05/17/2012 Live Update

[Petsamo]

I trade with 10 - 20%, if market goes against me and I still like the position I might double up, but mostly I'm down at 10%.

Does that mean the rest of your portfolio is in cash?

[MrMiyagi]

Pre-cancelling POWER HOUR here.

[TraderGirl]

SPX: on the way to unfold a fiver but not done yet

Nice chart TWT, tomorrow we may get a bounce, but looks like we could end this move down for wave 3 on Monday next week. Then we head up to wave 4 into around June 5th, then down into wave 5 into the major Bradley turn date of June 12th.....Woo hoo!!

Let's see how this plays out!!

T-Girl: Should the next 2 weeks have a bearish bias due to the fact that it is the 2 weeks after the New Moon (period from New Moon to Full Moon)?
What do you think?

Well, if this timing is close to correct, I don't know if wave 4 will be very bullish, probably very choppy...??? But could bottom out close to the Bradley turn date of the 12th, could be 10-12th. But, that could just complete A wave, then B wave until July 3-9th, then you know what comes next....

We will see.....

[TWT]

GOLD: A large Triple ZZ off the August top can be considered completed. We COULD have a major bottom in place

[TraderGirl]

SPX: on the way to unfold a fiver but not done yet

Nice chart TWT, tomorrow we may get a bounce, but looks like we could end this move down for wave 3 on Monday next week. Then we head up to wave 4 into around June 5th, then down into wave 5 into the major Bradley turn date of June 12th.....Woo hoo!!

Let's see how this plays out!!

TraderLady, I hardly know what's going to happen in the next trading session, in the next 10 min - and you are a clairvoyant

I wish I was a clairvoyant!! Just in continual study and research!!

[TWT]

SPX: on the way to unfold a fiver but not done yet

Nice chart TWT, tomorrow we may get a bounce, but looks like we could end this move down for wave 3 on Monday next week. Then we head up to wave 4 into around June 5th, then down into wave 5 into the major Bradley turn date of June 12th.....Woo hoo!!

Let's see how this plays out!!

Thank you

[uempel]

I trade with 10 - 20%, if market goes against me and I still like the position I might double up, but mostly I'm down at 10%.

Does that mean the rest of your portfolio is in cash?

Yes - but note, I only trade futures, I need the reserves to avoid margin calls.

[champix]

No break up at all on CL today and still no sign of bottom... Crude is following SPI like a puppy !
Maybe double bottom @ 91.82 (DO NOT TRY, really AGAINST THE TREND)... let's see

[Petsamo]

I trade with 10 - 20%, if market goes against me and I still like the position I might double up, but mostly I'm down at 10%.

Does that mean the rest of your portfolio is in cash?

Yes - but note, I only trade futures, I need the reserves to avoid margin calls.

Futures is leveraged. I don't leverage (I don't know how). There's enough wildness in X, FCX, F, XME ...

[giggleeyes]

Cobra, can you comment on NUGT's next direction?

Thanks a lot!

[Cobra]

the previous bar was a H2 long and it was a winner, let's see if it can go further, so far not bad for bulls.

[uempel]

I trade with 10 - 20%, if market goes against me and I still like the position I might double up, but mostly I'm down at 10%.

Does that mean the rest of your portfolio is in cash?

Yes - but note, I only trade futures, I need the reserves to avoid margin calls.

Futures is leveraged. I don't leverage (I don't know how). There's enough wildness in X, FCX, F, XME ...

Ahh, misunderstanding: you wrote F and meant Ford, I thought you were into futures...

For futures your broker has to give you access to CME, or to Eurex, or whatever. It's great to make money, but you've got to be extremely careful. Not much space for mistakes

[brandyjoco]

Hi Cobra,

I am also interested in NUGT. Thanks

[uempel]

I trade with 10 - 20%, if market goes against me and I still like the position I might double up, but mostly I'm down at 10%.

Does that mean the rest of your portfolio is in cash?

Yes - but note, I only trade futures, I need the reserves to avoid margin calls.

Futures is leveraged. I don't leverage (I don't know how). There's enough wildness in X, FCX, F, XME ...

Ahh, misunderstanding: you wrote F and meant Ford, I thought you were into futures...

For futures your broker has to give you access to CME, or to Eurex, or whatever. It's great to make money, but you've got to be extremely careful. Not much room for errors

[Al_Dente]

IWM update

'bout time u showed up

...I will get back in full speed after this week, got visitors. I am just checking in to see signs of reversal and/or few other indications if a rebound is at hand. for now seeing nothing, volatility ratio is still sit bearish. so I don't see anything to counter this bear run. not from my point of view, hey! WDIK? GLTU!

It seems clear (to me) that the spy drop has taken its cues from the dollar, almost to the day (red box)
So keep an eagle eye on the dollar, no?………….
miss u

[Cobra]

Hi Cobra,

I am also interested in NUGT. Thanks

I'm not sure about the rebound part, but most likely the selling isn't over yet.

[MrMiyagi]

Transports stumbling tumbling down the canyon.

[snakehead]

Disclosure: I just closed my short positions (puts and 3x inverse ETFs) for a decent profit.
I did this because I am seeing negative divergence on the MACD for the 5-minute charts.

[SB73]

Cougar,

You mentioned an up reversal on DUST. Can you please clarify. Thanks to all of those that consistently post solid commentary with good charts. Sorry I am unable to contribute much due to work load and inability to focus on the market. Following the trend has been the best answer.

[TWT]

EUR: An attempt to count the down leg off the May 1 peak