05/12/2011 Intraday Watering

[Me XMan]

There's no bear trap at 1330. POMO is about to end so peak has been put in. If Uncle Benny decided to do QE3 then just buy everything.

Guys, 1330 is crucial. Perhaps a beartrap down there by going down to 1328 for a minute or two, but a break below 1330 is a break... Wait for a clear signal.

SPX1.png

For me 1325 is more critical. That is the 38.2% Fibo of wave 3, that is the distance between 04/17 low and recent high.

The grid on the daily breakes at 1330 - traders/algorithms tend to follow such breaks. No coincidence that neither overnight (minis) nor in trading today 1330 has been broken...

[AK84]

Where is Cobra????? I hope his big plant has not fallen on him . That would be quite the faceplant

Just kidding cobra! You da man....come backkkk please....

[Cobra]

Where is Cobra????? I hope his big plant has not fallen on him . That would be quite the faceplant

Just kidding cobra! You da man....come backkkk please....

no much to say, since the phantom bar already told us the rebound target so we'll just wait. I'm thinking of driving out to have someone change the car oil for me now.

[uempel]

There's no bear trap at 1330. POMO is about to end so peak has been put in. If Uncle Benny decided to do QE3 then just buy everything.

Guys, 1330 is crucial. Perhaps a beartrap down there by going down to 1328 for a minute or two, but a break below 1330 is a break... Wait for a clear signal.

SPX1.png

]

Read what I wrote XMan, I was very clear! And pondering about the intentions of the Fed will make you indecisive and hesitant (not the character traits of a good trader like you!)

[uempel]

A breakthrough at 1338.50 at 11.30 am might be a bull trap, but I guess I'd buy it:

[99er]

SPX
Get set...

[Cobra]

ok, almost reach target, but I think there's more.

[KENA]

A breakthrough at 1338.50 at 11.30 am might be a bull trap, but I guess I'd buy it:

SPX3.png

You may be right but I would not buy it now. I am still expecting the mkt to go lower.

[gabor]

A breakthrough at 1338.50 at 11.30 am might be a bull trap, but I guess I'd buy it:

SPX3.png

May be a short sqeeze comes?

[uempel]

Same chart again with resistance levels, have not yet decided where to sell:

[Cobra]

A breakthrough at 1338.50 at 11.30 am might be a bull trap, but I guess I'd buy it:

SPX3.png

You may be right but I would not buy it now. I am still expecting the mkt to go lower.

there're some chances that indeed the market has bottomed, at least so far I don't see any lower low here.

[99er]

SPX
Go.

[uempel]

Gabor and Kena, I doesn't matter if this is a short squeeze or whatever, it doesn't matter if the market reverses later on. This is DT and if you see a breakout just go for it. And don't forget to get out in time, because the main trend might have turned to the downside.

[uempel]

Sold at 1342.50...

[KENA]

A breakthrough at 1338.50 at 11.30 am might be a bull trap, but I guess I'd buy it:

SPX3.png

You may be right but I would not buy it now. I am still expecting the mkt to go lower.

there're some chances that indeed the market has bottomed, at least so far I don't see any lower low here.

You may be right..I have been wrong befor but I will wait and see for a bit.To me it just does not feel right.

[StrikePrice]

Sold at 1342.50...

giddy up

[uempel]

Sold at 1342.50...

Wanted to sell at 1342.50, something was wrong with my data feed. Sold at 1342...

[Cobra]

ok, i think it's not a bad idea to go out changing car oil. I believe there should be at least one more push up. where this pullback goes is important to gauge whether the rebound is solid or just a rebound - see that red arrow? breakdown below the line pointed by the arrow would mean the rebound is just a rebound, otherwise, bulls have hopes. But in any cases, the rebound is not over yet.

[99er]

ES
New neckline?
http://99ercharts.blogspot.com/2011/05/es_9245.html
Target would be around 1300.

[99er]

RUT
Not really a wave counter but...
http://99ercharts.blogspot.com/2011/05/rut_12.html