07/11/2011 Intraday Watering

[agnosia]

/es 1313 pivot still holding but i assume they will break this level to take stops out at some point? that's when i will be buying

[Cobra]

here's what the market usually does assuming the low is around here. if the market doesn't stop here, then I'll have to cook another plan. let's wait and see. Again, this is just one possibility, any time the previous extreme being tested, there's a chance for reversal and this is what I based to draw my evil plan on this little bit bigger picture. Trading is different, so again, right or wrong doesn't matter to me.

[Cobra]

Cobra

Look at the daily charts on all short ETF's and daily chart on VIX looks like they will all explode higher in a "terrible tuesday" manner ? Tuesdays not usually bullish...........

my guess is this round selling is near end. now it's bulls turn, we'll then know what the market is doing the next once we see the rebound.

[Denali92]

Lets just remember this is Opex week - the markets do their best to mess the most people up.... the best rule of thumb is that when we get hourly OS on Tues or Wed, we rally in to Fri.... and if we get OB on Wed, Thurs & Fri, we sell off in to the Mon / Tues after Opex....

Right now, this opex looks a lot like April's right now... I actually think Cobra's call that the highs will be re-tested makes some sense based on the Opex turning points, particularly if we get a move near 1300.

-D

[Cobra]

I see volume surge, a H2 would mean a rebound starting from here, let's see if we get the H2 and hence my 2nd score...

[alvian33]

cobra based on your current plan the close will be > open, but you said 90% open > close?

[Cobra]

right now, i don't understand why the down volume this huge? Financials are selling hard?

[Cobra]

cobra based on your current plan the close will be > open, but you said 90% open > close?

no, you still didn't get different time frame:

the 5 min chart is clear, according to the evil plan today will close open > close.

that 15 min chart is for the following several days not today.

[agnosia]

right now, i don't understand why the down volume this huge? Financials are selling hard?

yeah it's because c + bac make up a very big part of the market overall. this is why TRIN is no longer a reliable tell for the overall market anymore.

[Cobra]

right now, i don't understand why the down volume this huge? Financials are selling hard?

yeah it's because c + bac make up a very big part of the market overall. this is why TRIN is no longer a reliable tell for the overall market anymore.

but the strange thing is XLF didn't make the intraday low while SPY did. So I kind think that my plan for a later day rebound makes sense...

[Cobra]

ok, here, let me explain what I see here: when SPY made its 2nd low today, some other sectors such as XLF and XLE didn't follow, so that's why I think we'll see a later day rebound.

testing sending attachment in my bath room again. I have stomachache today...

[RedCedar]

here's the evil plan for the rest of the day. subject to change at any time of course.

Cobra V5 on your evil plan ! (but not typing in bathroom)

[agnosia]

right now, i don't understand why the down volume this huge? Financials are selling hard?

yeah it's because c + bac make up a very big part of the market overall. this is why TRIN is no longer a reliable tell for the overall market anymore.

but the strange thing is XLF didn't make the intraday low while SPY did. So I kind think that my plan for a later day rebound makes sense...

good thinking

[soku]

i read a dbl bottom. we may bounce from here with a possible target 1320

[shumushu]

i read a dbl bottom. we may bounce from here with a possible target 1320

same, the QQQ is about to close with a double hammer 30min. short term bullish.

[Cobra]

I believe I made the 2nd score. now the 3rd one, the final push down is not mandatory it's purely from experiences as I don't believe we'd see a sharp reversal today, so got to be another low test, either lower low or more likely higher low. Let's wait and see...

[cougar]

right now, i don't understand why the down volume this huge? Financials are selling hard?

yeah it's because c + bac make up a very big part of the market overall. this is why TRIN is no longer a reliable tell for the overall market anymore.

but the strange thing is XLF didn't make the intraday low while SPY did. So I kind think that my plan for a later day rebound makes sense...

good thinking

For Gann-believers, the SPX support today was not surprising, since it happened at the 2x1 time/price line of the active Gann Fan.

[Cobra]

by the way, ES is telling different story, either this is a bear flag in the forming, or we breakdown right from here. anyway, I mean I'm not trading the reverses up here.

[dr659]

by the way, ES is telling different story, either this is a bear flag in the forming, or we breakdown right from here. anyway, I mean I'm not trading the reverses up here.

Did you mean to say ANd we break down from here? Instead of Or we break down from here

[Cobra]

here comes the 3rd push down. remember if this is the last push down it could fail at any time, doesn't have to be a lower low, but on the other hand, if decisively breakdown, then we need another evil plan. right now I don't maintain my original evil plan anymore, because the 60 min chart does look like a bear flag or Rectangle so should breakdown eventually.