05/06/2015 Live Update

[fehro]

USOIL.. a tad early with yesterday's USO puts... but small postion OTM.... now watching closely.. adding

[Cobra]

H&S bottom

[fehro]

SPX testing 50d.. 2089.64

[jway888]

H&S bottom

H&S bottom seems work so well compare to H&S top

[cletus]

the bears are learning a very painful lesson on shorting when there is not yet technical damage, even then you risk a trap

the bears may be in big trouble if they couldn't capitalize on the tax outflows of April

[Daniel]

USO up big on day, but also hitting its LOD here..

[Daniel]

IWM, IBB, transports (esp. airlines) showing great RS today vs. SPY and QQQ, from the Open.

[q2model]

the bears are learning a very painful lesson on shorting when there is not yet technical damage, even then you risk a trap

the bears may be in big trouble if they couldn't capitalize on the tax outflows of April

Cletus:

Why are you so bullish? The market is locked in a trading range for last 5 months.

One person described this market as: there are not enough bears to have a rally, bulls are too cautions to have a crash.

Just want to understand your view a bit better.

Thanks

[Trades with cats]

EIA report showed a decline in storage, but the decline was less than the reduction in imports, so no noticeable drop in US production of oil yet. I am a broken record but the facts are that this is a traders rally, fundamentals remain negative. Marketwatch.com article today claiming that using the estimated growth in world demand for the year we are still 1.6 million barrels a day oversupplied.

[uempel]

Update:

[Daniel]

xle, eem, ewz fresh LOD

[fehro]

USOIL.. a tad early with yesterday's USO puts... but small postion OTM.... now watching closely.. adding

working.. now..

[Cobra]

100% mm? overall range day.

[SERVO]

Long UCO ... buy the dip (ultra crude)

[uempel]

Bullish Percentages don't look good ...

http://stockcharts.com/freecharts/candl ... BPENER|B|0

[grandeG]

H&S bottom

H&S bottom seems work so well compare to H&S top

Market likes to go up much more than it likes to go down.

[Denali92]

I am neither a perma bull or perma bear...

With last Friday's lows being broken, bulls need to be cautious, as the May first two trading days indicator - which has been right 6 of the last 8 years says that the high for the month of May is in..... Only 2008 (very late in the month drop) and 2014 have not been accurate since 2007.

There will no doubt be excellent short term long side opportunities, possibly tomorrow for a few days and late in opex or post opex.... but now is DEFINITELY the time for bulls to be cautious....

-D

the bears are learning a very painful lesson on shorting when there is not yet technical damage, even then you risk a trap

the bears may be in big trouble if they couldn't capitalize on the tax outflows of April

[Heck]

Two out of three ISE Indices say UP

https://www.ise.com/market-data/isee-index/

[uempel]

There is this green cycle which gave bearish signals in the past - should strike May 14th, Ascension Day.

[uempel]

Denali, I guess we all want to be perma moneymakers As to my outlook: very difficult to see much upside if the Bullish Percentages look so negative.

I am neither a perma bull or perma bear...

With last Friday's lows being broken, bulls need to be cautious, as the May first two trading days indicator - which has been right 6 of the last 8 years says that the high for the month of May is in..... Only 2008 (very late in the month drop) and 2014 have not been accurate since 2007.

There will no doubt be excellent short term long side opportunities, possibly tomorrow for a few days and late in opex or post opex.... but now is DEFINITELY the time for bulls to be cautious....

-D

the bears are learning a very painful lesson on shorting when there is not yet technical damage, even then you risk a trap

the bears may be in big trouble if they couldn't capitalize on the tax outflows of April