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Re: 06/23/2011 Intraday Watering
Posted: Thu Jun 23, 2011 1:44 pm
by HK88
These days TA does not seem to work well. Going against the prevailing trend made real good money. Short after a huge rally with breadth and buy the dip on a 15 pt gap down...
Re: 06/23/2011 Intraday Watering
Posted: Thu Jun 23, 2011 1:46 pm
by StrikePrice
We could see one more push up on the day. Then it might be a good time for a short.
Re: 06/23/2011 Intraday Watering
Posted: Thu Jun 23, 2011 1:47 pm
by uempel
Anaconda wrote:Technicals are definitely in favor of a turn. But, I think we still need a lower low today, or tomorrow, first. 5th wave down from May 2 high is still not in. careful longs.
Good luck all.
If you're into EW: SPX could go up to 1305 before starting a fifth...
Re: 06/23/2011 Intraday Watering
Posted: Thu Jun 23, 2011 1:52 pm
by StrikePrice
uempel wrote:Anaconda wrote:Technicals are definitely in favor of a turn. But, I think we still need a lower low today, or tomorrow, first. 5th wave down from May 2 high is still not in. careful longs.
Good luck all.
If you're into EW: SPX could go up to 1305 before starting a fifth...
I think we need to get out of my down channel, the purple lines on my chart before we can consider 1305 target. The next 2 hrs should be interesting.
Re: 06/23/2011 Intraday Watering
Posted: Thu Jun 23, 2011 1:52 pm
by Mario TR
50% fibonaci at 1280 aprox
Re: 06/23/2011 Intraday Watering
Posted: Thu Jun 23, 2011 1:55 pm
by Anaconda
uempel wrote:Anaconda wrote:Technicals are definitely in favor of a turn. But, I think we still need a lower low today, or tomorrow, first. 5th wave down from May 2 high is still not in. careful longs.
Good luck all.
If you're into EW: SPX could go up to 1305 before starting a fifth...
True. Good thing we have TA and fundamentals to help us make decisions, eh?
Re: 06/23/2011 Intraday Watering
Posted: Thu Jun 23, 2011 1:56 pm
by Cobra
pullback as expected, but I still need see how rebound goes, tough call today. As I kept saying the whole morning, RSP, QQQ, IWM are strong so hard to make bear cases but on the other hand, it's clear a bear flag in the forming on the SPY chart. Normally, chart pattern rules, so that's why until now i still don't have any evil plan for today...
Re: 06/23/2011 Intraday Watering
Posted: Thu Jun 23, 2011 2:00 pm
by Jennyahwu
Cobra, what is your eveil plan ? buy SDS? thanks
Re: 06/23/2011 Intraday Watering
Posted: Thu Jun 23, 2011 2:02 pm
by pidge66
Cobra wrote:pullback as expected, but I still need see how rebound goes, tough call today. As I kept saying the whole morning, RSP, QQQ, IWM are strong so hard to make bear cases but on the other hand, it's clear a bear flag in the forming on the SPY chart. Normally, chart pattern rules, so that's why until now i still don't have any evil plan for today...
I suspect the rally may be in anticipation of ORCL earnings after market today.
Re: 06/23/2011 Intraday Watering
Posted: Thu Jun 23, 2011 2:03 pm
by soku
i like mario's chart. 38% retracement is very good for a flag view.
i don't think it is an i h&s because the left should is too close to the head and not significant enough to be a separate count
Re: 06/23/2011 Intraday Watering
Posted: Thu Jun 23, 2011 2:07 pm
by endangered510
H&S pattern in EUR/USD
Re: 06/23/2011 Intraday Watering
Posted: Thu Jun 23, 2011 2:08 pm
by StrikePrice
cletus wrote:Headlines:
*Today's cycle turns are at 10 EST, 12:30 EST, 2:30 EST, expect lots of volatility
*Due to the large gap I will likely leg out of SPY puts and possibly GLD puts at the open, will post my exits
*Oil is probably approaching an intermediate term low. I'm not buying yet.
*Natural gas is nearing a possible inflection point (short-term bottom). I'm not buying yet.
*The "secondary" pullback cycle in the S&P terminates tomorrow so expect this negative action into tomorrow's trade, I have no vision about how low it could go but probably not hugely lower from here -- could be choppy trading the next two days
Cletus don't leave us. Your analysis was really helpful today. Thank you.
Re: 06/23/2011 Intraday Watering
Posted: Thu Jun 23, 2011 2:08 pm
by Cobra
Jennyahwu wrote:Cobra, what is your eveil plan ? buy SDS? thanks
i have no plan now.
Re: 06/23/2011 Intraday Watering
Posted: Thu Jun 23, 2011 2:10 pm
by Cobra
bulls need a H2 here to lunch a rebound. there're 51.000000001% chances, rebound, if any, it's the final push up of the day. I still weight a little more on chart pattern. let's see.
Re: 06/23/2011 Intraday Watering
Posted: Thu Jun 23, 2011 2:12 pm
by Cobra
H2, here comes the rebound, I think. a weak rebound would confirm my call for the final push up.
Re: 06/23/2011 Intraday Watering
Posted: Thu Jun 23, 2011 2:14 pm
by soku
the battle around es 1266 is critical. if lost, es should quickly visit 1261 area then all reversal patterns will be failed. personally i still favor a bearish play.
Re: 06/23/2011 Intraday Watering
Posted: Thu Jun 23, 2011 2:18 pm
by Wallstreetrader
Patience it's all about patience I have re forced my longs from 1297 to 1275 last total 1200 contracts !
My target still the same 1220/6 but profit will be take in parts
Re: 06/23/2011 Intraday Watering
Posted: Thu Jun 23, 2011 2:18 pm
by Cobra
failed H2, but still think a rebound is around, and here's my wild-est-est-est guess for the rest of the day...
Re: 06/23/2011 Intraday Watering
Posted: Thu Jun 23, 2011 2:25 pm
by alvian33
Wallstreetrader, you trade 1200 es contracts at a time? Wow
Re: 06/23/2011 Intraday Watering
Posted: Thu Jun 23, 2011 2:27 pm
by Wallstreetrader
Chart, need to break the 50% Fib