11/01/2011 Intraday Watering

[fehro]

pure speculation at this point.... but something to watch...

[pady]

Hey Guys. Been away on business. Closed short at 1216. I agree after lower low on SPX we are winding up for a bounce this afternoon. My count would put us in Wave 4 correcting up for the bounce. Wave 2 was a Double Combination (Zig-Zag to Triangle) so good chance we alternate with a Zig-Zag and retrace to 1,235 for the A and 1251 for the C (and close the Gap).

On the flip side if SPX breaks the current low at 1215.57 it's likely we've completed Wave as a Running Flat and we're now in Wave 3 of 5 aiming for either the 1187 or 1203 pivots. So if we break above 1227 I'm long and if we break below 1215 I'm short.

Good call. Same dilemma I am in. My system says bullish after 1232. So I might cover there and go long. Else I will wait and see. But the descending triangle is some concern for bears.

[StrikePrice]

Positive D on SPX lower low...now taking off.

[jarbo456]

wow. there some news?

[Cobra]

hmm, that's encouraging. I almost gave up hopes on bulls.

[jarbo456]

yup. awesome. descending triangle...apparently is now a bullish pattern.

[bushwaffle]

greek referendum is OFF

[champix]

Waiting to see if gold breaking downside channel for real... target 1720/1722
agnosia, u there?

[Petsamo]

I see bulls!

[MrMiyagi]

So Cobra... is this bull a short term bounce before lower lows?

[Cobra]

double bottom target.

[jarbo456]

we just had 100 point pop, and there isn't a single word on bloomberg or cnbc tv. lol i thought they were supposed to report NEWS!

[tdo722]

went up 13 spx points in 5 mins. who the hell wants to invest in this market?

[Cobra]

So Cobra... is this bull a short term bounce before lower lows?

wait for a few bars.

[Mr. BachNut]

My intraday measure of NYMO is negative. Not as reliable as close but noteworthy. So, a lot of overbought pressure has been relieved. I have put a stop on some of my hedges.
Not doing all as I wasn't expecting this until later in the week. I was also hoping to see lows around 120 +/- 1. Can't imagine we'll go back to strength right away. So, I may end up a little net long if we bounce later, but will stay cautious.

[bushwaffle]

we just had 100 point pop, and there isn't a single word on bloomberg or cnbc tv. lol i thought they were supposed to report NEWS!

No, nobody actually thinks that, lol.

[KENA]

125.40 next stop???? 3 P Bars today at that level.Lets see

[jarbo456]

is anyone just mind boggled by that last move or am i just a wuss? i just lost 4g's in that 5 minute period.

[Tek33]

Greek referendum according to CNBC source is dead.

[Mr. BachNut]

Doh! That was quick. Stop got triggered. Partially long. Gulp.