12/08/2011 Intraday Watering

[michelangelo]

What's going on, was away from computer and Tv, Gold and Silver dropping like a stone in water?

I can't wrap my mind around that either. You think you'd want them as the fiat system comes down.

[Cobra]

then open.

[sachsun]

Cobra,

I subscribe your site yesterday. I am really impress with your technical commentary. I've learned a lot from you and please keep it up the good work

Thanks

[PolarBull]

Feels like the market may put pressure the EU by demonstrating what could happen if no Euro bond deal.
Particularly after Draghi's comments this morning...feels like a down day.

Don't be too quick to jump to the down day conclusion. With the EU summit happening today and concluding tomorrow (though I think it will be extended into the weekend), the right political move is to not cause the market to rally too much. A rally will reduce the market pressure on the EU countries to do anything positive and will make it harder for things to get push through. That's why we have German officials coming out into the open yesterday talking about how some EU countries are not waking up to the stark reality yet. And of course, today, the ECB basically repeated the same script by playing down expectations for bazookas. It's all a ploy to keep the market pressure on.

[PolarBull]

any bad news? suddenly down a lot

draghi's comments..."lending money to the IMF to buy Euro bonds is not compatible with the treaty".

no buying program...so market programs are selling.

you know...the usual stuff that moves the market a healthy 1.5-2% pre market.

My read of that statement: Just change the fucking treaty tomorrow.

[newbie_77]

99er, bullbear,
where art thou?

master cobra.....
today a down day? or up day?

[jarbo456]

market has bought at this /ES level 1242-1246 3x's. wonder if this'll be different. -_-

[Al_Dente]

NOTE
TRIN spiked to 2.1 right out of the gate
Why, please??
http://stockcharts.com/h-sc/ui?s=$TRIN& ... =249247714

[edit: thanks jarbo, i just read your "market programs are selling..."]

[heavenskrow]

this is downright insanity. Preservation of capital is on my mind today over profit.

[Me XMan]

Looking for $125.5 to cover and go long.

[uempel]

Looking to cover and go long on this gap-down.

Good.

[Me XMan]

Honey! Get into the car. We're going skiing today!

99er, bullbear,
where art thou?

master cobra.....
today a down day? or up day?

[proteus46]

Took my profits in SCO.

I think we will hear good news after the Summit, because they have no other choice, this presents
too good a chance to raise equities and commodities. imo

[rockfish]

good morning all - aapl should lead the market higher - analysts are finally realizing it will be a bumper 1/4 for the iphone

[Cobra]

Cobra,

I subscribe your site yesterday. I am really impress with your technical commentary. I've learned a lot from you and please keep it up the good work

Thanks

Thanks and welcome aboard!

[rpccharts]

HEDGE YOURSELF

[bobo]

There was a small move in the McClellan Oscillator on Tuesday, followed by another very small move on Wednesday. With the SPX at 1252 -1253 and still tailing off yesterday, the bs IMF rumour came out. Absent that, I think the market may have declined more into the close.

I think the buy the dip crowd today should be careful what they wish for.

[SB73]

this is downright insanity. Preservation of capital is on my mind today over profit.

Even though I held short overnight I totally agree with you. This has turned into an absolute circus with anything and everything being backstopped. Market is a joke.

[Me XMan]

Cobra. Any target yet?

[jarbo456]

this is downright insanity. Preservation of capital is on my mind today over profit.

Even though I held short overnight I totally agree with you. This has turned into an absolute circus with anything and everything being backstopped. Market is a joke.

it has been for months now.