06/24/2011 Intraday Watering

[PRI]

nothing to say, indeed this is the 2nd leg down, but I'd be happy if it could reach the 2nd green line, I won't hope for a new low today.

Cobra, may I ask why you abandoned your earlier target?

tinted area too big, chart ugly, besides, the target is just a concept.

thanks

[Anaconda]

Guess what candlestick pattern you get when you blend yesterday and today's? (Monday might just be an early July 4th celebration for bears...)

is that dark cloud cover? thanks

Still early to tell, before the close, but, I see shooting star forming...

[uempel]

Doesn't support my bullish outlook:

The attachment SPX3.png is no longer available

thanks for the update uempel

You're welcome, SPX now at the intersection of the two ellipses:

[Cobra]

Hi Cobra,

on the daily chart for SPY, does it like ascending triangle (from 6/7 till now)? so more down side? thank you

I see a huge bear flag in the forming.

[uempel]

Close-up:

[lilitulip]

Hi Cobra,

on the daily chart for SPY, does it like ascending triangle (from 6/7 till now)? so more down side? thank you

I see a huge bear flag in the forming.

sorry, ascending triangle is bullish pattern... need to do more homework

[Cobra]

wild-est-est-est guess, need adjust the plan later for sure, but let's just put here for fun.

[uempel]

Hi Cobra,

on the daily chart for SPY, does it like ascending triangle (from 6/7 till now)? so more down side? thank you

I see a huge bear flag in the forming.

The problem with the bearish outlook is that it needs a trigger. It implies some kind of event, either with Greek debt or someting completely differrent, an unexpected incident. If this does not occur the market might keep on muddling through at this level, as the corporate results ain't that bad (yet) and the dollar is weak (and internationally operating companies are making tons of money).

[MajorEasy]

Chaikin Osc is fast!!
Thx Cobra

[uempel]

wild-est-est-est guess, need adjust the plan later for sure, but let's just put here for fun.

Now that's a nice outlook

[lilitulip]

Hi Cobra,

on the daily chart for SPY, does it like ascending triangle (from 6/7 till now)? so more down side? thank you

I see a huge bear flag in the forming.

Hi Cobra, does your stock chart show the SPY before dividend? i see different low on scottrade on 6/15 (126.32), yours is 125.7.

thank you again

[99er]

SPX
Channel.
http://99ercharts.blogspot.com/2011/06/spx_7190.html

[uempel]

Update:

[Anaconda]

Hi Cobra,

on the daily chart for SPY, does it like ascending triangle (from 6/7 till now)? so more down side? thank you

I see a huge bear flag in the forming.

The problem with the bearish outlook is that it needs a trigger. It implies some kind of event, either with Greek debt or someting completely differrent, an unexpected incident. If this does not occur the market might keep on muddling through at this level, as the corporate results ain't that bad (yet) and the dollar is weak (and internationally operating companies are making tons of money).

Interesting that you would say this, given the rich history of market moves which were not precipitated by any events whatsoever (even though pundits always come up with their reasons afterwards). Just for kicks, you should look into the study of socionomics. Whatever your view of Prechter, et al, the research they've done is quite fascinating on the subject of event-driven market moves. vs mood driven ones.
Cheers,
A

[Cobra]

Hi Cobra,

on the daily chart for SPY, does it like ascending triangle (from 6/7 till now)? so more down side? thank you

I see a huge bear flag in the forming.

Hi Cobra, does your stock chart show the SPY before dividend? i see different low on scottrade on 6/15 (126.32), yours is 125.7.

thank you again

stockcharts is always dividend adjusted.

[Cobra]

wild-est-est-est guess, need adjust the plan later for sure, but let's just put here for fun.

Now that's a nice outlook

[Cobra]

so far goes as planed. I scored once. Let's see how far this rebound goes, if very strong, then need adjust the plan...

[uempel]

Update:

[Cobra]

what? another reversal day? if indeed, bears are really game over.

[Cobra]

hmm, false alarm. anyway, mini rebound target reached, could be more, let's wait and see...