08/03/2012 Live Update

[xfradnex]

in case people doubt my "descending triangle is continuation pattern", here's my text book evidence: http://stockcharts.com/help/doku.php?id ... _triangle_

We beileve. So the target is around 139.10

Hit. New target

[taggard]

Mariano Rajoy folding against his previous promises to avoid austerities..

Do I understand this correct - Spain on the verge of asking for a bailout is the reason for a rally?

the market is larger than our (or at least my) ability to make sense out of it. here's a trick for all the people who like the idea of being able to explain price action. get an excel spread sheet and keep track of it--say what you think should happen on the news etc. and then check it against what does. then consider your ratio of correct to incorrect. if you are always wrong you are set--just invert your logic and trade. if you are mostly right--good for you you can use "understanding". if you discover that your answers are only 'right" 50-65% of the time stop thinking.

one reason for these moves is that (1) everyone anticipates the action. and more to the point the meaning. the entire euro thing was going to be defined once and for all on thursday--now it" september". amusing what a lot of media people seem to ignore is that "so far" the lack of a conclusion has worked to the upside. it's worth keeping this in mind until once and for all it fails.

yesterday all we knew was everyone said "bad jobs report is coming" because we had like 3 in a row--then we got "a good one" (meaning we are creating about 25-50k more jobs than required to break even for one month) in fact it's the overall trend for 1-2 years that is the issue. job creation and quality of jobs created suck. so if 1-3 months are ok--in the sense that lots of 10-12 dollar an hour at best and 6-10 at worse jobs are created is this good longer term or not?

bottom line is market moves on futures short/long balance/emotions and some fooling around by larger players and govs. given the mix it's really risky to assume a standardized twitter length overall meaning can be constructed esp in real time on a consistent basis (at least if i am doing the math)

good luck with your trades

[Cobra]

as bear you don't want to see too weak close today

[xfradnex]

New- FB has new law suits. expecting more losses. CNBC.

[Cobra]

target hit. I'm neutral. wait.

[dr659]

before the Canada long weekend, do me a little favor, vote for me, thanks: http://stockcharts.com/public/1684859/tenpp

Canada long weekend? whats going on?

Maybe just for Ontario? I'll update like usual, don't worry. for the past 5 years, I never missed one day for the US market.

Ok, I just looked it up, Civic Holiday? Celebrated in parts of Canada on the First Monday in August

[Al_Dente]

HIT THE FAN INDEED
The parallel universe: VXX, $VIX should be moving up; they aren’t
XIV should be moving down; it isn’t
Nyadv is still 2490
The zombies are here

[Cobra]

not sure if this is back test. 13 min to close, anything is possible.

[g67mjb]

HIT THE FAN INDEED
The parallel universe: VXX, $VIX should be moving up; they aren’t
XIV should be moving down; it isn’t
Nyadv is still 2490
The zombies are here

The Zombies are less scary than what UVXY and TVIX did to me.

[xfradnex]

The last five fridays had 3 digit moves on DOW, per CNBC. Down on Mondays mainly.

[Cobra]

well, guess that's it for today. I don't know why market is so happy today, need dig a little. thank you guys, I'll see you TOMORROW, yes, TOMORROW. And my fellow Canadians, happy long weekend!

[Al_Dente]

HIT THE FAN INDEED
The parallel universe: VXX, $VIX should be moving up; they aren’t
XIV should be moving down; it isn’t
Nyadv is still 2490
The zombies are here

The Zombies are less scary than what UVXY and TVIX did to me.

As long as u r still solvent………you’ll get it back......
Just maybe stay away from the vixens for a while/year
stay solvent.......


Wow !
THANKS COBRA AND ALL BOARDITES
http://www.youtube.com/watch?v=d7o1TmhNoUM

[MrMiyagi]

well, guess that's it for today. I don't know why market is so happy today, need dig a little. thank you guys, I'll see you TOMORROW, yes, TOMORROW. And my fellow Canadians, happy long weekend!

Tomorrow is Saturday Cobra, take a little time off (after posting weekend charts), you need to rest.

[Petsamo]

There was a large last buy on SPY, but there was also a 20% larger last sell, a 3.71 million last sell.
748.5 K last sell on IWM.

[xfradnex]

Dr. Al is that a dome on Cobra's chart. Have a good weekend everyone.

[Al_Dente]

Dr. Al is that a dome on Cobra's chart. Have a good weekend everyone.

YES
but i don't even believe my own eyes today
i only believe what the King Cobra tells me

ps doctor nice 2 have u here intraday, especially today we needed a doctor in 'da house GL bud

[MrMiyagi]

QQQ last print on Ghostracker;

[Ed02]

Seems another big UP day but not a MAD day!

[Unique]

Honestly I would be very suprised if we break this resistance without any meaningful pullback

Gap up and fade

[Al_Dente]

QQQ last print on Ghostracker;

Thanks mr miyagi for all your P-bar effort
I was just kidding with you about the FB