11/08/2013 Live Update

[fehro]

VIX weak... 15m

[MrMiyagi]

spy

[fehro]

fehro do you have a RUT 30 minute chart? I'm curious how you would draw the channels/trend lines etc. Thanks.

Here's a RUT 60m.. will post 30 m shortly... possible resistance here.

RUT 30m

Great thanks. I thought I saw something like your dashed purple upper trend line there but wanted confirmation. Your convergence spots like that have been working well lately (or I've just noticed your charts lately )

Thanks for sharing.

Thanks.. yeah getting a little better.. trying to keep multiple time frames in mind when looking for area's of resistance/support.. but everyone one else is doing the same.. so sometimes.. the lines don't get tagged.. or purposely over run them..just to get everyone off balance.. anyhow.. I hope they help... and sadly after all those lines.. sometimes.. it's just those simple moving averages that provide good points... on that note.. the SPX 60m is running into both the 20ma/50ma on the hourly chart from underneath.

[KENA]

IMHO I call this a dead cat bounce to relive the pressure from yesterday. Right now the SPX ( the 15 min. ) is pushing the 50% fib and this is not bullish. The stoh's are high and turning Been wrong before but lets see.

[tsf]

FWIW
Some Slopers indicated that Uncle Ben will speak at 3PM or 3:30PM this afternoon.

[fehro]

one messy monitor... need to clean it up... but a combination of my SPX 3m, 5m, 15m, 60m .. so lines show up showing resistance support.. need to examine them closely.. kinda works.. hahaha

[kongen]

A word of caution for swing bears. Yesterday was not just a down day it was a capitulation day, as measured by NYADV and NYDNV. Capitulation days usually occur near the end of a downtrend. It's very rare to get one at the start. Difficult to interpret but I've taken it as a signal to sell my shorts, which I'd been holding for a week, and watch for a while. I wouldn't be surprised by a drift lower into the middle of next week, but a capitulation day is usually associated with an imminent bottom not a continuing downtrend. So we'd need to see another setup forming if a real downtrend is to arrive. Almost everybody else is saying this is the start of a turn down, so this is an outlier opinion.

Nice call, RedKite!

[TWT]

$SPX: 60 min momentum

[Al_Dente]

"Federal Reserve chairman Ben Bernanke will speak on a panel about financial crises at an IMF conference at 3:30 PM. Bernanke will be joined on the panel by former Bank of Israel Governor Stanley Fischer, former U.S. Treasury Secretary Larry Summers, and Harvard economist Kenneth Rogoff"

[Cobra]

wait for h2 on EMA20. not sure if it's a good trade or not.

[Al_Dente]

[edit: add-on]
Rogoff co-wrote (with Carmen Reinhart) the popular book “This Time Is Different: Eight Centuries of Financial Folly”
The bottom line was: the world needs austerity
It has since been found to be riddled with errors

[Cobra]

volume surge, so might see rebound soon. lunch time, will be back.

[L_T]

Regional banks. Nice candle on the daily (fading a bit but 2.75 hrs to close).

[uempel]

SPX may have already topped for the day at the 10sma.

Miyagi, so you use the MA10? I follow the MA 9 - I don't exactly remember why. I guess I tested it many years ago and liked it I use it on the weekly too, and always in combo with BB13/1

[taggard]

For Later....hello taggard: thanks for the PMs! you nudged me to resume some meditative practice, focusing on Awareness, Acceptance, and only then, Action ON WHAT IS, not what I want or what I expect, in this line of being mode how would this act of covering too quick be described as "perspective"? tIA[/quote]

seeing "acceptance" more as "blending" (in akido and some other forms) or "sticking" (tai chi or wing chung") or "being the ball" (caddyshack). the perspective is that he looked at the charts and saw something. there are a myriad of different time frames/strategies/levels and so on every time we interact with anything. we usually chose one to take action. looking at the trade in the middle of the flow--he had something he covered--then he seems to have stopped.

once we cover there is no rule against allowing the flow to suck us back into the same directional trade. so if we are in the action and it is intense--we can leave--gather our wits--and re-enter if we like. what i was trying to tout was the idea of "when not sure-take it small--and then listen". getting frozen up inside or outside a trade is just a horrible feeling. slasher movie stuff. or in matrix where he jumps from one building to the next and then freezes up and craters. thinking more like "the dude" in the big lebowski--clueless to the max--frequently wrong--but against all odds blowing through the semi finals.

we can make each instant discrete. meaning we can change our position--change back--invert--get out.

there does not have to be this sense of being committed to anything. trading is more like dating (or speed dating on crank) than marriage. so the less emotional attachment--to whatever--the more fluid. what i feel is important is to first allow these periods to be as short or long as optimal. second never to get caught totally flat footed if at all possible hence my reaction to the idea of what i saw as freezing up (eg he got out and didn't say anything about a counter position).

in trends the speed of the trend is very very important--so while we are discussing 2007--the right nightmare trade was 2008 which was near vertical and massive (http://www.youtube.com/watch?v=4BECSxICcVI). so in a very fast trend--we often freeze--but actually that is when you just enter with the most safety (skip to the middle and turn the sound off http://www.youtube.com/watch?v=SR1jwwagtaQ) how do we ever get this esp after it has started--start small and get information.

[seemore]

GDX

Anyone else see the Sell Ask order at 23.71 of 272,100 (now down to 167,100) sitting on the direct edge exchange?

Why such a big order there?

[Mr. BachNut]

I don't follow QQQ really. So, I didn't catch this.

One of Miyagi's P-Bars managed to even show up on my platform.
There is another one to 83 that didn't.

Seems like things are on their way to tag these.

[fehro]

minor divergrence atm with the VIX INDEX 5m

[TWT]

$VXX: Falling wedge ?

[Al_Dente]

[save for later]
Trailer for the new Marty Scorcese film “"The Wolf of Wall Street"
Out Dec 25
“The movie tells the story of ... a Long Island kid who rose to become a millionaire penny stock scammer and boiler-room boss.”
http://www.businessinsider.com/wolf-of- ... es-2013-10