04/21/2011 Intraday Watering

[FJoe]

Stocksage,

My point is todays gap will get filled in 3 days...and if it isn't filled today, the upside is very limited after today. I do think if we break above the Feb. highs we are on our way to 1430 by July. I am just looking at it from a swing trade perspective and nothing else.

Plus I can't see us break through the highs of Feb. with the big boys not trading today.

[uempel]

This chart gave a buy signal this morning, backtests show that the buy signals (approx 80%) are more reliable than the sell signals (approx 60%). But note that the reliability of the three indicators has deteriorated lately:

[lqiantobe]

corba~ do you think suppose bull won't show weak today?

[99er]

DX
Dollar futures back testing the prior low.
http://99ercharts.blogspot.com/2011/04/dollar_21.html
Will it break north?

[Kato]

BKX hit another low for the year ($49.97)

The bull rally is not legit until the financials participate.

[KENA]

I agree with COBRA when the bulls get complacent the mkt is about to change.Its the contrarian view. IT will happen with the Bears also.

[Cobra]

corba~ do you think suppose bull won't show weak today?

if today green chances are very high we'll have a red Monday. that's all I know.

my guess today should be green eventually.

[cletus]

The spiral calendar has predicted every turn in the market successfully this month. April 3rd was a top, April 15th was a bottom...April 26th -- a top? The only question is how much damage the bulls can do in a couple days. And yet, this could still be a cycle low if the market turns from here (less likely).

[maldini]

This chart gave a buy signal this morning, backtests show that the buy signals (approx 80%) are more reliable than the sell signals (approx 60%). But note that the reliability of the three indicators has deteriorated lately:

Signal.png

THANKS

[DCS]

Sure will get filled eventually, but as far as agreeing with Cletus the bear thats definitely another subject. 2 years and counting of losses for the da Bears.

There were comments about this on yesterday's thread.

I don't get it.

1 - bears just had an awesome week, depending on what timeframe one is trading.

2 - why would anyone gloat about either camp if the idea is to trade whatever trend is presently apparent?

Great board here. We don't need the distraction of juvenile commentary. Thx.

[Me XMan]

They're overloading techs now.
Financials are out of favor recently.

BKX hit another low for the year ($49.97)

The bull rally is not legit until the financials participate.

[Cobra]

I agree with COBRA when the bulls get complacent the mkt is about to change.Its the contrarian view. IT will happen with the Bears also.

that's the general rule, apply to everyone here: if you're happy and think you found the secret of trading and you want the others know how much you win, well, it's right the time you're about to lose money. I'm sure lots of you have the same experiences.

I think you all know the reason behind, right? Win and lose are just part of the trading life. Be happy when you lose and be humble when you win, after all, to earn money in the long run CONSTANTLY is our ultimate goal. It's not let the others know how smart you're the purpose of trading, right?

[Cobra]

Sure will get filled eventually, but as far as agreeing with Cletus the bear thats definitely another subject. 2 years and counting of losses for the da Bears.

2 - why would anyone gloat about either camp if the idea is to trade whatever trend is presently apparent?

Agree. you have my vote.

[Me XMan]

No POMO today from the Fed. Which means red IMO.

[Cobra]

yesterday's high as support.

[Cobra]

I see the previous bar as exhaustion bar, so chances are high we'll see rebound here.

[BullBear52x]

GM,
bears don't discount the Ascending triangle.for the mean time sell the rally until 132.5 that's my game, so far so good.

[maldini]

I agree with COBRA when the bulls get complacent the mkt is about to change.Its the contrarian view. IT will happen with the Bears also.

that's the general rule, apply to everyone here: if you're happy and think you found the secret of trading and you want the others know how much you win, well, it's right the time you're about to lose money. I'm sure lots of you have the same experiences.

I think you all know the reason behind, right? Win and lose are just part of the trading life. Be happy when you lose and be humble when you win, after all, to earn money in the long run CONSTANTLY is our ultimate goal. It's not let the others know how smart you're the purpose of trading, right?

Thanks!
This happened to me just weeks ago:
Five weeks into daytrading, I made some fortune "consistently" and luckily, then I become extremely complacent, leading to lose all of my profit this year later!!

[uempel]

This chart gave a buy signal this morning, backtests show that the buy signals (approx 80%) are more reliable than the sell signals (approx 60%). But note that the reliability of the three indicators has deteriorated lately:

Signal.png

THANKS

I can can give you a link so you can update yourself - but the chart is hourly and the link will only work if you are a subscriber to stockcharts...

[StrikePrice]

This chart gave a buy signal this morning, backtests show that the buy signals (approx 80%) are more reliable than the sell signals (approx 60%). But note that the reliability of the three indicators has deteriorated lately:

Signal.png

THANKS

Wait for it. VIX is still rising. Just hopped up to 15.