07/07/2011 Intraday Watering

[rhight]

Another perspective. This is a very simple (perhaps too simple) sector rotation chart between two "risk-on" and "risk-off" sectors. Note that divergences tend to be short and sweet. The double divergence in late April proved to be quite telling. As you can see, there is no divergence yet, although I'm sure there are cases where no divergence would be observed.

[BullBear52x]

Define Buy the DIP

my take based on my time frame:

1. 1min RSI 50 dip below 30 and turning back up
2. price dip to 5dma

simple, why beat yourself so hard.

next intraday play...minimize your risk, know the exit.

I don't think there is a buying the dip at this point. The choo choo train has already took off. It seems to me some companies buying back their own shares to increase the value of their stocks just prior the earning seasons starting Monday.For example TNA had matket cap 944M on 7/5, 805M on 7/6 and today 815M today. What happened to 129M market cap on this etf? Wait till they push to 120 and split TNA in 3 shares. I rather to be in cash for next train than jump in front of the train.

RSI dip below 30 or dip to 5 dma is not easy to come by, look at FAS for example it land yesterday. check my exit you got time to get out before any surprise move.

[KENA]

UTIL is now dn to only .19up ...The mkt is going up util is going dn....Mkt change in direction is coming.imho..Lets see.

[BBFinance]

Happy days are here again.
Irish, Italian borrowing costs hit record
http://www.eubusiness.com/news-eu/eurozone-ireland.b63

[99er]

BBFinance:

This is what I mean about a "3" versus a "5."

SPX http://99ercharts.blogspot.com/2011/07/spx_6342.html

"But if six turned out to be nine, well...I don't mind."

[Tabby]

BB52X,
I am out of FAS/FAZ, ERX/ERY, TNA/TZA long time ago. Just looking and studying some retail and coffee (JVA) stocks for now. I don't need to trade everyday.

[cougar]

"rhight': very interesting! Good to know!

[Petsamo]

Any opinions on UNG?
Natural gas was hammered today because actual bcf is 95, expected was 80, which to me wasn't that bad.
If UNG drops to 10.25 intraday, I think I'll bite.

[DaWay]

Oh Boy, I love this board for everything plus entertaining. This and Traders Talk just compliment every min of all the whole boring trading days! Keep 'em coming guys! Love ya!

[MajorEasy]

15 minute ES
i don't trade divergences, maybe i should????>

[BullBear52x]

Any opinions on UNG?
Natural gas was hammered today because actual bcf is 95, expected was 80, which to me wasn't that bad.
If UNG drops to 10.25 intraday, I think I'll bite.

I trade UNG and few friends of mine in and out with me. right now it's bearish, to trade on the up side you are countering the trend. risky business. but if UNG is your beef to go long here is what I will do, wait for it to trade above 200ma 1min. to enter. I am not right now because a fresh break down at 10.55 is very bearish, trade back above 10.55 before I will look for entry again.

[BBFinance]

BBFinance:

This is what I mean about a "3" versus a "5."

SPX http://99ercharts.blogspot.com/2011/07/spx_6342.html

"But if six turned out to be nine, well...I don't mind."

You forgot to give a six alternate counts

[cougar]

These twin Gann Squares are defined by a diagonal = the 1x1 Time/Price line of the Gann Fan (m=1).
They suggest a “free ride” for SPX to the top of the square = 1377.

[Petsamo]

Thanks BullBear52x

[BullBear52x]

If you are a bull, this is very healthy, it's like your health chart after yearly checking with your physician.

[Cobra]

breakout as I said, maintain the target, still not much to say.

[Anaconda]

These twin Gann Squares are defined by a diagonal = the 1x1 Time/Price line of the Gann Fan (m=1).
They suggest a “free ride” for SPX to the top of the square = 1377.

Great chart, Cougar. As an aside, this would comport with an elliott wave count to a new high (5), for those still looking for it.
Thanks and have a good one.

A

[99er]

Gotta get me some goat for breakfast tomorrow.

Or is that simply inspiration from Jimi?

[StrikePrice]

breakout as I said, maintain the target, still not much to say.

Love your targets, Cobra. Looks like we could get there by 2:30 to 3pm. Then I guess some selling into the close?

Thanks. Great day!

[StrikePrice]

These twin Gann Squares are defined by a diagonal = the 1x1 Time/Price line of the Gann Fan (m=1).
They suggest a “free ride” for SPX to the top of the square = 1377.

I read "Price, Pattern, and Time" Do you know of any other good Gann Theory books?