08/17/2011 Intraday Watering

[Cobra]

just a follow-up, the min pullback target marked by tinted area has been reached.

[heavenskrow]

sorry,i can not see heavenskrow's picture.There were three frogs here...

The attachment 1.PNG is no longer available

hahaha wtf! the frogs didnt show up on mine.... FREAKIN COBRA showing his prey


I have noticed that many trendline breaks look very bearish...but also that new lows can become possible support in the new trendline....I copied the top channel trendline and pasted it on to the recent low.... seems to hit some spots nicely.... however it is subjective...Would like some input if i should readjust or not.

[StrikePrice]

Retrace of what looks to be 5 Waves down levels:

23.6% = 119.30
38.2% = 119.70
50% = 120
61.8% = 120.25
76.4% = 120.60

I don't think we see the 76% retrace like we saw yesterday that lead to the gap up this morning. 2hrs to go and a lot of overhead resistance.

[Dow Trader]

Bollinger band narrowing means look for small traingle here or at least lower low for today's low

[BullBear52x]

I am sticking with the Bulls. Thanks everyone.

[Mr. BachNut]

I never been so bullish short term, this looks more like a shake out before a big run up, anyways, so long 5dma holds I am still thinking that bulls got something under his sleeves. sneaky bulls, I can smell some blood I hope it's not turn out to be my own.

Well, Max Pain notwithstanding, my screen is showing 2:1 puts vs. calls outstanding at the 119 and 120 strikes for expiration this week. We'll see where the open interest dust settles at the close today, but I would think there is some support lurking in there.

[99er]

PPT

Courtesy of Fed dissident Dick Fisher, who made it clear that for the first time in history, the Fed is no longer in the plunge protection business, ES wasted no time to react appropriately and take out the 1184 technical support level, a $20+ swing in a few hours. Remember: the Treserve needs someone to boost purchases of Treasurys now that Obama is about to announce that the 2012 budget deficit will be a few hundred billion larger (funded, naturally, through bond issuance), so the old song and dance where the S&P has to be under 1000 for QE3 begins anew...

http://www.zerohedge.com/news/fed-no-lo ... ll-plunges

[BullBear52x]

one more posted earlier, 123 SPY I'll be satisfied.

[proteus46]

once more time buy that dip, be greedy when others are fearful. old man said it.

Old man wants to pay more taxes. You should follow that too.

before paying the tax, you can donate to me, get some tax credit?

That's one formula how to create growth from Washington, tax the rich, cutting tax never proven to create more jobs any how, yes we can!

They've put Obama into a corner, a lose lose situation. His job, fix the economy, create jobs without spending more money. This past month
was politics at it's worst. The citizens get to suffer.

[Mr. BachNut]

I am sticking with the Bulls. Thanks everyone.

Well, Cobra's impulse system may support that view if we close green. Things moving in the right direction at the moment.

[StrikePrice]

I never been so bullish short term, this looks more like a shake out before a big run up, anyways, so long 5dma holds I am still thinking that bulls got something under his sleeves. sneaky bulls, I can smell some blood I hope it's not turn out to be my own.

Well, Max Pain notwithstanding, my screen is showing 2:1 puts vs. calls outstanding at the 119 and 120 strikes for expiration this week. We'll see where the open interest dust settles at the close today, but I would think there is some support lurking in there.

I said Current Pain was 118 yesterday. Now I hear it's 119. So I'm wondering if this is good for another rip higher? It hit right on my trend line I was aiming for and is bouncing for now.

[Anaconda]

That's one formula how to create growth from Washington, tax the rich, cutting tax never proven to create more jobs any how, yes we can![/quote]

They've put Obama into a corner, a lose lose situation. His job, fix the economy, create jobs without spending more money. This past month
was politics at it's worst. The citizens get to suffer.[/quote]

"They" are tired of the cronyism, buffoonery and corruption which stands for Obama-Illinois-machine politics. Are "they" supposed to believe that his spending MORE money, only to continue to get no more jobs, NOT fix the economy and, yet, continue his latest get the vote out tour bus tactics is going to get it done "this time?" The man has failed. He has lost all credibility. We need to do something different.

[EvilTrader]

Cobra, what do you think of elliott wave theory ?

[Anaconda]

Sorry. No more politics from me. Just had to take the bait.
Peace.

[springheel_jack]

Test post.

Hi, I thought I'd register for this intraday thread as I check this blog every day. Some very nice intraday stuff posted here.

[Nomorework]

This about sums up Washington: http://www.youtube.com/watch?v=I1wg1DNHbNU

Cobra,
Now what say you? Where are we headed short term? Test the LOD IMHO

[heavenskrow]

Test post.

Hi, I thought I'd register for this intraday thread as I check this blog every day. Some very nice intraday stuff posted here.

welcome man, i just joined today too, and springheel i have been reading your site too.
I have both you and cobra on my blog

[Dow Trader]

[99er]

Evening Reading

Is the SEC Covering Up Wall Street Crimes?
A whistleblower claims that over the past two decades, the agency has destroyed records of thousands of investigations, whitewashing the files of some of the nation's worst financial criminals.

http://www.rollingstone.com/politics/ne ... s-20110817

[soku]

fisher just said qe3 cost higher than benefit. me short in