05/23/2011 Intraday Watering

[Cobra]

Big gap down so chances are good that the gap won't be filled. Just remember, a huge gap down day tends to be a trend day either downtrend or uptrend, not necessarily a downtrend day, so a general rule of thumb is if after 10:30am ET there's a lower low then 90% chances today open > close. So let's see. One more thing, those who follow Cobar Impulse System, in case today is an uptrend day and close in green or close, there're good chances that the system would ask you to cover, not necessarily means a bottom but should be very close.

Institutional actions from stocktiming.

[wyjhyd]

Good morning!

[99er]

Bonjour!
EURUSD: http://99ercharts.blogspot.com/2011/05/eurusd_23.html

[jyao]

..., so a general rule of thumb is if after 10:30am ET there's a lower low then 90% chances today open < close. So let's see. ....

Morning...
Cobra, are you saying 90% chance that today might be an uptrend (open < close) day, even if there is a lower low after 10:30am?

[99er]

ES
Update.
http://99ercharts.blogspot.com/2011/05/es_23.html

[noidea]

.... good morning from the battered italy.... i entered short the week-end, so the bad news wasn't so bad for me

i could close my shop for the day, even the week... but who knows, may be i could turn in a bull a stay with you if cobra is right!!!

99er, i remember you call at 1309 on the SP.... great, great call!!!

how do you see it know??

PS: if i shorted my poor italina market instead of your "liquidity addicted" sp, i really was going to have good time

[Cobra]

..., so a general rule of thumb is if after 10:30am ET there's a lower low then 90% chances today open < close. So let's see. ....

Morning...
Cobra, are you saying 90% chance that today might be an uptrend (open < close) day, even if there is a lower low after 10:30am?

NO. I said if after 10:30am ET there's a lower low, 90% chances today open > close. that was a typo.

[KENA]

If we break the 1310/1312 area we will go dn to 1290 at least mayby 1285 area. Don't forget we are in a dn trend. Wait and see.

[Cobra]

The open.

[stockcycle]

Morning Cobra and Every One,

May 23,2011: Enjoy your short sells (triggered at SPX 1,339 breakdown last Friday)
Posted on May 23, 2011 by StockCycle
SPX closed May 20, 2011 at 1,333.06 which was met my Short trigger level 1,339.

SPX short term downward target would be about 1,319 as shown by the lower pink-line which connects the Apr 20 Gap-up and May 17 Low. This 1,319 may be challenged by the Bear bias today (May 23,2011) and I give a very low credit to the possibility that SPX to be bounce back from this support level.

We should take into account many factors and worrying news:

1. EQ2 is going to end in June. 2. Continuation of “sell in May and go away”. 3. Spreading fear of European Debt from Greece, Portugal and Ireland. 4. Q1 earning season catalyst is ending. 5. Rising inflation expectations. 6. Concern about US debt. 7. Increased Bearish bias of the market.

Guidline for today May 23, 2011:

Short sell still can be profitable if we can find appropriate stocks (Overbought + Not good Q1 earning: ARIA for example http://www.google.com/finance?q=aria).

Disclosure: My positions are almost short sells and I hold only one long (SHZ).

[jyao]

..., so a general rule of thumb is if after 10:30am ET there's a lower low then 90% chances today open < close. So let's see. ....

Morning...
Cobra, are you saying 90% chance that today might be an uptrend (open < close) day, even if there is a lower low after 10:30am?

NO. I said if after 10:30am ET there's a lower low, 90% chances today open > close. that was a typo.

Thanks Cobra...

[stockcycle]

https://stockmarketwinner.wordpress.com

[KENA]

Lots of heavy buying right now.The dippers are back again.Lots of support in this area.I think the dippers will get burned again.Let see.

[pezhead9000]

SPY 5-min with Pivot Points (battle at SP3)

[99er]

RUT
Looks like a neckline here.
http://99ercharts.blogspot.com/2011/05/rut_23.html

[uempel]

I'm careful here, but I notice that several charts are showing SPX at support - see the 10 minute and the daily (daily courtesy Richard Lehman):

[99er]

SPX
Looks like gap resistance.
http://99ercharts.blogspot.com/2011/05/spx_23.html

[Cobra]

interesting, the open usually is volatile than the rest of the day except perhaps the close, but so far the reaction is muted. anyway, let's treat it as a bear flag for now.

[StrikePrice]

Still within the downtrend channel.

Overhead resistance line off the February High is key for Bulls take back or much lower as many have said.

[Cobra]

ChiOsc is still very low here. In rare cases it would not work though - if this is a start of a strong push down phase.