01/27/2012 Intraday Watering

[SB73]

I'm with Cobra and TWT, we could be in "B" wave up, next comes, "C" wave down. If you look at the "A" wave we had, that is 148 Dow points, so if c = a, then that could take us down to 12552...????

We just hit the 38.2 retrace of the latest push down. If bears are going to show anything it better be soon.

[soku]

target reached and that's about it. feel like it needs some correction to 1310 to get ready for next move.

[Cobra]

overshot, so might be a pullback here. I think my original plan failed though.

[Petsamo]

Not counting today, in the past 16 days, we

sold the gap up 5 times
bought the gap down 7 times
nothing unusual happened only 4 times

[Cobra]

maintain the plan.

Interesting that the bears couldn't hold the gap over the machines...

Cobra, I really only see 1 leg down so far. Do you see it otherwise?

yes, it's just 1st leg down, there'll be the 2nd leg.

[TWT]

NDX: down leg = corrective + up leg corrective = potential ABC Bears need Island Reversal = below 2433.96

[Cobra]

so far fits the plan. now let's see how my 2nd guess turns out.

Cobra, according to your principles, we Earth people always try twice, before the other direction is tested. So do not you think we have to test yesterday's high, before a meaningfull pullback starts?

yes, yesterday's high will be tested.

[usctrojan99]

I'm with Cobra and TWT, we could be in "B" wave up, next comes, "C" wave down. If you look at the "A" wave we had, that is 148 Dow points, so if c = a, then that could take us down to 12552...????

We just hit the 38.2 retrace of the latest push down. If bears are going to show anything it better be soon.

Bear or bull, this is not the market to try something. I have exited my longs and am 100% cash. Up 14% this month, and not looking to lose it.

[TraderGirl]

I'm with Cobra and TWT, we could be in "B" wave up, next comes, "C" wave down. If you look at the "A" wave we had, that is 148 Dow points, so if c = a, then that could take us down to 12552...????

in matter of days or weeks would your guess be ?

My guess is we complete this wave possibly Jan 31/Feb 1, then a bounce and then I think we finish this correction somewhere around Feb 10th when we have another very strong turn date... could be +/- 3 trading days...

[SB73]

so far fits the plan. now let's see how my 2nd guess turns out.

Cobra, according to your principles, we Earth people always try twice, before the other direction is tested. So do not you think we have to test yesterday's high, before a meaningfull pullback starts?

yes, yesterday's high will be tested.

What are your thoughts, revisit high before 2nd leg down?

[usctrojan99]

The tell tale was the strength of Russell. DJ and SPY were down all day, and small caps showed resiliency. If I saw Russell drop, I would have gone short but didn't see it. TZA is down 2% today. That's got a date with the teens. I wouldn't touch VXX until it hit mid teens.

[soku]

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[jimme]

Short GLD @ 1689. GLTA Jimme

[Cobra]

overall, we just finished the 1st leg down. this rebound as I explained in the last night report, I don't think it'd pass Fib 50%.

[SWalsh]

When I see this activity, and a less than enthusiastic GDP number and revisions, it is difficult to not think that the "banks" have complete control over where a mkt trades and where it will close. That they do not speak is inconsistent with my background as it's easier to work together. One might note the name of a company that always told the others to stuff it - Lehman Brothers. And how are they doing these days?

Virtually all 20 SPY point moves today had HFT involvement.

[SB73]

overall, we just finished the 1st leg down. this rebound as I explained in the last night report, I don't think it'd pass Fib 50%.

That is what I thought. In some ways I wish the open forum was limited to members only that way I wouldn't feel so bad about getting you to disclose positions etc.

[SWalsh]

I'm with Cobra and TWT, we could be in "B" wave up, next comes, "C" wave down. If you look at the "A" wave we had, that is 148 Dow points, so if c = a, then that could take us down to 12552...????

We just hit the 38.2 retrace of the latest push down. If bears are going to show anything it better be soon.

Bear or bull, this is not the market to try something. I have exited my longs and am 100% cash. Up 14% this month, and not looking to lose it.

I put a bullion cube in a gallon of water and told the kids I thought I could sling shot that rabbit to eat by Sunday!

[TraderGirl]

Watching CVX, if hits bottom trend line around $98 and holds, I will be buying ERX, check out long term chart, may hit top of pitchfork...???

[jarbo456]

bears are in trouble. need to close the day under 1319....that's SPX 1319.

[TWT]

SPX: Weekly Spinning Top. Next week the overdue correction should have a chance Have a great w/e everyone