02/02/2015 Live Update

[uempel]

BPENER up 15.38% today ... (Bullish Percentage of energy stocks)

[Al_Dente]

Top weighted oil stocks in XLE, hourly

[Cobra]

members only update at 12:00 pm
http://www.cobrasmarketview.com/2015/02 ... ay-update/

[fehro]

SPX

[Mr. BachNut]

Some thoughts for longer time frame traders:

If you are a bull, long today with a stop below the December low provides good asymmetry to fresh monthly highs/all time highs.

If you are a bear, there are some interesting spots above that offer good asymmetry for the lower NYMO down cycle targets:
a test of the underside of the rising turquoise line, a test of the middle keltner, a test of the 50 day MA.
No idea if these spots get tagged, and if the market is turning or making a trip back to the top of the range, they'll be short losers.
Stop should be above the declining turquoise line or perhaps the January highs.

Just some thoughts. I am flat but my stuff (such as the NYMO cycle direction) has me oriented to care about bear setups.

If trading is about edge and asymmetry in setups, my only point here is that Mr. Market may be playing with levels here that offer good asymmetry for a trending phase in the days ahead.
If we get one...

[fehro]

SPX possible minor H&S.. or bearish rising wedge 5m.. resistance, confluence of trends on the 60m…. lunch hour chop…

[grandeG]

possibly one more trip down to the lower end of the triangle before the bottom falls out on SPY?

[uempel]

Nice P-Bars

bpn.png

uempel, are p-bars frequent on bullish percentage charts ?

No, not frequent, I think it's a data error

[fehro]

SPY daily… trying to hammer out on support..

[uempel]

Update:

[Out of Bounds]

Forbes article on the threat to Apple's earnings. http://www.forbes.com/sites/stevenrosen ... eep-cliff/

[fehro]

XIV daily.. neckline holding.. bullish falling wedge holding..

[MrMiyagi]

Hmmm.. Bulls have no desire to ride this market up today.

[fehro]

SPX

[Heck]

107% ALL opening long overvalued calls/puts

209% EQUITY opening long overvalued calls/puts

46% INDEX opening long undervalued calls/puts

All say DOWN

https://www.ise.com/market-data/isee-index/

[Unique]

For both experienced and new traders, today is an epitome of the cliche: if what's supposed to happen doesn't happen(i.e. hourly breakdown), watch out for the other side to violently countertrend.

Sidenote, for those that are short CL since 100-90 or looking to downsize positions, probably will have to cover some shorts if Weekly candle closes above $52.
For intraday trading, the Oversold Hourly rally on CL has been pretty fun

Ride till it dies

[Mr. BachNut]

Too many posts today. Sorry. Last one.

Jeff Saut on the January Barometer:

http://linkis.com/buzz.minyanville.com/8nM0O

[fehro]

SPX trying to hold it here.. lower high.. trend support..

[MrMiyagi]

TRIN is still quite Bullish at 0.73, it is a delayed indicator though.

[fehro]

need to wait for the MMs to get back from lunch.. 10-20m