06/01/2011 Intraday Watering

[mkt_tango]

good, rebound indeed. let's see if my target call could be right or not.

Do you mean target up to 133.20 or down (3 push down)?

[99er]

COMP
Tech is toast.
http://99ercharts.blogspot.com/2011/06/comp.html

[Cobra]

good, rebound indeed. let's see if my target call could be right or not.

Do you mean target up to 133.20 or down (3 push down)?

at least larger than highlighted area.

[donatoloscalzo]

Cobra thanks for your good commentary. However could you be more specific when you refer to highlighted area you mean the first lowest square or the second higher? Thanks

[Cobra]

hopefully this is the 2nd leg up also as Double Bottom, therefore target as highlighted. For a very long long time we haven't seen such a weak market like today. very surprising. Don't people say now the QE3 is sure thing and therefore the rebound we saw for the past 4 days?

[AK84]

hopefully this is the 2nd leg up also as Double Bottom, therefore target as highlighted. For a very long long time we haven't seen such a weak market like today. very surprising. Don't people say now the QE3 is sure thing and therefore the rebound we saw for the past 4 days?

Cobra, do you expect this rebound to be complete before trading close today or continue into tomorrow ? Bullish bearish engulfing ?
Or will the market head further south tomorrow

[cougar]

hopefully this is the 2nd leg up also as Double Bottom, therefore target as highlighted. For a very long long time we haven't seen such a weak market like today. very surprising. Don't people say now the QE3 is sure thing and therefore the rebound we saw for the past 4 days?

On this 30 min. chart, the Murrey Math levels were obtained by adjusting the MM octave to the extreme values of the large envelope (yellow).
The 132.5 zone seems to hold, so far…

[Cobra]

Cobra thanks for your good commentary. However could you be more specific when you refer to highlighted area you mean the first lowest square or the second higher? Thanks

the first one is just the measurement, the 2nd one is copy of the first one meaning that the rebound should be larger than the first one therefore should exceed the 2nd one's area. If I don't show the first highlighted area, you won't know how I get the 2nd highlighted area, will you?

[alvian33]

cobra no rebond so far, any thoughts?

[Cobra]

hopefully this is the 2nd leg up also as Double Bottom, therefore target as highlighted. For a very long long time we haven't seen such a weak market like today. very surprising. Don't people say now the QE3 is sure thing and therefore the rebound we saw for the past 4 days?

Cobra, do you expect this rebound to be complete before trading close today or continue into tomorrow ? Bullish bearish engulfing ?
Or will the market head further south tomorrow

will have to see how market closes today. so far, very weak today, even cannot rebound a little.

[Cobra]

cobra no rebond so far, any thoughts?

wait and see. weaker than I thought.

[ctu688]

Yes, I wouldn't recommend anyone take a trade without doing the research, but if people can't do the research and don't understand why I was shorting oil yesterday at the open and it's now down 3% from that level, then they shouldn't be trading period. Other people just post charts and saying nothing that has any meaning or value to me. I'd like to see them post their actual trades because that says something about their confidence.

Anyone can post a chart. Other people have courage and balls.

Hey cletus, wouldn't it be strange (and stupid) if some newcomer just picks up an idea in a forum like this and risks his money without understanding the ups and downs of the market? I believe the great opportunity here is to learn applications of TA - and nothing else.

To just copy some trade from anybody, even from Cobra, is not very wise...

cletus wrote:
I post these hugely profitable trades on here and it seems like some other people get a lot of thanks and credit for posting a chart and giving hardly any advice at all (not speaking about cobra). Strange world we live in.

Just look at oil. I said I was shorting USO off the open yesterday at 40.70 and a now it's under 40.

You're welcome.

Hi Cletus,

Can you elaborate the reasoning of your call on shorting the oil? Appreciated.

[Cobra]

cobra no rebond so far, any thoughts?

I think another rebound attempt here. This time should be going a little far, let's see.

[Cobra]

hopefully this is the 2nd leg up also as Double Bottom, therefore target as highlighted. For a very long long time we haven't seen such a weak market like today. very surprising. Don't people say now the QE3 is sure thing and therefore the rebound we saw for the past 4 days?

Cobra, do you expect this rebound to be complete before trading close today or continue into tomorrow ? Bullish bearish engulfing ?
Or will the market head further south tomorrow

by the way, today's not a Bearish Engulfing therefore bullish. No, the daily chart is way bearish if we close right here.

[donatoloscalzo]

Cobra, volume is low respect to the size of the red bar......

[BullBear52x]

Watch STO=crossed and CMF<0......Bad bad news for bulls. gap down tomorrow sure will crash the bullish idea all together.

[cougar]

After this latest drop, next support for SPY is the 131.6 area.

[KENA]

We have just about wiped out the last 3 day up move and are now getting dn in the area of of the dippers. The bears have hopes of gapping dn thru all the support.My SPY shorts are looking good again.Belive me I was getting nervous.I will still hold and wait and see.

[SigmaEcho]

hi Cobra,

As you always say INDU is the leader. now almost at May 25th low. SPX will follow soon?

[ocassional observer]

another question regarding volumes, the AD is not nearly as bearish as the volume AD, what to make of this, also regarding the AD line made a new high but the market didn't?