05/23/2012 Live Update

[Cobra]

Cobra do you think we will break below Friday lows ? And if so - what is potential target ??

I don't think we'll break the Friday's low today.

[CarlosDK]

Just got a bit confused as I thought you were thinking of a higher move ,, but then we go down - but now confused if the "high" was made yesterday ,, or will we still have another test of te highs ?

[MrMiyagi]

Jeebus that was a long post taggard..

[Cobra]

a little volume surge here and biggest bull bar, so could see a pullback here, then we'll see.

[Mr. BachNut]

I'd be very happy if we could test the previous low.

I hazard to guess that the previous low should get defended pretty firmly. A break of that low could be enough to move a bunch of longs to throw in the towel not to mention the slug of sell stops that will be sitting in the <1290 zone.

May require an overnight gap move to breach the defense.

[TraderGirl]

What is going on in Europe tonight, are they having some sort of vote/meeting?? could sway tomorrow's tape depending on news...I am assuming it will be good news, don't think the market is ready to tank yet....

[Cobra]

Just got a bit confused as I thought you were thinking of a higher move ,, but then we go down - but now confused if the "high" was made yesterday ,, or will we still have another test of te highs ?

I clearly said today will be down. I did think there're chances the rebound isn't over but I wasn't sure about that as I clearly said we need see how the market unfolds today. I didn't expect a huge down day today. But the bottom line, you cannot expect me to call exact every market move.

I think you still don't change fast enough via my short-term view, so I still suggest you to pay more attention to the big picture view which is much easy to track. Also I have intermediate-term model to guide your trade.

To trade my short-term view requires lots of experiences, so you can try to understand how I read the market but I don't recommend you to follow.

[allen11]

a little volume surge here and biggest bull bar, so could see a pullback here, then we'll see.

cobra,im confused with "biggest bull bar, so could see a pullback"

[KeiZai]

What is going on in Europe tonight, are they having some sort of vote/meeting?? could sway tomorrow's tape depending on news...I am assuming it will be good news, don't think the market is ready to tank yet....

EU Summit is tonight, I think we are pricing in greek euro exit

This caused sell-off: "Germany's Bundesbank has sparked fresh worries over Greece's eurozone future, by claiming than a Greek exit from the single currency would be "manageable"

Eurozone crisis live link: http://www.guardian.co.uk/business/2012 ... -eurobonds

[gappy]

a little volume surge here and biggest bull bar, so could see a pullback here, then we'll see.

cobra,im confused with "biggest bull bar, so could see a pullback"

The bulls hoof and snort so mightily...they all fall down. And the big green bar turns red in embarrasement.

[EvilTrader]

a little volume surge here and biggest bull bar, so could see a pullback here, then we'll see.

cobra,im confused with "biggest bull bar, so could see a pullback"

The bulls hoof and snort so mightily...they all fall down. And the big green bar turns red in embarrasement.

i bought the SPY low, sweating blood, to sold at VWAP.

so far so good, but i truly believe we wont crash with soooo money printing expectation.

money printing is household now, we have found the remedy for all human malaise.

[iamtom07]

cobra, does a head-shoulder pattern is forming on spy 5 min?

[Mr. BachNut]

Paging Al Dente re TED Spread discussion:

http://www.zerohedge.com/news/euro-basi ... -red-light

Things are getting interesting.

[MrMiyagi]

130.80$ tops today, then cancel Christmas.

[Al_Dente]

Thanks Taggie
I liked esp "consensual hallucination"
Also, I liked yr weekend “stuff is hugely fluid”
I disagree with you on the unwritten “rules” against flipping an IPO, it’s not even close to definitional “insider trading” rules,
but that is another story for another day…
Luv u and GL2U

ps: Internals are turning EVER so slowly quietly here, but I won’t believe it until the bears start covering en-masse…

[TraderGirl]

What is going on in Europe tonight, are they having some sort of vote/meeting?? could sway tomorrow's tape depending on news...I am assuming it will be good news, don't think the market is ready to tank yet....

EU Summit is today, I think we are pricing in greek euro exit

This caused sell-off: "Germany's Bundesbank has sparked fresh worries over Greece's eurozone future, by claiming than a Greek exit from the single currency would be "manageable"

Eurozone crisis live link: http://www.guardian.co.uk/business/2012 ... -eurobonds

Thanks KeiZai!!!!

[stucap]

a little volume surge here and biggest bull bar, so could see a pullback here, then we'll see.

cobra,im confused with "biggest bull bar, so could see a pullback"

The bulls hoof and snort so mightily...they all fall down. And the big green bar turns red in embarrasement.

i bought the SPY low, sweating blood, to sold at VWAP.

so far so good, but i truly believe we wont crash with soooo money printing expectation.

money printing is household now, we have found the remedy for all human malaise.

bulls look ok here --- good risk/reward trade on your part down there. had monday's gap as stop-loss and huge upside. time will tell.

[stucap]

Thanks Taggie
I liked esp "consensual hallucination"
Also, I liked yr weekend “stuff is hugely fluid”
I disagree with you on the unwritten “rules” against flipping an IPO, it’s not even close to definitional “insider trading” rules,
but that is another story for another day…
Luv u and GL2U

ps: Internals are turning EVER so slowly quietly here, but I won’t believe it until the bears start covering en-masse…

if bulls can get above 1305 ES, massive short covering will occur.

[EvilTrader]

nice bull bar @ 5 min, sold my SPY position right at VWAP !!!

im happy now, gonna pay Cobra forum members a beer or two.

[TraderGirl]

spx sitting at resistance....for now...