03/01/2012 Intraday Watering

[KENA]

Diamond Top on DOW??

Screen shot 2012-03-01 at 2.25.35 PM.png

Looks good ..Thanks

[Cobra]

ok, I'm wrong, but now here comes the support.

[cguirguis]

Double top on the SPY? Tops at 1:30 and 2:05.

[TraderGirl]

Diamond Top on DOW??

Screen shot 2012-03-01 at 2.25.35 PM.png

does that make a 12862ish target??

I measure to 12820

Thanks jimme and kato

[jimme]

ok, I'm wrong, but now here comes the support.

This one time I'll let it go.

[Al_Dente]

Looks like we need to test the 20dma on the daily, sitting around 1350-1355...

1)i second your idea. 20 ema even more important on qqq-it's been a really solid 2 months which is fairly rare for qqq. have always liked emas as "relative absolutes" in terms of rough targets. to my mind any serious action down in spx would likely take 2 tries around the 20 ema--barring something xtreme.
2) also while i personally doubt the news story on aapl is a huge issue right off--what was more interesting was that the 3 companies noted had failed to actually ramp production. why? it was an easy call. any bad execution becomes more of an issue when there is a more competitive situation (my wild guess would be near the end of this year and more so in 2013). when you are strong you can easily with stand minor problems--but the second the playing field is close to equal these problems are far more of an issue.
3) you noted a possible bottom 5-6 maybe that is right--but qqq in every case was down 2 weeks in a row or one really massive week (bounce in the middle ok) after these huge runs. so am suggesting if we actually fail next week we could bounce but would likely try downside one more time the following week.
4) this period at the end of march is real interesting. because if we falter in here (briefly) that could be the period things get worse. at least it might define things into late q2 esp if we hold up. (eg with qqq over highs expecting spx to take a shot at 1500-1600 this year is not crazy just whacked)

TAGG: I like that “relative absolute” even tho I don’t kno what it means
I ordered Brooks from the Cobra Snake, got it....I’m only on preface and luv it already… weekend reading…
Luv u 2
GL
PS: I hav a sneaking suspicion that either u or the wife have made a million on aapl...Don’t tell me….i just like 2 think that….

[BullBear52x]

failed here we will test the opening price.

[EvilTrader]

Hey bears out there

How about that info ???

http://www.zerohedge.com/news/next-leg- ... to+zero%29

[Cobra]

sorry, I thought I sent this. now a little bit late, the feeling is to go like this. just a feeling.

[BullBear52x]

IWM will not be a buy unless it trade up above 82.11

[taggard]

TAGG: I like that “relative absolute” even tho I don’t kno what it means
I ordered Brooks from the Cobra Snake, got it....I’m only on preface and luv it already… weekend reading…
Luv u 2
GL
PS: I hav a sneaking suspicion that either u or the wife have made a million on aapl...Don’t tell me….i just like 2 think that…


sadly not on aapl--however i cut my teeth on amat intc and semis from 1990ish (on paper at first) until 2002) and i really strong believe that the internet is a very strong part of any solution eg get 7-8 billion human minds interconnected--and instant data transfer--and you increase learning. so i like tech a lot (bio tech med too) and feel that is where you want to be after the last bottom (assuming 2013-2014 after very hopefully a move to 1500-1600 (please).

glad you are taking a shot at brooks--he makes the best case i have seen for a single reference point in all trading (eg price action only) this is such a rare point of view that it is worth considering from that point alone. it's tragic that he could not have worked with a ghost writer--since his core ideas are really great--but the average reader is going to sweat.

"relative absolute" partly joking partly very serious. there is a great deal of focus in the world on absolute points and absolute statements. People like to be clear about stuff and have the sense they know what is going on. to me life is more like jazz and sometimes very free form jazz. so that you have a core theme and then play around that theme. this places the importance more on the relationship between the nominal theme and the improve around the theme.

"History does not repeat itself, but it does rhyme." (supposed to be mark twain) would be a great application of relative absolutes.

it's important to us traders since often we can be too exact or literal (and miss things) or if something rhymes we may miss the clue in the failure to do the expected (eg a false breakout that fails is often a great short kind of thing). the more we fixate on some exact point the less we actually see everything else?

good luck al

[trendfollower]

Interesting article on S&P 500 and ECB:

http://goo.gl/BvlZn

[fehro]

1367? bounce?

[BullBear52x]

see you at the open

[Cobra]

hmm, H&S top? and target. I'm not sure as H&S top usually doesn't work.

[victorm]

Diamond Top on DOW??

Screen shot 2012-03-01 at 2.25.35 PM.png

does that make a 12862ish target??

I measure to 12820

Thanks jimme and kato

One of your week old charts pointing out for some more tops, April 5 low, then up. Do you still on this? Thanks.

[SB73]

Should be flagrantly obvious who the new sherriff in town is. Gasoline....

+1...nice job the hook

[Cobra]

a milestone to remember.

[Cobra]

indeed it's H&S Top. The rebound today FEELS weaker than all the past days we saw, maybe something finally is different this time.

[SB73]

wow...a red close could set up something more permanent. I doubt it, but I will be watching carefully.