06/29/2011 Intraday Watering

[HK88]

Cobra,do you have any stats regarding 60 min black bars on SPY, I mean what are the odds of reversal or sth like that. Thx

[Tabby]

SPX 1216?
http://99ercharts.blogspot.com/2011/06/spx_29.html
What kind of tea are you smoking?

The type that is being used in Republican Tea Party.

[endangered510]

I'm thinking sell the news here.

[BullBear52x]

got a sell signal on SMH.

[PRI]

Someone yesterday wrote this: "I have been trading the RUT/IWM this week and practically EVERY indicator that I monitor says this thing
is due for a decent sell off imminently. Most likely a sell the news reaction. The things that I monitor have
a very high predictive value. I am a former options MM on the CBOE and have been using the same indicators
for years.
FWIW"

FWIW, my rebuttal. I track all the major indexes with my own proprietary system and the RUT went long TNA at $71.05. At the close yesterday it was up 11.02% in just a matter of days, and with this gap up this morning that will be closer to 15%. I'm gladly on the other side of that trade.

I replied on the first one, but it didn't post. Oh well...
Anyway it was I. I did not mention any trade as I have not entered one yet. Just what my proprietary indicators are showing.
IWM's gap up, which was much weaker than SPY, has already been filled and at the time of this post is unchanged despite
the performance of the rest of the market.

THe RUT and Nasdaq are a bit ahead of the game. They've each already put in double bottoms making new lows below the SPX equivalent of 1249. the lack of confirmation of the SPX and DOW thus far appears to be a signal of a trend change. we'll see

[Cobra]

Cobra,do you have any stats regarding 60 min black bars on SPY, I mean what are the odds of reversal or sth like that. Thx

no statistics but looks not good.

[Nomorework]

Well now I'm confused. Cobra, what are your snake senses telling you?

[Cobra]

nothing to say, let's watch.

channel and support.

hey cobra from last nights report u said this could still be a bear flag, did the break higher this morning negate that ?

not yet.

[cougar]

Watch AAPL NOW!
Weak?
Nope!

[agnosia]

long crude from 94 .. expecting 95.36

[PRI]

I am having a real problem posting today. What I had written was that I mentioned that I used to
trade on the CBOE to identify myself as an options trader. A purchase of IWM jul 1 82 puts this morning
at .74 and sale at .91 netted 20%. I will wait for the market to make its move before I position due to
the short duration of my trades.

[Michelle]

GS has come back to life this morning.

[MajorEasy]

1 hour SPY

[jamesmith]

whoa~~ energy went up so much~~ :o

[alphahorn]

the 1311-313 area will provide resistance today, and a pullback to test the broken neckline at 1298 likely, then buckle next week will be a 4th of July BEAR B QUE

[TrendTrade]

All I kinds of resistence here. Just went fully short this morning as long as we stay below 1303 here.

-38.2% retacement
-bear flag resistence
-secondary resistence from a trendline from the peak of the market
- yesterday had huge "selling on strength numbers on SPY" which I have found to be very foretelling
- yesterday had huge buying on strength numbers on SDS (inverse SPY)
- EUR/USD in a beautiful rising wedge which should break down now
-also C = 1.62 of A if we end at 1303
-TLT showing strength

Attached a chart... ultimately, must hold here NOW or more upside is ahead.

[rhight]

Low volume melt up is starting to turn trend based indicators, so my system is telling me to be bullish, politics aside. Throwback support near 20 DMA (1284), first area of overhead resistance appears to be confluence of 50 DMA, down trend resistance, horizontal support turned resistance, and 50% retrace of last downtrend (1370 to 1258), all around 1315.
60 min. cycle is long in the tooth and appears to be topping out. Time will tell, but leaning bullish although a natural skeptic (and that has really hurt my trading). Trying to be disciplined and unbiased, as hard as that is for me. Good luck.

[Cobra]

OR high resistance, largest bar, volume surge, so this could be an exhaustion bar. I think today is range bounded.

[DRL]

This is a GREAT post. Complete with chart and reasons for a trade. Thank you
Whether it makes a profitable trade is yet to be seen, but the rationale is clear.

All I kinds of resistence here. Just went fully short this morning as long as we stay below 1303 here.

-38.2% retacement
-bear flag resistence
-secondary resistence from a trendline from the peak of the market
- yesterday had huge "selling on strength numbers on SPY" which I have found to be very foretelling
- yesterday had huge buying on strength numbers on SDS (inverse SPY)
- EUR/USD in a beautiful rising wedge which should break down now
-also C = 1.62 of A if we end at 1303
-TLT showing strength

Attached a chart... ultimately, must hold here NOW or more upside is ahead.

sc.png

[cougar]

long crude from 94 .. expecting 95.36

Agnosia: I agree! I am long oil too for a quick swing. Also, long some selected “oil diggers”.
For example, WLL gave a buy signal for a longer swing!