07/12/2012 Live Update

[Al_Dente]

Banks
Note the last three charts are the EU-based banks
http://stockcharts.com/freecharts/candl ... ,SAN|B|D10
underneath the chart, select duration >two days >GO

[Cobra]

biggest bar, so might see pullback here, then we'll see. personally I don't believe we're going to have another V shape day but market is always right so if indeed, I won't argue.

[TraderGirl]

ya what a joke, thats what happens when every body copying each other.............

I think everyone here knows that Cobra does not have a crystal ball sitting in front of him, if he did he sure wouldn't be here trying to help us...

You need to take responsibility for your own trades as everyone here does, don't blame it on others...otherwise you will continue to lose...

Do your own analysis so that you can see if you think someone is wrong or not....and then make a choice based on your own work combined with other's work...but never blame someone else for a trade....

[Cobra]

100% MM target would be $132. We're at 61.8% MM target now, so bulls might have chance, don't know, I still cannot believe we'll have another V day.

[Cobra]

cobra: aapl? targets spy?

Just gave SPY target. AAPL still should be 2 legged up. the 1st leg was done, now pullback, the question is where's the 2nd leg up?

[Cobra]

" more rebound, low was in " what a jocke............

hmm, you have the guts.

[KENA]

Took profits on all shorts and now will be going long swing trades in 4-5 stocks. All have had good pull back off highs and may start up tending.To me with what little I know the mkt of stocks( not indexes) seems to be wanting to creep up in some stocks.So let see what happens for a few days.

[Al_Dente]

drop was pretty deep, bounce is to be expected, and at the moment it’s just a flag up to MAs.
Unless the bears start taking profits and sqz.... we should be okay ... HOWEVER
nydec is still >2400

[Al_Dente]

Took profits on all shorts and now will be going long swing trades in 4-5 stocks. All have had good pull back off highs and may start up tending.To me with what little I know the mkt of stocks( not indexes) seems to be wanting to creep up in some stocks.So let see what happens for a few days.

KENA a squeeze here will be ALL your fault for profit taking

[yahoostock]

the question should be: all the 4 strong close failed, will it the 5th time?

For 4 days in a row, we had a strong close. The question is: are we going to have a very strong close the 5th time?

[TraderGirl]

TraderGirl,
Do you think the $8 low in NUGT is the low for now???

I am wondering the same thing...Looking at GDX we are right at that trend line support, but the wave count says we could be in a wave 5, which would give us a new low...but knowing we could be getting another correction in August I would not be surprised to see it bounce here, then make the new low in August...I can't tell you, have to see if it maintains this support line...

I don't want to get in trouble with tradematti...

[TraderJoe]

TraderGirl,
Do you think the $8 low in NUGT is the low for now???

I am wondering the same thing...Looking at GDX we are right at that trend line support, but the wave count says we could be in a wave 5, which would give us a new low...but knowing we could be getting another correction in August I would not be surprised to see it bounce here, then make the new low in August...I can't tell you, have to see if it maintains this support line...

I don't want to get in trouble with tradematti...

I think tradematti is on all of our shit list???

[soku]

Took profits on all shorts and now will be going long swing trades in 4-5 stocks. All have had good pull back off highs and may start up tending.To me with what little I know the mkt of stocks( not indexes) seems to be wanting to creep up in some stocks.So let see what happens for a few days.

we r on the same page. this week is done.

[TraderGirl]

NUGT backtesting broken wedge....

[KENA]

Up date on mkt strength.This is up dated every mon.Notice the up tending push.This along with other info (including Cobras evening charts and comments) that I study indicates up tending but maybe a little choppy.Enough so that I am more on the bullish side.(chart by stocktiming)

[KENA]

Took profits on all shorts and now will be going long swing trades in 4-5 stocks. All have had good pull back off highs and may start up tending.To me with what little I know the mkt of stocks( not indexes) seems to be wanting to creep up in some stocks.So let see what happens for a few days.

we r on the same page. this week is done.

Hi Soku...Glad to see that I'm not alone..

[JB007]

" more rebound, low was in " what a jocke............

I follow Cobra's calls. Paid for my Cobra subscription for the rest of my life in the last month alone. Nobody can call the market hour by hour perfect every day. Take a stop loss and move to the next trade, that's what I did.

[Al_Dente]

Note the $NYAD (second panel)
AD could (and should) get more extreme, but it just grazed the bounce zone (green arrows)
Also note its failure rate in the bounce zone (blue arrows = fail)
[edit: the fails in this timeframe chart were all on gravity-pull down days !!]

[Al_Dente]

" more rebound, low was in " what a jocke............

I follow Cobra's calls. Paid for my Cobra subscription for the rest of my life in the last month alone. Nobody can call the market hour by hour perfect every day. Take a stop loss and move to the next trade, that's what I did.

nice post JB, thanks

[SWalsh]

we may be in the wave iii within wave (3).

I would have expected a bigger gap if we were in 3 of 3.

Yes, but not necessary. I think deeper than 0.80% is satisfied. The fall would continue next days.

It sure seems to be channeling like a corrective move at this point.