07/30/2012 Live Update

[Cobra]

this pullback might be 2 legged.

[Harapa]

IWM is still honoring the declining tops line. Bulls need this to breakout above the line and make new highs.

The attachment IWM 073012.jpg is no longer available

This setup doesn't predict a bullish outcome in the near term.

[Mr. BachNut]

Short.
Trade will be stopped out today for a loss (barring a reversal which looks unlikely). F- on that one.
If the stop-out contra-indicator is in effect, it means a top is close...(just joking but it happens )
Thesis that July 19 high was going to be a local high was proved wrong in dramatic fashion (I think that scale of 2 day % gain is on the rare side statwise).
My technical composite is very bullish but suffering from whiplash. If the MO closes positive today, my summation index model will go bullish as well.
There is a threat of an ARMs sell warning, but it appears to be holding off.
I'll probably wait until the central banker antics for the week are out before doing anything, but we'll see how things develop.

Hi Mr. Bnut
“Top is close” may not be such a joke
Looks like we are at/near resistance at top of trend channel drawn from 6/4 low
I don’t have a “sell” yet, but it sure looks like it’s coming soon……..
OR it will take an awful lot of buyers and squeezers to bust thru this one……..

730sixty.png

Totally agree. I have got another batter in the on deck circle if the current one strikes out today.

[Al_Dente]

Correction:
I do have a “sell” signal via VIX and company, top panel (hat tip TraderG chart)
Down volume is there…….. it’s bouncing around (second panel)
VXX is acting bear-spy at the moment

[TraderGirl]

Gold could get a big smackdown on Aug 2nd if there is no QE announced...astro's support this....

DZZ sitting on support currently...

[TraderGirl]

Wouldn't be surprised if we get something like May 1st this year...pullback into FOMC then a rally on Wednesday on "hopes", then Thursday, we drop.... charts I have seen support this...

[joe-gamma]

PAGING TRADERGIRL
Get your used Lamborghini here at a deep discount: http://www.bloomberg.com/news/2012-07-2 ... -lull.html

Will have to get one for the children...

what's that? the silver Aston martin ragtop not good enough for the kids?
TGirl"did you see Keizai's Bradley chart over the weekend and what is your cycle view at this time?
viewtopic.php?f=2&t=627#p87518

[EvilTrader]

Cobra,

Do you believe its possible to erase 100% of friday's move today or tomorrow ?

edit : right now daily spy candle is a horrible top doji, aka shooting star. Yeah, i know there's a lot of trading to happen today...

edit 2: technically, its not a shooting star since there was no gap up (SPY)

[Cobra]

support.

[Cobra]

Cobra,

Do you believe its possible to erase 100% of friday's move today or tomorrow ?

don't believe. The market would at least wait until Thursday.

[Cobra]

volume surge, so might be rebound but may still miss another leg down.

[Al_Dente]

Okay we need some BTFD right about here
Otherwise u can feel the drop (???)
But “feel” doesn’t count in TA, it only counts in gymnastics where they do flips on that dental-floss beam.

[TraderGirl]

PAGING TRADERGIRL
Get your used Lamborghini here at a deep discount: http://www.bloomberg.com/news/2012-07-2 ... -lull.html

Will have to get one for the children...

what's that? the silver Aston martin ragtop not good enough for the kids?
TGirl"did you see Keizai's Bradley chart over the weekend and what is your cycle view at this time?
viewtopic.php?f=2&t=627#p87518

I LOVE Keizai's charts!!! But I am not sure that we will start to head down in earnest until we get towards the end of the year...IMHO... I think we could end up with a potential double top where we see a big pullback towards the end of the year then we get another crest possibly 1Q 2013 sometime, then we start to fall...?? We will see...

In terms of the short term...looks like we should get a couple of troughs coming up around the 3rd and 13-16th of August, and I am wondering if the one on the 13-16th will be lower than the 3rd...???

[Al_Dente]

AAPL
“Apple Mountain Lion Downloads Top 3 Million in Four Days”
http://www.bloomberg.com/news/2012-07-3 ... -days.html

[Cobra]

still on the 1st leg down.

[Cobra]

hopefully, small double bottom here. not sure.

[Mr. T]

Zzzzzzzzzzzz

Sleepy time......

Zzzzzzzzzzz

[MrMiyagi]

[TradingJackal]

I am looking at a setup of ES 1375 for the low today. Don't believe the market will fall through the roof right away. Real action should not begin till afternoon Wednesday. Till then, it will float around giving good scalping opportunities.

[Al_Dente]

NOT MARKET RELATED
“China keeps up block on Bloomberg website “
"Month-long blackout after exposé on the riches amassed by the family of Xi Jinping, who is expected to be the country’s next president"
From ft.com story