09/09/2011 Intraday Watering

[StrikePrice]

So we had a H&S and a Bear Flag within a Bull Flag within a Bear Flag.

Now Island reversal.

Don't you love trading this market?

If 1168 can't hold I think we break the big Bear Flag to the downside next week and make a lower low, with Options expiration and all.

[Cobra]

Hi all,

1st time post. Markets falling due to market chatter about greece defaulting over the weekend.

Thanks and welcome aboard!

[BullBear52x]

a sharp snap back over 5dma or I will hold short over the weekend, if we tank from here 116 is max down side target then I'll be light on the short side.

[Mongoose]

Let me summarize the reasons of falling, that I have learned recently:

1. Real terrorist threat in NY and DC
2. EU in general
3. EU Banks
4. Greece will default in the weekend.
5. GAP filling

http://www.bloomberg.com/news/2011-09-0 ... fault.html

At one point 1 in 4 employed in Greece were working for the government. This "fakelaki" is considered common practice and it is estimated it represents up to 30% (which is of course not taxed)
http://en.wikipedia.org/wiki/Fakelaki

[The Hook]

Watch the semis

[99er]

Tabby: "I have no idea what Vroom is."

The roar of the engine, as in "Start the car."

10-4

[qtipped]

shorted spy yesterday afternoon, my first trade in 5 months. watch out market will prob go up against me. was 117 the bottom?

[silicon_beaver]

Godd morning everyone. This thread really rolls quick. page3 already.

[Michelle]

AAPL held up pretty well through this flush

[Mr. BachNut]

I know I am supposed to be intermediate term guy, but I just covered my SPY short at 119.4 from day before yesterday. Now just hedged to neutral.

I may be wrong and regret covering now, but I think I may get a shot to reposition the short again at a higher level, probably next week. Hoping for one more push up to somewhere between 121.6 - 123.0 but would settle to get it back on again at 119.4. We shall see.

If sky falls, I guess I can jump in at lower level too.

[Mongoose]

Watch the semis

Nice call!

[balance]

Most of the key stocks/etf are holding fine due to weekly option expiration!
Look at DAX and Societe Generale (-3 and -6% each) and you'll see what's coming. VIX is up 7%.
Maybe we'll rebound after 11:30 euro close, but next week will be fun.

[StrikePrice]

I think the Bank of America job cuts had a big effect as well. 30,000 to 40,000 jobs. Will Obama's plan even generate that much? That's more than we added in August, July, and June. Employment is so in a recession (never came out), the question is will the rest of the country follow because more stimulus is just another band aid on a bullet hole.

Let me summarize the reasons of falling, that I have learned recently:

1. Real terrorist threat in NY and DC
2. EU in general
3. EU Banks
4. Greece will default in the weekend.
5. GAP filling

http://www.bloomberg.com/news/2011-09-0 ... fault.html

At one point 1 in 4 employed in Greece were working for the government. This "fakelaki" is considered common practice and it is estimated it represents up to 30% (which is of course not taxed)
http://en.wikipedia.org/wiki/Fakelaki

[StrikePrice]

AAPL held up pretty well through this flush

Gotta love AAPL. It will be back above 400 way before the market is even near 1340.

[gabor]

shorted spy yesterday afternoon, my first trade in 5 months. watch out market will prob go up against me. was 117 the bottom?

Noone knows. But if you shorted yesterday you should be in a winning position.

[EvilTrader]

HEY COBRA

Where is the Patriotic rally ????

I bet the ranch on it !!

[99er]

"Vroom."
SPX http://99ercharts.blogspot.com/2011/09/spx_4456.html

The sound of an engine revving in order to change into the fast lane.

[ClarkW]

I'm not a big Jim Cramer guy but yesterday morning he said the last week of September marked an important bottom 9 out of the past 10 years. Does anybody know if this statement is accurate?

[Cobra]

OK, we've got the range, let's wait for the breakout on either side, then we'll see.

[uempel]

]So far lower band of daily BB13/1 held, other chart shows huge ellipse which is holding:

[attachment=0]SPX11.png[/attachment