10/17/2012 Live Update

[Cobra]

EWP has been white hot. Cobra, does the fact that the S&P has raced right back to resistance give it better or worse odds of breaking out to the upside.

As I said last night: Triple Top is rare.

[Al_Dente]

TraderGirl,
I hate asking you to work on your birthday but if you get time, would you tell me what your charts say about NUGT out 20-30 days???
The put options are 3 to 1..
Thanks,
Joe

Clark seems to have a better handle on NUGT and metals than I do...but what I can tell you is that I can see a descending triangle and 5 waves up in NUGT...so looks like it could get a pullback, but 5 waves up usually means another try to the upside, as before (a breakout of this descending triangle would be bullish of course)
I am expecting sentiment to change after the 22/23rd...so we will see if that will bring another pullback in the markets...

Ha! I don't know nearly as much as you TG on trading. I've just gravitated to GDX over the past 6 months or so for some reason. DUST and NUGT are quick movers...they are like crack. I trust your work more than mine, and not blowing smoke. You do a great job. And Happy Birthday btw!

Thanks Clark! I think it will be interesting what the dollar does here...looks like it could be a bear flag...but the dollar is also very oversold and depending on what happens here, we could end up seeing some pos d...?? We'll see....
Commercials (smart money) seems to be net long the dollar, while dumb money is net short..??

thanks TG
best chart i've seen on COT
can u link the source??

[ClarkW]

Here's a good chart on the Euro from http://blog.kimblechartingsolutions.com ... roct17.gif

[Petsamo]

Europe outperforming SPY

It has been outperforming for two+ months. The doom & gloomers so far have stayed away. Maybe the PIIGS are fixed, for the 10th time.

[TraderGirl]

TraderGirl,
I hate asking you to work on your birthday but if you get time, would you tell me what your charts say about NUGT out 20-30 days???
The put options are 3 to 1..
Thanks,
Joe

Clark seems to have a better handle on NUGT and metals than I do...but what I can tell you is that I can see a descending triangle and 5 waves up in NUGT...so looks like it could get a pullback, but 5 waves up usually means another try to the upside, as before (a breakout of this descending triangle would be bullish of course)
I am expecting sentiment to change after the 22/23rd...so we will see if that will bring another pullback in the markets...

Ha! I don't know nearly as much as you TG on trading. I've just gravitated to GDX over the past 6 months or so for some reason. DUST and NUGT are quick movers...they are like crack. I trust your work more than mine, and not blowing smoke. You do a great job. And Happy Birthday btw!

Thanks Clark! I think it will be interesting what the dollar does here...looks like it could be a bear flag...but the dollar is also very oversold and depending on what happens here, we could end up seeing some pos d...?? We'll see....
Commercials (smart money) seems to be net long the dollar, while dumb money is net short..??

thanks TG
best chart i've seen on COT
can u link the source??

Here you go!
http://www.nowandfutures.com/cot.html

[Apple]

Anyone know ORLY ?

Maybe still too high. GPC looks better.

[KeiZai]

Here's a good chart on the Euro from http://blog.kimblechartingsolutions.com ... roct17.gif

Yeah euro is at critical juncture that´s for sure now at 50 RSI on monthly scale if breaks through this line euro have opened doors for few months (if not u know the outcome )

[Al_Dente]

THANKS TG
luv u

[ClarkW]

Here's a good chart on the Euro from http://blog.kimblechartingsolutions.com ... roct17.gif

Yeah euro is at critical juncture that´s for sure now at 50 RSI if breaks through this line euro have opened doors for few months (if not u know the outcome )

EUR-50.png

Am I to wear 3d glasses when looking at this chart, KeiZai? I'm getting dizzy trying to read all the fib #'s

[ClarkW]

THANKS TG
luv u

YES, great site TG. Thanks for sharing!

[Petsamo]

Anyone know ORLY ?

Maybe still too high. GPC looks better.

I just saw the 5 year chart on ORLY. It's not my thing

[ClarkW]

RSI on 30 min for GDX has crossed back below 70 and trendline on RSI has broke. Probably another leg up but this leg is done in my opinion

[Al_Dente]

[removed]

[noob]

How long can S&P ignore IBM and the Dow?

[KeiZai]

Here's a good chart on the Euro from http://blog.kimblechartingsolutions.com ... roct17.gif

Yeah euro is at critical juncture that´s for sure now at 50 RSI if breaks through this line euro have opened doors for few months (if not u know the outcome )

EUR-50.png

Am I to wear 3d glasses when looking at this chart, KeiZai? I'm getting dizzy trying to read all the fib #'s

hahaaa that was good one

[SB73]

How long can S&P ignore IBM and the Dow?

Once IBM and the Dow rally it won't ignore any longer. It will rally along side.

[fehro]

possible channels.

[TraderGirl]

Posted a chart like this last night...the similarities to May of 2011 are uncanny...not looking for a top here, I think we have another move up into January, but back in May 2011, there was a bull fakeout...

Edit: not looking for a top here, but looking for a possible pullback at the end of Oct...

[KeiZai]

No more today ?

[MrMiyagi]

Yeah.. they are just going to keep buying this market up..