12/08/2011 Intraday Watering

[TWT]

SPX : No impulse down = corrective move

Maybe a Double ZZ

This correction will allow a stronger rally into year end

[Petsamo]

Paging BullBear: Hope you kept your EDC short position overnight…You had a GREAT entry point!

He probably covered, taking a loss, and he's kicking himself for doing so. poor guy ...

[Xian]

master cobra,
if we can hold here(1245) and below till 3pm then we will go more down otherwise selling for the day is over.... (am i correct here )

triple top target. I don't believe the target yet, but I think you like my target chart, so here we go.

We must see big down day today otherwise, it's pretty much still consolidation therefore bulls still have better chances.

Cobra,

Does negative 1%+ on SPX constitute "big down day"? If not, what does? Your triple top target?

As always, thanks very much

[Cobra]

Hello everyone. Just registered the other day. I love the open dialogue here...
Im quite busy today, don't have time to watch the market minute by minute like I normally do, so....
Any consensus on the intermediate or short term direction? I'd like to get in on SPY or leveraged fund today. Good idea or is it to wishy washy?

Thanks and welcome aboard!

As for direction, I'm pretty much clueless now.

[Cobra]

master cobra,
if we can hold here(1245) and below till 3pm then we will go more down otherwise selling for the day is over.... (am i correct here )

triple top target. I don't believe the target yet, but I think you like my target chart, so here we go.

We must see big down day today otherwise, it's pretty much still consolidation therefore bulls still have better chances.

Cobra,

Does negative 1%+ on SPX constitute "big down day"? If not, what does? Your triple top target?

As always, thanks very much

yeah, better hit the target today. The bigger the red bar the better.

[newbie_77]

that was a biggest minute bar on the volume ... 2.5 mil. but no follow through

[Al_Dente]

Al Dente & newbie_77: In case you wonder about my SPY time put spread: I "deconstructed" it this morning, also in 2 steps. First bought to cover the short arm and now, after a third drop, I sold the long arm…all for a profit.
Rationale: I do not want to have interlocked positions tomorrow, when weekly OpEx and the EU Kabuki Show overlap.
I also had a complementary QQQ time call spread, which I did not discuss here (with a strike = 57). Also closed it this morning in an analogous sequence of events, but with a different timing for selling the longs…
For tomorrow, I might enter different positions, when and if I would sense a ”hidden message” revealed by the trading during the second part of the day…Why would this be preferable to staying on the sideline? Because the first move in a fresh impulse is the most profitable and I would prefer not to miss it…But…is it too risky to be early?

Congrats cougie
Here’s the best “string alert” I could find on such “short” notice:
http://www.youtube.com/watch?v=NsU_MERl ... re=related

[Me XMan]

That spike in pre-hours shook out lots of bears IMO

Paging BullBear: Hope you kept your EDC short position overnight…You had a GREAT entry point!

He probably covered, taking a loss, and he's kicking himself for doing so. poor guy ...

[Al_Dente]

triple top target. I don't believe the target yet, but I think you like my target chart, so here we go.

Yo King: you got that right I LOVE your measured move targets ALWAYS (especially when I can read the target number).
Also you rock on Chailkin Oscillator (“ChiO”) signals, all volume info, percentage chances on set ups, NYMO, etc etc, so many rocking cobra “thingies”, list is toooooo long to note all here

[Me XMan]

If SPY closes above $125 then it's going up more for sure.

Not today. but bears sure would hope it's today otherwise, the daily chart is still a consolidation pattern which favors bulls. Bears really need show strength here.

[michelangelo]

Russell now in a downtrend.

[jarbo456]

RSI has gone flat and bullish crossover on macd on SPY 5 minute. that would normally be my signal to cover. but then again, that's what i did at 10:55am...then we dropped. however this macd crossover is a little more substantive, so maybe this is it for the bears?

[stucap]

Bulls appear ready to repeat yesterday, first attempt was destroyed by bears.....but they haven't given up yet....

inverted H&S on the 5 min ES......and oh yeah, about to test the top of the daily channel......

comon bears step up to the plate.....and FINISH THEM!

[proteus46]

SPX : No impulse down = corrective move

Maybe a Double ZZ

This correction will allow a stronger rally into year end

I agree,
http://www.hulu.com/watch/214290/flickm ... od?c=40:47

[kaiboliu]

close out both TVIX and TZA a minute ago.

[Cobra]

here, again, let me explain why it's so important that bears must make a decisive breakdown here, because close inside the red rect would still mean this is a consolidation pattern therefore more like the trend would continue higher. Plus today is the bears 2nd try on the downside, which you all now know, cannot fail, otherwise you Earth people would definitely try the upside again which has been tried 3 times already and there's no pattern called quadro-top, so inevitably another test on the upside would mean a breakout! So again, bears must not fail here.

[Al_Dente]

Paging BullBear: Hope you kept your EDC short position overnight…You had a GREAT entry point!

He probably covered, taking a loss, and he's kicking himself for doing so. poor guy ...

Never underestimate the Baron von Maestro
He’d be hedged up the wazooooo, and he has more patience than Gad

[jarbo456]

well, i should've looked at the charts better...

this is what looks to be the pattern...two down attempts before the bulls take over.

like i said earlier, the 20MA has to catch up, and it certainly has done that...

[chocobee]

Taking my profit here with SCO - shorting gold looks yummy but patience, patience... getting ready for X'mas shopping before Ben finishes his fund raising today...

Congratulations!

Thanks I am almost done with shopping - TNA, ERX, FAS, SPY call ---- now getting ready to cook bear meat roast for dinner this eve

[PolarBull]

Master Cobra,

Isn't today the 3rd try on the downside of the rectangle? We have 1 try on Dec 2, 1 try yesterday and another try today. Or do you mean something else? Getting confused here.