05/23/2011 Intraday Watering

[99er]

Silver
Update.
http://99ercharts.blogspot.com/2011/05/silver_23.html

[uempel]

A bullish view of the hourly chart, but nota bene, I'm not long, just watching:

[StrikePrice]

Huge volume spike in UUP in the last 10 minutes yet no higher high for the day.

[jamesmith]

A bullish view of the hourly chart, but nota bene, I'm not long, just watching:

SPXC.png

i went long...nevers + not sure :oops: :o :? :shock: :cry:

[99er]

SPX
"Gap Fill."
http://99ercharts.blogspot.com/2011/05/spx_9740.html

[q2model]

Cobra: have you ever read "The New Science of Technical Analysis by Tom DeMark"? if yes, what do u think of it?

[uempel]

A bullish view of the hourly chart, but nota bene, I'm not long, just watching:

SPXC.png

i went long...nevers + not sure

Hope you didn't put all your money in that trade...

[StrikePrice]

Cobra,

Is this a VIX buy setup if it closes inside the bollinger band or do you need a close outside the bands first?

Recently this type of spike in the VIX has lead to a good short-term trade in XIV.

[99er]

ES and ZB
Hey, Ben. Who you gonna call?
http://99ercharts.blogspot.com/2011/05/es-zb_23.html
"Ghost busters!"

[Cobra]

Cobra: have you ever read "The New Science of Technical Analysis by Tom DeMark"? if yes, what do u think of it?

No

[Cobra]

Cobra,

Is this a VIX buy setup if it closes inside the bollinger band or do you need a close outside the bands first?

Recently this type of spike in the VIX has lead to a good short-term trade in XIV.

close outside first.

[maldini]

I'm careful here, but I notice that several charts are showing SPX at support - see the 10 minute and the daily (daily courtesy Richard Lehman):

SPXB.png

SPXA.png

it will be a HUGE bull flag

[uempel]

Another look at 1315:

[StrikePrice]

Cobra: have you ever read "The New Science of Technical Analysis by Tom DeMark"? if yes, what do u think of it?

No

I've read DeMark and have adopted some things I like. For example I draw my trend lines based on his theory of always going from right to left and getting as many touches on the line as possible over just connecting the tips of the candles. I find it really is more accurate and creates great buy or sell points when you get the overshoots of the trend line.

Good luck. A lot of his stuff is really tedious and requires a ton of patience and discipline.

[q2model]

Cobra: have you ever read "The New Science of Technical Analysis by Tom DeMark"? if yes, what do u think of it?

No

I've read DeMark and have adopted some things I like. For example I draw my trend lines based on his theory of always going from right to left and getting as many touches on the line as possible over just connecting the tips of the candles. I find it really is more accurate and creates great buy or sell points when you get the overshoots of the trend line.

Good luck. A lot of his stuff is really tedious and requires a ton of patience and discipline.

Thanks a lot . Do you use some sort of software to draw your line or just by hand?

[StrikePrice]

Anyone else notice the volume on the morning session not as high as recent selling including the prior big Monday gap down on 4/18...

[99er]

noidea: "how do you see it now?"

Intermediate-term, around 1266.

By then Italian city plazas may look like Spain's.

[StrikePrice]

I've read DeMark and have adopted some things I like. For example I draw my trend lines based on his theory of always going from right to left and getting as many touches on the line as possible over just connecting the tips of the candles. I find it really is more accurate and creates great buy or sell points when you get the overshoots of the trend line.

Good luck. A lot of his stuff is really tedious and requires a ton of patience and discipline.

Thanks a lot . Do you use some sort of software to draw your line or just by hand?

I don't use software that has DeMark indicators, not sure which ones do beside Bloomberg terminal.

[soku]

Thanks a lot . Do you use some sort of software to draw your line or just by hand?

i read couple of his books. very good ideas but very bad writing. feel like he has problem communicating.
i adopted a lot of his ideas. pretty cool. u can find most of his important indicators on bloomberg. he sells his own software as well.

[cletus]

Hold on to your silver longs. As you can see, silver is doing nothing today despite a huge down day in the market. The cycle turn is on Thursday so even in the worst case it makes a cyclical low in a few days, so it would be a bottom anyway. If it's a top, it should peak around 38 or so and maybe we'll reverse and short silver.

As for the market, the bears are really overstaying their welcome. Today is a gift considering that multiple indicators are pointing to a bottom in this zone.