04/07/2011 Intraday Watering

[Dow Trader]

The must short term target been met and I closed my Dow with +100 points
holding my short positions in Russell and ES

[Cobra]

OK, glad, sometimes the NORMAL does work (so you still need my experiences I assume). Let's wait until the trendline broken before considering buying dips if you're still bulls. I am snakee now though.

[99er]

Crude
Update.
http://99ercharts.blogspot.com/2011/04/crude_07.html

[Fritz Baxter]

Well, I've been totally stopped out of all longs.
Think I'll wait until a trend gets established before going long or short again.

[Cobra]

support here and here.

[BullBear52x]

Have to think if the market sells off now it will use the Japan earthquake as an excuse, rather than the real reason. Typically these internation disasters/crisis lead to buying opportunities very quickly (London bombings in 2005, Egypt and earlier Japan earthquake).

Japan had several 6.0 to 6.5 earthquakes after the initial terrible earthqake and the market didn't react. While this one is worse, it isn't the 9.0 Japan experienced in mid March.

I heard that alot in the news lately, well, trade what you see. right now market is down. I am sure at some point there will be a support or flying higher again but today in front of my screen is not a bulls friendly. today actions gave lots of important datas to technical junky trader like myself, I like what I see so far.

[simpletrader]

Crude
Update.
http://99ercharts.blogspot.com/2011/04/crude_07.html

look like a wedge is about to end.

[dr659]

support here and here.

Sitting here on the sidelines watching, would you say a break below 1326 on the S&P would mean going lower? And on break above 1344 and going higher?

[FJoe]

I think the key is if we break the lows by more than 2 points on the S&P (from the 10:46 1st low) then that means something and the trend has likely reversed for at least the short term.

[Cobra]

support here and here.

Sitting here on the sidelines watching, would you say a break below 1326 on the S&P would mean going lower? And on break above 1344 and going higher?

My guess that my evil plan about a 2 legged down pullback has already started.

[uempel]

I don't enjoy making money with the misfortune of others. I was short European markets since yesterday because of the rate hike, and then the markets dipped when the news of the Japanese 7.4 earthquake hit the wires.

Here the updated SPX chart featuring the yellow ellipse:

[99er]

Copper
Update.
http://99ercharts.blogspot.com/2011/04/copper_07.html

[FJoe]

Cobra,

Interesting how the half hour bars still have not closed below the lowest half hour close on the S&P on 4/4 at 1329.96 at 2:00 EST.

The hourly low bar is 1330.67 at 2:30 EST on 4/4.

Does this mean anything to you...or just noise.

[PRI]

I don't enjoy making money with the misfortune of others. I was short European markets since yesterday because of the rate hike, and then the markets dipped when the news of the Japanese 7.4 earthquake hit the wires.

Here the updated SPX chart featuring the yellow ellipse:

SPYIV.png

Uempel,
I share your sentiments re: Japan. Thanks for the great charts.

[Cobra]

some resistance here.

[Cobra]

Cobra,

Interesting how the half hour bars still have not closed below the lowest half hour close on the S&P on 4/4 at 1329.96 at 2:00 EST.

The hourly low bar is 1330.67 at 2:30 EST on 4/4.

Does this mean anything to you...or just noise.

Bears are much much weaker than I thought.

[BullBear52x]

All MAs are still pointing down intraday, so, side ways to down at best. TICK got both +/_ 1000 today. the +1000 is the later so lots of buyers.

[Dow Trader]

again, the market marked a must target which is at least 1 tick below today's low

[EkOnkaar]

Cobra,

Interesting how the half hour bars still have not closed below the lowest half hour close on the S&P on 4/4 at 1329.96 at 2:00 EST.

The hourly low bar is 1330.67 at 2:30 EST on 4/4.

Does this mean anything to you...or just noise.

Bears are much much weaker than I thought.

Bleeding away my gains, day by day, in this stupid ass crazy market pumped up by Bernanke..Bears are being taught a lesson..This is sick !

[Mr. BachNut]

In spite of big volumes, SPY and VIX are basically within trading range of last several days. I suspect computer algo trading to run sell stops was in play. That leaves all the sell stops up above. I am out of short position from two days ago.