05/10/2012 Live Update

[BullBear52x]

Point of focus, looks like Houston got some problem.

BARON
Unconfirmed rumor:
One of the vixies was arrested at the airport with a bomb in her underwear…..

??? another underwear bomber?

[Al_Dente]

alignment

[snakehead]

Updated chart on POSSIBLE Bullish Crab Pattern, per http://www.harmonictrader.com/price_patternscrab.htm

GLD and SLV are badly over sold, I posted GLD chart yesterday, here is SLV, see LOW Volume, a bounce will be limited, maybe it need to shake out more?

Great chart BullBear! Agree on possible need for more shakeout. Small positions in AGQ and NUGT for me at this time, flyers....

I am watching GDX charts closely. My opinion is that yesterday and todays action was gap-filling (and/or some fund
covering shorts). Am keeping an eye on GDX 43.6. Another move up to and above that level, andd I plan to close my DUST position and reverse course.

[CarlosDK]

Cobra

Exactly ,, we have 2 leg higher and we did not move that much ,, actually looks like a backtest of bearish trendlines ,, so that means we "could" see a lower low tomorrow.

[gappy]

Fox News; "House votes to avoid automatic spending cuts."

[snakehead]

Up. up. up. Ole Ole.

Aw, shucks ....

This always works when Cobra says it.
Maybe I am not pronouncing the mantra properly ...

[pezhead9000]

FWIW - block traders are selling SPY, SSO; buying SDS ... though not extreme volumes

http://online.wsj.com/mdc/public/page/2 ... yflow.html
http://finance.avafin.com/blockTrades?t ... dustryId=0

[Petsamo]

Fox News; "House votes to avoid automatic spending cuts."

Good news for leftists, bad news for conservatives.

[KeiZai]

Waiting for euro squeeze is like waiting for godot

[CarlosDK]

Cobra what do you think about RSX ? (Russia)

[dreamtrader]

Hi Cobra:

I am paid member of your site and usually just read. My question is which symbol do you use to see "Total Option Volume". Is it related to overall market (e.g. Nasdaq, S&P500, DOW) or for individual index e.g. S&P500.

Thanks,

Swingtrader

[MrMiyagi]

Rangebound until POWER HOUR.

[SWalsh]

Now this is interesting!

[TraderGirl]

NUGT, could have another bounce in the morning, but if it can't make a new high, it looks like a good place to take profits, IMHO...

Edit: support on pullback?

[Cobra]

Hi Cobra:

I am paid member of your site and usually just read. My question is which symbol do you use to see "Total Option Volume". Is it related to overall market (e.g. Nasdaq, S&P500, DOW) or for individual index e.g. S&P500.

Thanks,

Swingtrader

I don't check "Total option volume" because StockCharts doesn't have the data. if you mean CBOE options total put/call ratio ($CPC), then it's related to all the market, including the index option and individual stocks option.

[SWalsh]

Imagine talking to a floor trader on the NYSE 40 years ago and telling him a bunch of machines, able to trade faster than he could process a bid or an offer, were going to determine if we closed high or lower by what they did right now coming into 3 PM? You'd have to try telling him value and the public meant nothing. It would all be determined by computers faster than those running SAC or NORAD and he could never trade fast enough to beat them. AND, he might act and they could turn it the other way before he wrote his trade down on his pad.

[Cobra]

Cobra what do you think about RSX ? (Russia)

rebound might be but the selling isn't over yet.

[SWalsh]

Fox News; "House votes to avoid automatic spending cuts."

Good news for leftists, bad news for conservatives.

And that likely means they will not vote to suspend the very significant taxes coming in January. Again, good for the socialists/communists, bad for conservatives.

[Al_Dente]

anyone notice that in past couple of days the bears haven’t exactly been racing to cover their shorts…
this is the laziest “bounce” I’ve ever seen in my life/few days

[dreamtrader]

Hi Cobra:

I am paid member of your site and usually just read. My question is which symbol do you use to see "Total Option Volume". Is it related to overall market (e.g. Nasdaq, S&P500, DOW) or for individual index e.g. S&P500.

Thanks,

Swingtrader

Cobra, thanks.