05/05/2011 Intraday Watering

[Olly Varadi]

Kind of like catching a falling knife to buy SLV, but the knife has already fell pretty far. Thoughts on buying SLV here...problem this is really the first day the $DXY has really moved and if it moves higher SLV will likely get hurt more.

Just looking for a bounce...the real buy would be after a double test of a bottom (whenever that comes).

Joe, wait for the retest of the bottom then.

Do you really want to get out in front of an instrument that went parabolic then lost 25% in 5 days and had 4 (5?) margin hikes?

[dr659]

Measured move. so far the rebound is corrective in nature (strictly speaking). personally I need more evidences to call the rebound is "corrective" in nature.

Now, what does corrective mean? And as compared to what?, Sorry I`m kind a new to all this TA, And observing,trying to learn

[StrikePrice]

Kind of like catching a falling knife to buy SLV, but the knife has already fell pretty far. Thoughts on buying SLV here...problem this is really the first day the $DXY has really moved and if it moves higher SLV will likely get hurt more.

Just looking for a bounce...the real buy would be after a double test of a bottom (whenever that comes).

Wait for RSI(2) on the daily to get above 30 before trying to buy SLV...imo.

[Thunder]

SLV new lod !!!!

[uempel]

Chart explains the action pretty well, right?

[soku]

down down down. me on fire today.
1342.5 is my local high, which is the lower high, implies, (but no guarantee of) lower low.
set cover at 1335.5

[uempel]

Measured move. so far the rebound is corrective in nature (strictly speaking). personally I need more evidences to call the rebound is "corrective" in nature.

Now, what does corrective mean? And as compared to what?, Sorry I`m kind a new to all this TA, And observing,trying to learn

Angle of the move is less steep, less aggressive. Reactive and not proactive.

[dr659]

Measured move. so far the rebound is corrective in nature (strictly speaking). personally I need more evidences to call the rebound is "corrective" in nature.

Now, what does corrective mean? And as compared to what?, Sorry I`m kind a new to all this TA, And observing,trying to learn

Angle of the move is less steep, less aggressive. Reactive and not proactive.

Thanks

[soku]

down down down. me on fire today.
1342.5 is my local high, which is the lower high, implies, (but no guarantee of) lower low.
set cover at 1335.5

down down down. me out.
party time people. how about mid-town? beer on cobra

[99er]

Copper
Remember this puppy trading water?
http://99ercharts.blogspot.com/2011/05/copper_05.html
It's drowning now.

[deeko]

rally fail. we are going lower int eh coming weeks.

[BullBear52x]

First gap support fails, next big gap support is a target.

[PRI]

Tomorrow is the anniversary of the flash crash.

[soku]

wtf is going on? i just went to bathroom. i missed 5 points?
me long here for a revenge.

[99er]

SPX
Where's Cletus?
http://99ercharts.blogspot.com/2011/05/spx_9035.html
"No. the breakdown this morning was a headfake and the market will rally from here. Not an optional scenario.'
Hope you didn't bet on it.

[Thunder]

WE R STILL AT THE 15 MIN CHART CHANEL ON THE SPY !!!

[StrikePrice]

So is it unanimous now???

Sell the rips!

[Cobra]

wow, what happened while I was away?

[BullBear52x]

If DOW is a reliable leader to major move, it sure lead on fear factor now. see MACDs

[Cobra]

havn't seen this kind of failed rebound for long long time.