06/16/2011 Intraday Watering

[Tabby]

OK, since the intraday watering is all about chart pattern and now i believe i have a little credit in reading chart patterns, so, well, i know lots of indicators and statistics are very very (insert 100 very here) bullish now, but the chart pattern I see here says different thing. you earth people like to try twice on one direction and if it doesn't work, then you earth people will try an opposite direction, so basically, i see you earth people tried twice on the upside and it failed, now the market is trying on the downside.

I am going to bookmark this.

Thank you,Cobra from Mars.

[guelder_rose]

Cobra, is still sell in rebound?

[KENA]

The NYSEBP and NYSE % BP are not showing any signs of a trend change so remains in dn trend.The nysi is still moving dn and could go negitive.This info says the mkt will be going down lower.We will have up moves for short times so don't get caught with holding any longs for long times.Remember the trend is still dn. Wait and see.

[Cobra]

Cobra, is still sell in rebound?

yes, i believe so.

[cletus]

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TRADE ALERT
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Closed SPY July 130 calls at 1.09 for +6.8%. Not happy with that exit but my broker has some of the worst fills in existence lol

I am looking to buy dips today and hopefully we now get some positive divergence on RSI by 12:15 EST

[KENA]

Watch the NYSE composit.It is only up 4 points.The mkt will not do much unless it starts to go up.Fin. are also weak.

[Cobra]

remember i said yesterday? this should be 2 legged up (for 5 min chart), now it's the very first up leg.

[cletus]

Gold update. I think it falls more.

[Cobra]

great, now i think i should be shut up. let's wait and see.

[Anaconda]

Gold update. I think it falls more.

Yes. And silver is catching up (or should I say, "down?").

[ken_d17]

OPEX tomorrow. I suspect we just saw the low through end of day Friday (SPY 126.67). It could be just my paranoia but I have to feel a lot of this volatility concerns expiration.

[gabor]

Cobra, how do you define MDD major distribution day? Increasing volume and major index down by more than 1.5-2%????

[Pharmboy]

Uncanny....nice. I would like to give back to all the traders here, if one likes biotechs and a bit of a longer term on investing. PLX has a nice little platform for making enzymes for hard to treat diseases (think Genzyme). Anyway, check them out. Sell a few puts in them or buy stock in here.

http://finance.yahoo.com/q?s=plx&ql=1

[cletus]

Wow, this market is nuts today. Maybe a top at 12:15 EST?

[cletus]

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TRADE UPDATE
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Bought IYR 62 Sep calls for 1.08. This is a longer term oriented position.

[BBFinance]

Most likely they have been able to kick the Greece Can down for a while. The Euro is up and so is SPX

[StrikePrice]

Strike Three for the Bears?

Bulls back at the plate.

[HK88]

Look like bulls want to defend 1260 level. Phily FED was really awful but we did not go below yesterday's low (in fact a good reversal with good volume). If the market keeps discounting these bad news, watch out. Still, VIX did not drop though and tech is lagging..

[gabor]

Look like bulls want to defend 1260 level. Phily FED was really awful but we did not go below yesterday's low (in fact a good reversal with good volume). If the market keeps discounting these bad news, watch out. Still, VIX did not drop though and tech is lagging..

What are the bad news?

[HK88]

Look like bulls want to defend 1260 level. Phily FED was really awful but we did not go below yesterday's low (in fact a good reversal with good volume). If the market keeps discounting these bad news, watch out. Still, VIX did not drop though and tech is lagging..

What are the bad news?

Contraction in manufacturing or industrial production in Phily area