10/06/2011 Intraday Watering

[Rezito]

I think the market may be pricing in QE3 already. The way I read it, if the job numbers are bad that’s a case for QE3 and if they are good, well, that’s good for the economy. Usually if the market is nervous about the payroll numbers it will not have a big green day the day before like it did today.

[seekingknowledge]

I think the market may be pricing in QE3 already. The way I read it, if the job numbers are bad that’s a case for QE3 and if they are good, well, that’s good for the economy. Usually if the market is nervous about the payroll numbers it will not have a big green day the day before like it did today.

Key day tomorrow. Check out this 60 min chart of the TNA. Note the following:
* Resistance zone (we are right there)!
* Rising wedge (usually means we will break down -- we'll see)
* MACD overbought & the K is SLIGHTLY pointing down. However, since this is a 60 minute chart, we can stay up here for a couple/few hours and keep going higher
* ROC is pointing downward
* RSI still rising, which contradicts the three above bullet points

Disclaimer: Holding no positions overnight; waiting for jobs numbers ... and The King's nightly report.

[rocstocktrader]

Stock market article: “Gold, DAX and Dollar Still Pointing to Sharply Lower Prices”

http://stk.ly/qYFCaS

[uempel]

uempel, notice the P/E difference between Apple and the companies you mentioned. Plus there was the tech bubble.

Thanks for sharing your chart.

Yes, I shorted AAPL from 400+ to 370. Then day traded it afterwards. That was an easy short, but I used different indicators. Not the XLF ratio you mentioned. It's great to learn this new thing.

Every broker and every shareholder mentions aapl's attractive P/E, but that's not the issue. Fact is that every appl product is open to copycats. This is not XOM or some other big oil which cannot easily be copied - no way that a small Indonesian oil company conquers the world. But it's very likely that a small Indonesian tech company produces great tablets and conquers the Far Eastern markets, and then the world...

But fundamentals ain't the issue - the chart shows it all and does not need any comment. I'd love to have a huge short on aapl, but I do not want my capital blocked in a trade which might take 2 or 3 years to play out. So I'm just waiting for more weakness to jump the ship.

By the way, I'm a huge fan, we've got several macs and pads...