03/02/2012 Intraday Watering

[Cobra]

Cobra: I'm not sure whether you are still expecting a test of the low or a move back up to near the high if it's an inverted h&s. thanks

I said new plan needed, the pullback was shallow, so I put a H&S bottom here. the market changes constantly, so I must change my call accordingly either.

[Al_Dente]

5 min

what do you read of this Dr. Al?

Baron von Thief
Steal this one, it’s much better
http://stockcharts.com/h-sc/ui?s=SPY:$U ... =248495909

[Cobra]

false breakout, let's be patient.

[KENA]

breakout. target.

Cobra..Strange it is the same as the P bar at about 3 hrs ago.

[btran874]

Going short even on DT,the risk/reward is not worth it.imho

What's DT?

[SWalsh]

That spike was one lone quote stuff to run stops.

[BullBear52x]

5 min

what do you read of this Dr. Al?

Baron von Thief
Steal this one, it’s much better
http://stockcharts.com/h-sc/ui?s=SPY:$U ... =248495909

I'll change the color next time pattern law if modified any thing more than 5% it's legally yours Thanks, Junk is most shiny star that sums it up.

[KENA]

Going short even on DT,the risk/reward is not worth it.imho

What's DT?

Day Trade

[Al_Dente]

I’m drawing a different downtrend channel on 5m and I don’t have a breakout yet (?)
http://stockcharts.com/h-sc/ui?s=SPY&p= ... =259571035

[Al_Dente]

5 min

what do you read of this Dr. Al?

Baron von Thief ...Steal this one, it’s much better...

I'll change the color next time pattern law if modified any thing more than 5% it's legally yours Thanks, Junk is most shiny star that sums it up.

clean up that chart of mine, woodja, u really made a mess of it
i like mine nice 'n clean

[Denali92]

788 makes a HUGE amount of sense in isolation - but with the spreads to MID and SPX so blown out - I think 760 could make a lot of sense and there is still that BIG GAP at 753 that needs to be filled - but I doubt we will get it on this wave ...... Cobra's 2.5% correction will probably yield 5% in the RUT, which would get us there - just look at today .4% vs 1.7%..

-D

RUT hit an important level 800 - the Jan highs and 40 day MA and has bounced nicely.....

Unless the SPX catches up in a BIG way - the Low for the day is in on the RUT - but next week could be VERY interesting..... as we are starting to follow some of the post QE rally breakdowns in the RUT - the question is 'Will the others follow?

They should, but maybe not till early next week....

-D

Just a guess,
800 is A of wave 4.
815 is B of wave 4.
788 is a c of wave 4 and then going for,
855-860 to finish wave 5 .
Minor 1=748
minor 2=705
minor 3=833
minor 4=788ish
minor 5=855-860
then....

[jarbo456]

Going short even on DT,the risk/reward is not worth it.imho

What's DT?

day trade

[BullBear52x]

Off subject, this is not for you, so do not watch it.
new star, she looks smarter then the other one on top of that she makes Kate Upton looks not so cute. http://www.ritholtz.com/blog/2012/03/a- ... t-on-cnbc/

[btran874]

This looks more and more like it wants to break 1363 and create a new lower low.

[Cobra]

consolidation here is no good for bears.

[Cobra]

breakout, right after my words.

[btran874]

Oh my god!

Unreal market! hahhaha....

[Auole]

Cobra Response from last night: "Still trying to short gold according to the system. The system has no magic,
but simply follow. So when gold is up, it'll try to long and when gold is down it'll try to short. Today's
rebound doesn't change the fact gold is down a lot, so the system still tries to short.
And here's some statistics from Sentimentrader:
Wednesday was only the 3rd time in nearly 40 years that gold futures went
from a 3-month high to a 3-week low in one day. The others, 1/17/91 and 3/19/08,
both led to additional losses of at least -3.7% during the next month.
Cobra, - And I thought you had put me on your 'very dense trade learner' list. Consider this little lamb well fed.
Since your response arrived after my bedtime I just assumed gold was in a 3 push down pattern PLUS spent day
on TOS ShadowTrader yest. watching them tick by tick trading /ES. This morning applying your lessons
(intraday 3 push up also helped A LOT) and theirs, my new /GC trade system was created this morning that
I call 'If you've no ticks, try sticks'. And it WORKED. 100 shares of DUST and made $109.

[jarbo456]

can someone tell me if my chart's 12.6MM volume on the day so far for SPY is correct?

12.6MM !!!!!!!

holy crap! what kind of volume bs is that?!?!

[Al_Dente]

squeeze it is