06/08/2011 Intraday Watering

[BullBear52x]

This is why I don't counter trade, look at MACD not very bulls friendly here.

[Denali92]

Given Opex is next week and we have been changing market directions on Wednesdays, I would not be surprised (and the BEARS should welcome it) - a bounce in to next Wednesday and then the next stage of the sell off.... we have had a turning point time in June Opex in 2008,2009, add 2010 and then a significant low in July...

for now, shorts are very limited and looking to re-set next week.

-D

[PLUNGE]

I think the Bernank's plan has been: 1. QE 1 and 2 to drive up equity markets and fund primary dealers. Then 2. As QE2 ends, money flows from risk trade into 10 year notes to push mortgage rates down. If that doesn't make banks lend, he'll need to do QE3, but at a level far below SP500 1300.

[Me XMan]

Uncle Benny is a tool for bankers to rape middle class more.
QE3-5 will happen IMO.

I think the Bernank's plan has been: 1. QE 1 and 2 to drive up equity markets and fund primary dealers. Then 2. As QE2 ends, money flows from risk trade into 10 year notes to push mortgage rates down. If that doesn't make banks lend, he'll need to do QE3, but at a level far below SP500 1300.

[oldpigwang]

Dear Cobra: Daily Stoch bottomed and formed gold cross. All MACD formed Positive divergancy except daily which alwasy 2-3 days delay.
Do you think MKT may revveral here?

[soku]

1279.25 long half position.

Yeah, I'm expecting a bounce, but if support fails, I'm out immediately.

The attachment SPX1.png is no longer available

i did some research on 4h chart and found couple bullish patterns too. i think we are around the bottom now. just play at this area to get better entrance.

[KENA]

Still a lot of pressure to go up.The RSI"s and STOH's are still low.The NYSI is getting very low and the NYMO is low all saying UP. I am still not short but will be after a run up.I may not play the up move at least for now.Wait and see. I just looked at the SPY,looks like we are going UP. ( I type slow)

[Cobra]

ChiOsc way too low again, so the rebound may have fuel to go.

[Cobra]

Dear Cobra: Daily Stoch bottomed and formed gold cross. All MACD formed Positive divergancy except daily which alwasy 2-3 days delay.
Do you think MKT may revveral here?

no idea.

[Cobra]

Cobra , I have a question about your statistics for IWM weekly Bearish Engulfing:
http://lh6.ggpht.com/-dCEJd-JqBuk/TerJM ... 25255D.png
Your statistics in the table says “hold for 1.5 weekly bars, we win 11 times out of 11 times.”
What does “holding for 1.5 weeks” mean?
For example, if I shorted SPY @ 130.42 at last Friday (June 3) close, by definition of 1.5 bars,
does it mean:
A) I close position at any time during next next week (during June 13 and June 17)?
Or does it mean:
B) I close position on exact Wednesday next next week which is June 15?
Thanks !

That 1.5 week is just an average: some cases the IWM down straight for 2 more weeks but some cases the IWM up one more week then down 2 weeks in a row, so on average it's 1.5 meaning not necessarily the next week. By the way, the software treat that 2 weeks down in a row as one weekly bar, so that's why you see 1.5 weekly bar instead of 2.5 or 3 weekly bar something - just let you know that nothing wrong here.

Thanks. I think I got it.
So if I shorted Friday close(June 3), I should see profit either in 1 week or in 2 weeks. Am I right?

yes, that the statistics says. but don't forget it has only 11 cases, so nothing for sure.

[oldpigwang]

So I may place some $$ here grab some calls for a bet.

[luckystar2006]

Purely looking at candle stick chart, there is a similiar pattern to indicate an oversold rally.

[BullBear52x]

bear flag action here

[BullBear52x]

UNG

[soku]

i just noticed eur/usd broken down 1.46 level. by looking at the chart, i think the drop was very clean, very clear and it may take out some serious stop orders.
with weaken eur, i am not sure about the strength of rebound now.

[cougar]

QQQ is very weak, but it should be able to bounce a little!
If it gives up again, next support is 55.27 ( Fibonacci harmonic)

[HK88]

$NYAD is down more than 1000, that is not good for a small decline

[alvian33]

where is cobra?

[Cobra]

where is cobra?

watch. kind look like a bear flag to me so I'm a little bearish biased but not sure if there's one more push up here.

[Cobra]

another reason I'm a little bearish biased is I see another Rectangle consolidation on QQQ which usually means a downside breakout...