10/12/2011 Intraday Watering

[Cobra]

hmm, nice, right after I said it's a strong open, we have a 2 bar reversal. the next bar is the key,bears need a follow through.

[stucap]

break of 1196 /es would be a double top.

i guess that would explain the wall of buyers at 1198

rut-roh? did the bears just show up? comon' break 96

[bpi22]

Isn't oil telling the story today?

[Dow Trader]

Zooming on the possible triangle picture

[stucap]

[quote="bpi22"]Isn't oil telling the story today?[/quote

didn't oil used to go bonkers anytime there was any news out of the mid-east?

[nimodo]

Harrisonberg declares bankruptcy?
Wild ride on SINA

[StrikePrice]

hmm, nice, right after I said it's a strong open, we have a 2 bar reversal. the next bar is the key,bears need a follow through.

Love getting tweets of your posts here. Awesome job, Cobra!

[rocstocktrader]

Stock market video: “Major Market Bottom For Gold, Oil, and Stocks”

Along with article on Markets and Slovakia Vote.

You can find the video on the right sidebar under: Tools-Free Trading Videos.

http://stk.ly/qYFCaS

[agnosia]

Isn't oil telling the story today?

nah this is typical of oil trading before the report. sell it down , suck in some bears, scare out some bulls.. then run that sucker up after 10:30.

[Cobra]

another 2 bar reversal, now bulls need follow through. reversal of reversal of reversal with bull follow through, then bears are dead, in smaller time frame such as 1 min chart, you can see a small double bottom there. bulls need breakout the OR high to confirm the double bottom of course.

[rhight]

Good Morning all,

A potential down trend (3 points of contact) could offer some resistance today in the 1209 area. Lately, down trends are being cut like a hot knife thru butter, so we will see.

[Cobra]

looks like a consolidation here on the Global ES, so chart pattern is bullish.

[jarbo456]

another 2 bar reversal, now bulls need follow through. reversal of reversal of reversal with bull follow through, then bears are dead, in smaller time frame such as 1 min chart, you can see a small double bottom there. bulls need breakout the OR high to confirm the double bottom of course.

potentially a reversal of a reversal of a reversal of a reversal...is then what? lol

[stucap]

looks like a consolidation here on the Global ES, so chart pattern is bullish.

IMO tough for "new" buyers to come in here on the bullish side so close to 1220-1230? But, bears have been so weak so why not play for ANOTHER squeeze?

[Al_Dente]

Internals update. NYADV confirmed high; tick a bit weak
http://stockcharts.com/h-sc/ui?s=$NYADV ... =245857107

[Cobra]

Cobra:
Is it too stretch like you normally say?

not yet too stretched, the consolidation yesterday fixed the stretch.

[BullTart]

Ok, so as far as I'm concerned, we will probably fail to penetrate the 80 week SMA on this first attempt.

I think we're probably going to correct around here, load up, and make another attempt at it later, in a classic JBTFD move.

That's when it gets dangerous. I think it will penetrate it on the second attempt. And I think many bulls will hop on the bandwagon. But it will be a massive bull trap. Similar to the killer bear trap we just witnessed. I was lucky enough to sidestep that bear trap. I hope I will be as lucky to sidestep the coming bull trap and not get enamored by the dog and pony show. When the time comes, it will be the hardest trade to make. Similar to how hard it was to buy in the last bear trap we just saw at the low.

Why will it be a bull trap? Because we have a 10/80 weekly SMA crossover. That does not get "crossed-back" a la kriss kross given the angle of the recent crossover. The last time that happened was in 1993, and the angle of the cross back then was much, much more flat.

[quientuves]

May be DAx is giving us a better hint?

[STC]

Cobra, if today closes in green then we can say the Oct 4 bottom is in per 7 day rule? If today closes in red then we may see pull back tomorrow?

[Cobra]

text book target on OR breakout, 75% chances.