09/01/2011 Intraday Watering

[99er]

"R" for Rome?
EURUSD http://99ercharts.blogspot.com/2011/09/eurusd.html

Honey...you certainly deserve Venice.

[Cobra]

watch the blue line below, breakdown would be a small double top here then yesterday's low will be tested and normally, the test of yesterday's low will be bought. we'll see.

[StrikePrice]

still, for now, the bias is on the upside.

Why would bias be on upside of Descending Triangle? Did you get a leak of the ISM report?

[99er]

"R" is for Red.
SPX http://99ercharts.blogspot.com/2011/09/spx.html

And Rocky Mountain Oysters for lunch!

[agnosia]

not that any of us can predict the future, but the past 2-3 big economic data points have been sold at the announcement and then bought like crazy into the close of the day.

would be interesting if we follow that recent pattern with the ISM announcement.

i believe the whisper number is 44/45.

i think it'll be between that and the 48.5 prediction. still below that critical 50 level.

ok thanks. bots get a special data feed and only care if it's higher or lower than predictions, not by how much. good for a pop at least and put in a trail stop to get a quick scalp.

also i hear the chicago pmi number can be bought and paid for before it comes out

[Cobra]

double top breakdown, tinted area as text book target.

[silicon_beaver]

what's happening SPY, shooting up sharply!

[jaaawf]

ISM over 50

[pady]

what just happenned ? Apple 20M ipad units ???

[Tabby]

I never this large candlestick in SPXU. Are we going up to moon now?

[Cobra]

wow, certainly is best of the best news. anyway, I count this as my call for the back test of the yesterday's low being bought was successful.

[Mongoose]

new orders at 49.6

[silicon_beaver]

Is it sustainable?

[agnosia]

ISM over 50

problem is as someone stated before good news is bad news because of no QE. /cl is acting weird. i caught .50 on it but cashed out.

[soku]

i am in late. cannot believe my eyes. this is strange news and it actually proved market manipulation in my mind.
rumor could be wrong? at least it was not until today. es recovered most of the loss and now back to where i think the top is. the next couple hours will be hard to trade imo

[Petsamo]

I don't see unusually good news. ISM Mfg Index came within concensus range. Construction spending is below expectations.

[jarbo456]

I don't see unusually good news. ISM Mfg Index came within concensus range. Construction spending is below expectations.

"washing" of the data to make the headline number look good...that's what i think at least.

the internals are consensus or below.

[stucap]

still, for now, the bias is on the upside.

Why would bias be on upside of Descending Triangle? Did you get a leak of the ISM report?

Could it have been a falling wedge instead?

[Mongoose]

Yes. This may not be enough bad news for QE3. This knee jerk rally may not have legs. EuroUSD popped on the news and has settled back before the announcement.

[soku]

I don't see unusually good news. ISM Mfg Index came within concensus range. Construction spending is below expectations.

rumor since yesterday afternoon saying it would be lower than expectation at 48.5. even the current reading of 50.6 is the lowest since nov 2009 as well.
market was pricing in the rumor since then. now since the news is unexpected, a correction is coming