06/14/2012 Live Update

[MrMiyagi]

Ah what the heck, just for fun;

[Al_Dente]

another sqz
what?
this is nuts

[Cobra]

the chart pattern is bullish, assume no miracle in the last 22 min. if you don't understand what I mean, I'll explain in tonight's report anyway.

[snakehead]

Ah what the heck, just for fun;

That figures --- we are going to be stuck in this channel until October !!

[OverUnder]

There would have to be a lot of time before any coordinated action. No Greek party will win a clear majority, and even if Syriza gets a plurality, they'd have to see if they can form a goverment first, which would take at least a week, and then see how negotiations are handled if they want to re-do the bailout. No reason whatsoever for some coordinated action solely due to elections.

[Petsamo]

So, who isn't placing bets for a gap up tomorrow ?

[TraderGirl]

SPX...resistance at upper downtrend line at around 1337/1338...

[OverUnder]

Not I, no way.

So, who isn't placing bets for a gap up tomorrow ?

[Tutti]

10 handle moves in 10 minutes in each direction and back again. wow. I think they broke the computers. Someone call the tech guy

[TraderGirl]

TMF tracing out a continuation pattern...up....

[SB73]

Not I, no way.

So, who isn't placing bets for a gap up tomorrow ?

remember bets are 50/50 on the best days. I prefer slightly better odds than that. Could miss out on a big gap one way or the other, but I am ok with that.

[PLUNGE]

I have no idea what the market is doing.

Thanks for your candor, Cobra! Based on 20 years experience, OE is unpredictable at best, and when we get to Thursday/Friday it becomes impossible to trade rationally, due to Big Guys squaring their positions and trade ahead for the next OE.

Good Luck!

[Petsamo]

Not I, no way.

So, who isn't placing bets for a gap up tomorrow ?

remember bets are 50/50 on the best days. I prefer slightly better odds than that. Could miss out on a big gap one way or the other, but I am ok with that.

If they finish this thing at the highs, gap up chances diminish

[OverUnder]

Bank of England to activate emergency liquidity facility, and in one month review steps to boost growth, will not be part of Eurozone. Real news from Osborne. As expected per FT article last night.

[TraderGirl]

XIV...says we could be in a C wave up....so C waves are pretty strong, but if in fact we had 5 waves to complete (A), then this should just be a rebound before more down....

If correct, the next wave down could be a (C) wave, which could be pretty strong as well....we'll see....

[SB73]

Not I, no way.

So, who isn't placing bets for a gap up tomorrow ?

remember bets are 50/50 on the best days. I prefer slightly better odds than that. Could miss out on a big gap one way or the other, but I am ok with that.

If they finish this thing at the highs, gap up chances diminish

normal day I would agree, but this is all rumor / central planning so anything goes.

[Al_Dente]

All pre-mkt this morning on that cnbc international exchange early morn program, b4 the boys and becky come on
I kept hearing that the early polls out of grease CONFIRMED the Greeks will vote to stay in
I posted that this am
Grease symbol GREK confirmed that and still does
I have still NOT been able to find a credible link to that story
Anyone?

[Cobra]

well, guess that's it for today. I've commented what I read from the chart, so no repeat here. thank you guys, I'll see you tomorrow.

[MrMiyagi]

Smells like a gap down tomorrow leading to a inconclusive close.

It could also be a very tame, rangy day thanks to OPEX.

[snakehead]

My take on what just happened.

1. You squeezed ALL the bears out --- congratulations.
2. For all the power and might of that up move, there is still negative divergence on the hourly.
3. Even this rumor could not push SPY to its high of Monday morning.

http://bigcharts.marketwatch.com/advcha ... &x=40&y=21

So, "good luck with that", bulls (although personally I would like to see a breakout above SPY 134.25 -- at least it would be going in one direction or another!!)