01/19/2012 Intraday Watering

[57chevy]

Open interest in NYSE has been very underinvested coming into the new year. Markets have just gone up on buying and short covering.

I fear we might be seeing something this mkt has liked to do on the upside, and in a way reminding me if the dot-com bubble: "That which gets rewarded gets repeated". And it throws in the occasionally brutal down move to make a chart reader weary of not following that which used to work.

For the once, great bastion of capital formation of the world, we trade like pork bellies used to - thinly and in secret.

BTW. do you play guitar?

Artfully stated Mr. Walsh.

Here's an EW chart for you. If, as I suspect, we're in a 3rd wave off the Dec 20 low, it could extend well above the upper channel.

[TraderGirl]

[quote="bobo"]TraderGirl:

I asked you last week if you had heard of the Lindsay date and you said no. Apparently, George Lindsay died 20 years ago. Ed Carlson, a technician out of Seattle is a devotee and writes articles based on his work. Have you heard of Jim Puplava's financialsense.com website. Go to it and click on contributors and scroll down to Ed Carlson. He posted an article dated November 29, 2011. You can read Carlson's bio there and check out other contributors.

Caveat emptor bulls. The ship is sinking on Monday.[

Bobo, after you asked me that question, I actually looked it up online and read his stuff, very good info, but if you read his dates, he says there is a window of a week, he also came up with Jan 19th. Very interesting stuff. I am going off of Merriman's dates as well as other's, which match up with Ed Carlson.

I don't think it's a ship is sinking situation though. I think we trade sideways to up into the next three star turn, which is on Feb 10th. So I will be covering shorts and buying the correction...

[99er]

Honey?

SPX http://www.99ercharts.com/archives/142

May I have shorts with green sauce?

Please?

[johnnywa]

weeeeeeeeeeeeee

[TraderGirl]

This chart is from Sentiment Trader.com posted on Slope.

[rhight]

This is not to say that the intermediate up trend is over, but it is often the case that the end of a move is accompanied by a 3rd acceleration in the up trend. This particular acceleration has only spanned 1 day, and so may continue further before topping out. The strength of this move (price only) suggests that any pull-back will find support, and then try again for a new high. There really is no evidence yet for an up trend in Down Volume (NYDNV) that can often be seen as a top evolves. And so, my humble conclusion is that it is too early to short (trapped fool that I am )

[jarbo456]

this market doesn't want to go down. enough said.

[jarbo456]

fcx just clawed back from being down over 2% to positive territory. think that says enough about where this market is heading.

[SWalsh]

But this market feels as though it has been manipulated, there have been pretty powerful turn dates during this run-up and it has done nothing to deter, maybe market manipulation????

I KNOW that they had no desire to investigate anything to begin with. Therefore there is nothing leading me to believe that with a new trading method that they cannot understand, that they will reach the forensic standard by which to prosecute. So how could they even begin to consider assigning investigators? Toss in that the most corrupt administration in history (don't wish to have a political debate but I hope no one fails to understand this fact) why should we think it's not manipulated by the government or at least with its blessing? Does anyone think 2009 was a mkt that had a natural flow to it?

They lost control for a little bits, the public fled the mkt, and now it has fewer players which makes manipulation easier. Anyone thinking that these charts are anything like those up to 2008 does not realize a new paradigm is here just as we went from a black & white TV to color. In EW term, this move trying to reach the highest is absurd. The trend should be down now and it is not as it appears the algos keep bidding.

The street is littered with those who hold steady to old methods. It just might be BTFD again and Robert Prechter will go down as one of the worst market timers in history with his EWI updates as he is stuck in amber; a fossil that did not adapt, or quit.

Oddly enough, I'm listening to Dicken's "Great Expectations" right now. How ironic!

[SB73]

this market doesn't want to go down. enough said.

yup had to enter long position to hedge and will ride it tick by tick up at this point. I still think a red is possible today, but no longer can remain unhedged. If we break below today's low I will remove the hedge and stay short.

[taggard]

fwiw--slowly i am seeing this site go slightly more "bullish" this is different than it was 2-3 days ago. each individual uses a different route to get there but slowly there is less expectation of any sort of first move down working--talk of markets being tweaked/manipulated--discussion of amount of stock etc. NO DISRESPECT IS INTENDED in fact this is one of the best sites of it's type--THERE ARE A LOT OF GREAT PEOPLE HERE MAKING A SERIOUS EFFORT TO TRADE AND SHARE THEIR OWN IDEAS.

So my only point is--at face value--the posts appear (at least to me) more positive after we went up--than prior to it.

[TraderGirl]

Like SWalsh said, it may be something that takes us by surprise, a big down move. We have hit a resistance point, just like we did on Oct 28. At that time it was a new resistance point, and everyone was so bullish, and then we got a down move that caught all the bulls off guard.... ??? Just trying to keep everyone on guard...

[Al_Dente]

Internals on the daily
http://stockcharts.com/h-sc/ui?s=SPY&p= ... listNum=15

TRIN 1 min
http://stockcharts.com/h-sc/ui?s=$TRIN& ... =249247714

[johnnywa]

Monday top

[BullBear52x]

GM, let it runs, look at INTC trading back above 5dma again, only way is up as you can see

[99er]

Daily Updates

Copper http://www.99ercharts.com/archives/160
Crude http://www.99ercharts.com/archives/158

[Cobra]

volume surge, biggest bar, I think this might be an exhaustion bar, we may see a little pullback here. overall, bulls are strong, every tiny dip was bought.

[99er]

Daily Updates

Gold http://www.99ercharts.com/archives/156
Silver http://www.99ercharts.com/archives/154

[SB73]

Internals on the daily
http://stockcharts.com/h-sc/ui?s=SPY&p= ... listNum=15

TRIN 1 min
http://stockcharts.com/h-sc/ui?s=$TRIN& ... =249247714

Nice job Dr Al. Is the $NYAD's nose bleeding yet?

[jarbo456]

AUD/JPY flying like it's 2007.