05/20/2011 Intraday Watering

[Mr. T]

Watching SPX neckline for a decisive brake down.

If it does = everyone runs for the doors?

[Mr. BachNut]

The option book is resolving in advance of expiration. It looks like max pain on the SPY may have crept up from 133 to 134. If that holds after lunch, chance for a run up above 134.

[Mr. T]

No second leg down Cobra?

[FJoe]

If we close above 1336 on the S&P, it is much better to be long than short going into Monday.

Cobra, what are your thoughts on the remainder of the day...bullish or bearish from 1335 on the S&P...or 133.80 on the SPY. Thanks

[silverharp]

Nas still looks like a bear flag

[Cobra]

If we close above 1336 on the S&P, it is much better to be long than short going into Monday.

Cobra, what are your thoughts on the remainder of the day...bullish or bearish from 1335 on the S&P...or 133.80 on the SPY. Thanks

I'm still looking at possible QQQ small bear flag here, still suspect that the rebound would eventually fail.

[DaWay]

Bull's nose muse be red now. Too many door-slams at the TL.

Dollar needs to overcome this secondary line first.

[Bond]

Hi guys and Cobra,

Finally get to log after some tussle and hussle. Good stuff you guys are sharing.

I like to count waves and I think SPY need to drop to the range of 1327 to 1330 for a stronger rebound to come in.

If SPY crosses above 1338, most likely the bottom is in for today.

But 99% of the time I am mostly incorrect.

[Cobra]

Hi guys and Cobra,

Finally get to log after some tussle and hussle. Good stuff you guys are sharing.

I like to count waves and I think SPY need to drop to the range of 1327 to 1330 for a stronger rebound to come in.

If SPY crosses above 1338, most likely the bottom is in for today.

But 99% of the time I am mostly incorrect.

Welcome aboard!

[StrikePrice]

Hi guys and Cobra,

Finally get to log after some tussle and hussle. Good stuff you guys are sharing.

I like to count waves and I think SPY need to drop to the range of 1327 to 1330 for a stronger rebound to come in.

If SPY crosses above 1338, most likely the bottom is in for today.

But 99% of the time I am mostly incorrect.

Welcome. We did drop to 1330 today completing Wave [2] so we're now in a Wave (1)-[3] by my count.

[Cobra]

up more likely.

[stockcycle]

Hi Mr. Cobra,
Do you think SPX needs to breakout 1346 today to favor the Bull. Otherwise any close below 1339 will manifest the Bear?

[Bond]

Hi guys and Cobra,

Finally get to log after some tussle and hussle. Good stuff you guys are sharing.

I like to count waves and I think SPY need to drop to the range of 1327 to 1330 for a stronger rebound to come in.

If SPY crosses above 1338, most likely the bottom is in for today.

But 99% of the time I am mostly incorrect.

Welcome. We did drop to 1330 today completing Wave [2] so we're now in a Wave (1)-[3] by my count.

Yeah, i thought so too at first but got suspicious of how long that the wave ii of c took. But anyway, either your count or mine leads to a (1)-(3) upward move eventually. Just time difference.

[FJoe]

AUDUSD is looking good...and that tracks with equities also.

[Bond]

Hi guys and Cobra,

Finally get to log after some tussle and hussle. Good stuff you guys are sharing.

I like to count waves and I think SPY need to drop to the range of 1327 to 1330 for a stronger rebound to come in.

If SPY crosses above 1338, most likely the bottom is in for today.

But 99% of the time I am mostly incorrect.

Welcome. We did drop to 1330 today completing Wave [2] so we're now in a Wave (1)-[3] by my count.

Yeah, i thought so too at first but got suspicious of how long that the wave ii of c took. But anyway, either your count or mine leads to a (1)-(3) upward move eventually. Just time difference.

Ok, not more downleg. Looks like a wave (iii)-(1)-(3) is in the works. Most likely to have a positive close today imo.

[Cobra]

Hi Mr. Cobra,
Do you think SPX needs to breakout 1346 today to favor the Bull. Otherwise any close below 1339 will manifest the Bear?

your chart is one day old. anyway, i don't know about 1346, just the chart isn't very clear about the future direction, assume not bearish though.

[gabor]

Cobra, do you see chance for a complete reversal today? That would be a bullish sign for Monday, isn't it?

[Cobra]

channel.

[Cobra]

Cobra, do you see chance for a complete reversal today? That would be a bullish sign for Monday, isn't it?

it's more likely a ER play, has to close at certain price, now looks like $134? so will go as far as 134.50 then drop to 134? just a wild guess.

[Cobra]

could be a small pullback or consolidation here then more on the upside.