06/27/2012 Live Update

[SWalsh]

This broke a channel and needs to stay out of it now to attract selling:

[Petsamo]

If anyone is placing bets on the overturning of Obamacare tomorrow, what security are you using?

Isn't an ObamaCare overturn already 'baked' into the market?
I'm thinkin' "sell on the news" (SPX to 1235?)

It could be, I dunno

[Cobra]

I'm not playing a more serious short unless this MA breaks (33 on the 60 min)

The attachment 13.png is no longer available

Please make ES down a few ticks, 3 ticks are enough...

[snakehead]

If anyone is placing bets on the overturning of Obamacare tomorrow, what security are you using?

Isn't an ObamaCare overturn already 'baked' into the market?
I'm thinkin' "sell on the news" (SPX to 1235?)

It could be, I dunno

And God forbid they DON'T OVERTURN any of it !!!

[TraderJoe]

I might think first about what exactly might be unconstitutional about requiring all Americans to have health insurance. Sure, I understand that it's an incredibly unpalatable idea to some, maybe many. But I'm not sure what amendment of the constitution it would violate. We all have to pay taxes. We all have to obey streetlights. And God forbid you tamper with the airplane restroom smoke detector.

If anyone is placing bets on the overturning of Obamacare tomorrow, what security are you using?

Bloomberg ask 20 constitution 'Experts' and 18 of the 20 said it was NOT unconstitutional...

[SWalsh]

Maybe the market is pricing in the defeat of Obamacare tomorrow

I believe that if only the mandate is struck down it's the worst possible thing for the insurance industry. Health insurance would not be subject to medical underwriting and pre-existing condition exclusions, which means people would only need to get it when they're sick. Rates would skyrocket (much more than already) and insurance companies would still have trouble making a profit. It's an invitation to a complete government takeover, which leads me to believe some of the more informed on the left may actually welcome SCOTUS striking down of the mandate only.

[Unique]

This broke a channel and needs to stay out of it now to attract selling:

Your iii wave is smaller than i wave, that contradicts with EW rules. No?

[Unique]

I'm not playing a more serious short unless this MA breaks (33 on the 60 min)

13.png

Please make ES down a few ticks, 3 ticks are enough...

What are you playing Cobra, or are you not allowed to say?

[uempel]

I'm not playing a more serious short unless this MA breaks (33 on the 60 min)

The attachment 13.png is no longer available

I tend to check the 60 min/33 and the 1 min/390 before I do something in serious...

[Cobra]

I'm not playing a more serious short unless this MA breaks (33 on the 60 min)

13.png

Please make ES down a few ticks, 3 ticks are enough...

What are you playing Cobra, or are you not allowed to say?

I hold nothing for now (day trade) so that's why I want it down.

[Hardy]

Maybe the market is pricing in the defeat of Obamacare tomorrow

I believe that if only the mandate is struck down it's the worst possible thing for the insurance industry. Health insurance would not be subject to medical underwriting and pre-existing condition exclusions, which means people would only need to get it when they're sick. Rates would skyrocket (much more than already) and insurance companies would still have trouble making a profit. It's an invitation to a complete government takeover, which leads me to believe some of the more informed on the left may actually welcome SCOTUS striking down of the mandate only.

Good point

[KeiZai]

Long AGQ with SL little under 36 (35.70) looking for at least 190 (not a recommendation)

[uempel]

Cobra's yacht scenario

[MrMiyagi]

I hold nothing for now (day trade) so that's why I want it down.

Your wish is some bot's command. I was out earlier, hence the delay.

[ClarkW]

I'm not playing a more serious short unless this MA breaks (33 on the 60 min)

13.png

I tend to check the 60 min/33 and the 1 min/390 before I do something in serious...

14.png

Wish there was a way to tab comments/posts as a 'favorite' and then have access to your favorite list later. I like it Uempel!

[ClarkW]

This broke a channel and needs to stay out of it now to attract selling:

Nice chart SWalsh, thanks for sharing!

[agunther]

This broke a channel and needs to stay out of it now to attract selling:

Your iii wave is smaller than i wave, that contradicts with EW rules. No?

No, it cant be the smallest, but it doesn't have to be the longest. Its larger than 5 from eyeballing it. Looks fine.
Terminal moves (read Neely) often have 1 larger than 3 larger than 5

[Petsamo]

I might think first about what exactly might be unconstitutional about requiring all Americans to have health insurance. Sure, I understand that it's an incredibly unpalatable idea to some, maybe many. But I'm not sure what amendment of the constitution it would violate. We all have to pay taxes. We all have to obey streetlights. And God forbid you tamper with the airplane restroom smoke detector.

If anyone is placing bets on the overturning of Obamacare tomorrow, what security are you using?

Bloomberg ask 20 constitution 'Experts' and 18 of the 20 said it was NOT unconstitutional...

Bloomberg is leftist and bearish biased. I pity their subscribers.

[SWalsh]

I might think first about what exactly might be unconstitutional about requiring all Americans to have health insurance. Sure, I understand that it's an incredibly unpalatable idea to some, maybe many. .....But I'm not sure what amendment of the constitution it would violate. We all have to pay taxes.

The Constitution is widely dead. (Russia had a great one but paid no attention to it). But it's clear that you cannot force the citizenry to engage in commerce. Although if they - who cannot run Social Security, Medicare, Medicaid, or the Post Office without waste - do ultimately pass this it will be under the Commerce Clause.

Much is spun from whole-cloth that is now law. I don't want to debate it, as it isn't worth it, but the Warren court found abortion in the Constitution where it is not, and the strongest advocates I have met want my guns and my cigars. A lot of Americans are not good stewards of their freedom. They will inflict hardships unimaginable upon you, as long as they are not affected.

"Of all tyrannies, a tyranny sincerely exercised for the good of its victims may be the most oppressive. It would be better to live under robber barons than under omnipotent moral busybodies. The robber baron's cruelty may sometimes sleep, his cupidity may at some point be satiated; but those who torment us for our own good will torment us without end for they do so with the approval of their own conscience."
-C. S. Lewis

[MrMiyagi]

'notha