05/24/2011 Intraday Watering

[Cobra]

still no clue what the market is doing. chiosc is low again and the chart still looks like a bear flag breakdown so i'll assume more on the downside, just cannot explain chiosc will do here.

ok i am back from my nap.... cobra what is the measured move down from the bear flag? by my calculations it is 1322-((1340-1310)*.5)= 1307

is that how u calculate it as well?

measured move.

[KENA]

Come next week I guarantee you everyone who is short or in cash will have wished they took the opportunity to get long this week on this selling.

More selling to come.

[BullBear52x]

Come next week I guarantee you everyone who is short or in cash will have wished they took the opportunity to get long this week on this selling.

That is a very strong statement.

[uempel]

Anaconda, as far as I know it's just a phenomenon. I presume there is a scientific rationale, but I'm not aware of it (most indicators have a logical background).
For practical use it's an addition to channels - and of course it works on all time frames. An ellipse on a weekly or monthly chart offers strong support/resistance. Here a sample which shows the importance of where SPX is right now:

SPX6.png

The problem with channels and the ellipse is that many ellipses can be drawn. Some of them support the bullish while others support the bearish view. You can never be sure. Trading is an art rather than science, I agree. A warning fact is that even the most succesfull trader (father of market speculation) ever lived in the history failed in the end of his life. See Jesse Livermoore.

Gabor, if you use channels and ellipses wisely and together with other indicators you won't have to end your life like JL! As to speculation - I guess the first speculators were sumerians and lived 5000 years ago. And the Chinese might have speculated even earlier - ask Cobra about the history of speculation in China!

[Olly Varadi]

Come next week I guarantee you everyone who is short or in cash will have wished they took the opportunity to get long this week on this selling.

That is a very strong statement.

I'm with Cletus on that but not necessarily regarding the strength of the move.

[jamesmith]

Anaconda, as far as I know it's just a phenomenon. I presume there is a scientific rationale, but I'm not aware of it (most indicators have a logical background).
For practical use it's an addition to channels - and of course it works on all time frames. An ellipse on a weekly or monthly chart offers strong support/resistance. Here a sample which shows the importance of where SPX is right now:

SPX6.png

The problem with channels and the ellipse is that many ellipses can be drawn. Some of them support the bullish while others support the bearish view. You can never be sure. Trading is an art rather than science, I agree. A warning fact is that even the most succesfull trader (father of market speculation) ever lived in the history failed in the end of his life. See Jesse Livermoore.

Gabor, if you use channels and ellipses wisely and together with other indicators you won't have to end your life like JL! As to speculation - I guess the first speculators were sumerians and lived 5000 years ago. And the Chinese might have speculated even earlier - ask Cobra about the history of speculation in China!

I heard Cobra's ancestor is the first speculator in Mars :roll:

[agnosia]

measured move.

don't you multiply by .5 though? this according to bukowski's.

http://thepatternsite.com/flags.html

[soku]

measured move.

don't you multiply by .5 though? this according to bukowski's.

http://thepatternsite.com/flags.html

i always use his %.
i see 1306 strong support

[isothermal]

Is anyone watching put/call ratios for SPY option? The reading is very low right now at 1.39. This may signal that we are at some kind of top here.

If you know how to do this, could someone post a plot of this ratio for the last few weeks along with spy price. Thanks!

[uempel]

Bye guys, I'm hungry (no mice and frogs) and thirsty (I guess a beer).

[agnosia]

measured move.

don't you multiply by .5 though? this according to bukowski's.

http://thepatternsite.com/flags.html

i always use his %.
i see 1306 strong support

gotcha, i am used to /es not spy so it looks different.... i am short from 1315... we'll see if the bears can do some good ....

[andyzaky]

The market is very close to a bottom. Think about this logically. We've already seen 3-push downs, the chi-osc is at full-retard extremes, the SPY is sitting at the lower trend-line, the SPY oversold on the 60-min, and the vix is on it's way down.

We're nearing a bottom at least for the near term. Whether we see more selling intermediately is another question. $134 by week's end.

[Anaconda]

Bye guys, I'm hungry (no mice and frogs) and thirsty (I guess a beer).

Bon Appetite and see you later.

[cougar]

AAPL might be ready to break away from a sideway pseudo-channell. Chart bellow is 1 min (3LB)
http://images.investorshub.advfn.com/im ... aplday.GIF

[StrikePrice]

Last 45 mins saw a big move up in TLT to retest today's high. Must keep an eye on this...

[agnosia]

this market should be trading down right now, take a look at the RSI on the hourly.. it is screaming DROP.. but there is a huge bidder down 1311-1312... i am covering my short. i believe the selling will happen after the market closes in the futures market...

[soku]

Last 45 mins saw a big move up in TLT to retest today's high. Must keep an eye on this...

isn't that due to the 2 yr auction?

[StrikePrice]

If the Bulls are gonna reverse this Bear Flag breakdown, it's gotta happen in the next 2 hours.

[BullBear52x]

Back test my yellow line, will it make it? let see, I will not cover until this line in the sand is taken out.

[FJoe]

Question? Don't day trade much at all. If we break above 1316 on the ES does that mean anything. Just looks to me like the market will break up and not down...conversely if we go below 1311.50 now it looks really bad. If short would you cover above 1316...and if long, cover below the low of yesterday at 1310.75 for today.

Thanks.