04/12/2011 Intraday Watering

[maldini]

not much watering today after two consecutive down days
People are busy shorting or buying dip?

[BullBear52x]

On the sentiment fronts:

VXD now showing the fears are back. VIX and VXN are getting close.

Carry trades (DBV) is deteriorating, indicates further down side to come unless there is real optimism that will bring the investors back in the market, if so the buying is for real this time.

[BullBear52x]

SPY, RSI need to move back above 50, too weak right now to get any meaningful bounce.

[stocksage]

well, the first wave up from the low at 1249 is done and now we are retracing. Using spy look for 130.72, 129.67, 128.63. These are the 38, 50, 61.8% fib retraces. Doubt anything more serious down than this.

[BullBear52x]

Same chart I posted this past weekend on FIB retracement. when I look at BB we are now touching 3std, should get a bounce of some sort here.

[Mr. BachNut]

McClellan Oscilator looks like it has reached an oversold level. Usually some support, if not a bounce, not too far away.

[Cobra]

by Cobra » Tue Apr 12, 2011 2:52 pm

90% chances close < open today because: gap down, lower low after 10:30am ET.

Soz to be thick, close higher than open then?
thx

Closer lower than Open, 90% chances.

[Cobra]

theoretically, should be a short setup around whenever the price touches the EMA20 the very first time. We'll see. I don't see such a setup yet.

[Cobra]

this is basically L2 short in stead of L1 short, but anyway, I'm not sure about this as the rebound seemed not weak.

[jamesmith]

this is basically L2 short in stead of L1 short, but anyway, I'm not sure about this as the rebound seemed not weak.

i was thinking the same, added a little bit of short

[BullBear52x]

DO or DIE here we goooo all indexes are lining up now let see if Uncle Ben can turn thing around here.

Disc: Sell the Rally is my game.

[Cobra]

purely from this chart, the rebound so far is weak, bear flag at the most, so I'd expect another leg down eventually.

[BullBear52x]

No go bulls! sorry.

[deeko]

purely from this chart, the rebound so far is weak, bear flag at the most, so I'd expect another leg down eventually.

I agree completely. I'd be surprised if 131 holds today.

[BullBear52x]

this is what I go with today, so far still bullish bias, intraday action.

[StrikePrice]

$TRAN in the green today. Does this point to any limit to the downside?

http://stockcharts.com/h-sc/ui?s=$TRAN& ... 3173377781

[PLUNGE]

QQQ working on a 50% retracement of the move up from 3/16. May not be complete yet.

http://stockcharts.com/c-sc/sc?s=QQQ&p= ... 200&r=9642

Most Elliott Wave counters see this as wave 4 pullback before wave 5 up during the historically bullish month of April.

[KENA]

NYSI closed yesterday at 708.10 down 28 points.This can drop to approx 400 before the mkt makes a turn up to try for a new high.So right now the mkt can go a lot lower. If it breakes 400 then all bets are off.Then it could go a lot lower. Wait and see.

[StrikePrice]

QQQ working on a 50% retracement of the move up from 3/16. May not be complete yet.

http://stockcharts.com/c-sc/sc?s=QQQ&p= ... 200&r=9642

Most Elliott Wave counters see this as wave 4 pullback before wave 5 up during the historically bullish month of April.

Hey Plunge,

I'm new to EWT but trying to learn.

Considering "Wave 2" lasted about 6 months before April 2010 highs were taken out, is there reason to believe the "Wave 4" will be less than half of that in time?

[Cobra]

channel, I still see this as a bear flag.