GM Cobra, my first post.
Today's Live Update is out of sequence on the list. Many posted on yesterday's updates.

[TradingJackal]

Too late in identifying this divergence (15 min ES). Was a good amount of pocket change. I would not run after it now. Maybe a diamond top pattern. I don't think the market loved what Draghi had to say.

[TradingJackal]

Diamond? Don't know where it will break. Follow the break I guess.

[Harapa]

Momentum Block Update:
Momentum picture continue to improve. Currency markets are improving slowly (since these were most oversold), Global markets are a mix picture with DAX appearing the strongest.

[Harapa]

VIXIEs Update:
VIXIES are now in the company of Bulls for the DT time frame but IT still in favor of Bears, so be cautious when taking a long position intraday.

[CarlosDK]

Cobra what is the upside targets on this breakout and do you think we make another high ?

[KeiZai]

Dollar have a nice squeeze (still loading) waiting for nice move in dollar

[Mr. BachNut]

Market Neutral.
Short was stopped out overnight on the break of the descending tops line.
My signals have been on sell but weakly so. We'll see where they are after today.
Perhaps the Draghi news will get sold but buy stops (like mine ) should have been accumulating for several days now.
So, bulls have a kickstart this morning and should take this opportunity to run up through the stops.
It would be interesting if it doesn't get very far.
Perhaps the descending triangle morphs into a rectangle. Don't know.
The currency markets are at key junctures in many respects.
Going to golf even though I should watch the tape today...

[Cobra]

the open.

[KENA]

The Algorithm went into negitive area and has started to turn..You will have to decide now if this is a pause in the down side or not..If today is green this will show an up tick..Then we go from there..Wait and see.

chart by stocktiming

[Cobra]

what a strong start!

[TradingJackal]

Wow! The market moved 20ES points in 40 minutes. Someone likes this a lot. DAX futures setting a higher high. Looks like we will follow.

[EvilTrader]

Too late in identifying this divergence (15 min ES). Was a good amount of pocket change. I would not run after it now. Maybe a diamond top pattern. I don't think the market loved what Draghi had to say.

I do think market loved Draghi.

Unlimited ECB bond buying. Free lunch all around.

Volatility likely to persist, but i now imagine we can take all time SPY highs this year.

Expect the unexpected. All the rest is priced in.

BTW Cobra, VIX signal worked like a charm this time.

[SB73]

Sold my "Central Bank" long aquired yesterday for a handsome profit. Time to relax for a little bit and just enjoy some of the volatility.

[Al_Dente]

Draghi
unlimited bond-purchase program
http://www.bloomberg.com/news/2012-09-0 ... eting.html

[Cobra]

Too late in identifying this divergence (15 min ES). Was a good amount of pocket change. I would not run after it now. Maybe a diamond top pattern. I don't think the market loved what Draghi had to say.

I do think market loved Draghi.

Unlimited ECB bond buying. Free lunch all around.

Volatility likely to persist, but i now imagine we can take all time SPY highs this year.

Expect the unexpected. All the rest is priced in.

BTW Cobra, VIX signal worked like a charm this time.

now bears only hope is oil, still some room to up before major media complaining gas price too high though.

[TradingJackal]

Too late in identifying this divergence (15 min ES). Was a good amount of pocket change. I would not run after it now. Maybe a diamond top pattern. I don't think the market loved what Draghi had to say.

I do think market loved Draghi.

Unlimited ECB bond buying. Free lunch all around.

Volatility likely to persist, but i now imagine we can take all time SPY highs this year.

Expect the unexpected. All the rest is priced in.

BTW Cobra, VIX signal worked like a charm this time.

Now we know

If this is a 5 waver to the upside (there is so much love, it has to be!) then expecting a very small dip for 4 before we set a higher high on ES (maybe a double top of SPX).