07/30/2012 Live Update

[Petsamo]

The DAX has another one of those double tops

[Medman]

Flirting with AprilMay highs

[Al_Dente]

Madammes e Misuers
Internals are a bit weak behind this high
But it’s a “chop” day so expect choppy ….
15 min

[turbobear]

Buy or short SRPT

[Unique]

Reading thru these comments, some of you are very funny.
Come on guys, given the bold and magnitude of friday's SPY move, a higher high was guaranteed for today....remember it was MAD too...(learned this from Cobra)

Waiting to scale in SPXU under 43.8......

[Cobra]

ascending triangle breakout, text book target.

[Mr. BachNut]

Short.
Trade will be stopped out today for a loss (barring a reversal which looks unlikely). F- on that one.
If the stop-out contra-indicator is in effect, it means a top is close...(just joking but it happens )
Thesis that July 19 high was going to be a local high was proved wrong in dramatic fashion (I think that scale of 2 day % gain is on the rare side statwise).
My technical composite is very bullish but suffering from whiplash. If the MO closes positive today, my summation index model will go bullish as well.
There is a threat of an ARMs sell warning, but it appears to be holding off.
I'll probably wait until the central banker antics for the week are out before doing anything, but we'll see how things develop.

[Xian]

Good Morning. Cobra, since it's a little slow in here today I was wondering if you had any thoughts on AAPL— outside your AAPL report this weekend?

It's strong this morning on pretty OK volume. However, $600 seems a brick wall— or I believe some have called $600 a "tripwire".

I know your target, just curious.

Thanks very much in advance for any thoughts you may have. (Also, I'm sorry. I know you get asked about AAPL 25 times a day. It's a catnip stock for us amateurs,)

I just realized how vague my question was. Specifically, today's initial action seems strong. Intra-day would this qualify as "2-leg up"? Or put another way: Is consolidation here good for bulls?

Thanks again

[TraderGirl]

Put buying today, VIX up 5.5%...

[johnnywa]

ascending triangle breakout, text book target.

With NAZ and IWM in red,that could be a stretch

[EvilTrader]

I believe we just posted a short-term top today, only to be broken IF some news breakout @FOMC.

I read this move as noise-driven by Draghi comments.

Nothing changed, Germany will be a hard defense line against monetizing the hell out of europe, but the noise can be trader-friendly.

[67Chevy]

On the daily, it looks like SPX just touched the downtrend line from April/May tops...be interesting to see it where it closes.

[Cobra]

failed breakout, now let's see if the trend line could hold.

[Al_Dente]

Short.
Trade will be stopped out today for a loss (barring a reversal which looks unlikely). F- on that one.
If the stop-out contra-indicator is in effect, it means a top is close...(just joking but it happens )
Thesis that July 19 high was going to be a local high was proved wrong in dramatic fashion (I think that scale of 2 day % gain is on the rare side statwise).
My technical composite is very bullish but suffering from whiplash. If the MO closes positive today, my summation index model will go bullish as well.
There is a threat of an ARMs sell warning, but it appears to be holding off.
I'll probably wait until the central banker antics for the week are out before doing anything, but we'll see how things develop.

Hi Mr. Bnut
“Top is close” may not be such a joke
Looks like we are at/near resistance at top of trend channel drawn from 6/4 low
I don’t have a “sell” yet, but it sure looks like it’s coming soon……..
OR it will take an awful lot of buyers and squeezers to bust thru this one……..

[Al_Dente]

PAGING TRADERGIRL
Get your used Lamborghini here at a deep discount: http://www.bloomberg.com/news/2012-07-2 ... -lull.html

[joe-gamma]

guess they are not inspired by Timmy's comment after Germ Fin Min...whaddaya know, we could not get them to play nice with super mario.....still watching for:
-toys to rally, XLY still weak
-trans not looking positive ?(yet?)
-Treasuries might be working off overbought conditions...
Would like to be short us equities BUT the bearishness of retailers has me cautious here.

GLTA

[Cobra]

Good Morning. Cobra, since it's a little slow in here today I was wondering if you had any thoughts on AAPL— outside your AAPL report this weekend?

It's strong this morning on pretty OK volume. However, $600 seems a brick wall— or I believe some have called $600 a "tripwire".

I know your target, just curious.

Thanks very much in advance for any thoughts you may have. (Also, I'm sorry. I know you get asked about AAPL 25 times a day. It's a catnip stock for us amateurs,)

I just realized how vague my question was. Specifically, today's initial action seems strong. Intra-day would this qualify as "2-leg up"? Or put another way: Is consolidation here good for bulls?

Thanks again

The current leg is not over, should be another leg up. http://stockcharts.com/public/1684859/c ... /260183775;

[Mr. BachNut]

IWM is still honoring the declining tops line. Bulls need this to breakout above the line and make new highs.

[TraderGirl]

PAGING TRADERGIRL
Get your used Lamborghini here at a deep discount: http://www.bloomberg.com/news/2012-07-2 ... -lull.html

Will have to get one for the children...

[EvilTrader]

guess they are not inspired by Timmy's comment after Germ Fin Min...whaddaya know, we could not get them to play nice with super mario.....still watching for:
-toys to rally, XLY still weak
-trans not looking positive ?(yet?)
-Treasuries might be working off overbought conditions...
Would like to be short us equities BUT the bearishness of retailers has me cautious here.

GLTA

LoL what indicators do you use to gauge retailers expectations ? Surveys ? PutCall ratios ?

they can change dramatically.

I guess after last week rally, retailers are now neutral to bullish.