12/07/2012 Live Update

[Al_Dente]

[DRL]

Interesting, Europe popped with the jobs report along with US markets. However they are trading broadly flat for the day.

[Petsamo]

Interesting, Europe popped with the jobs report along with US markets. However they are trading broadly flat for the day.

That was a jobs report for US, not for Europeans. And it's still a crummy jobs report.

[CMT]

VXX is looking VERY good here, sorry no chart posting abilities but I only post when I see something beautiful!

[Darkmatter]

This market is on hysterical crack.

[TraderGirl]

XIV...hourly reversal candle...

[skittlesmds]

This market is on hysterical crack.

I agree completely.

[Cobra]

all the recent morning black bars.

[ClarkW]

Possible Inverse H&S on Cummins (CMI)?

[ccash04]

Not surprised by this every NFP day you fade the gap either way, with a pretty tight stop and its usually the easiest day to make money.

[TraderGirl]

/ES reversal candle on hourly...

[wayne0708]

all the recent morning black bars.

if this is the case I want my dry age steak min rare

[Jupiter]

GM TG... regarding XIV is 18.57 a strong support. Based on the chart is it safe to go long? TIA.

[Mr. BachNut]

Carrying a little residue from my short trade.
Not sure why 'cause it is peanuts one way or another.
Will clean this up today. Watching today's close carefully.

My view of the market continues to be shaped by the Broadening Formation in ES. I'll call it the "Fiscal Cliff Megaphone".
It is a bearish pattern, but the bias has been bullish last two days as trading has been above moving averages and the meridian of the pattern.
The problem with this pattern is that it can be real hard to know when it is over.
I think I would view a close today above the upper edge of the megaphone or the 1424 high as a bullish cue.
Without that, I have to be open to the possibility of a trip back to the other side of the pattern.
This makes some sense in so far as a good negotiation (hopefully the cliff discussion is a good negotiation) entails brinksmanship and some tension from a scary walkaway moment.
So, if the guys in Washington are doing there job (big if), there is a critical crunchy moment still ahead which could add some volatility to the market, even if things are going well.
We shall see.

My composite indicator trend signal is still in bear mode but is really close to flipping bull.
My summation index signal has been bull for awhile.

[Darkmatter]

Buy program zzzzzoooom lol.

[jademann]

This is the problem and I dont know how it can be fixed without a crash:

http://stockcharts.com/h-sc/ui?s=$VIX&p ... 9309270140

Does anyone here have a view on this? It is totally driving me crazy. really!

[Cobra]

members only update at 10:11am
http://www.cobrasmarketview.com/2012/12 ... ay-update/

[Darkmatter]

This SPX line seems to be working well.

[DRL]

House Leader Boehner speaks at 11 am est
http://www.reuters.com/article/2012/12/ ... A420121207
The last time he spoke SPX dropped quickly.
It *might* be shown here http://www.ustream.tv/speakerboehner (it was last time anyway).

[EvilTrader]

NFP day pattern I Play .

down we go, bet I.