10/24/2011 Intraday Watering

[Al_Dente]

PAGING MICHELLE
hmmm… okay, erase correlation coefficient…. open up chart to WEEKLY, go back a few years.
Run the whole thing on “price performance” instead of simple price overlay, use SPY or $SPX as well as FCX, JJC, ECH, EPU, FXI, use all PERFORMANCE (u can alternate with EPU and IDX; can’t fit them all in) …..oh my my…..tell me what it says to u?
It is even quite revealing/helpful on shorter time frame intraday 15min, OMG fcx today!
Page me when done; there are more steps…

[BullBear52x]

When RSI (5) > 70, a gap up is always good for trend reversal scalper or top fisher. so's when RSI(5) < 30. gap down is good for bottom fisher.

Today is one of those days.

[StrikePrice]

I'm still waiting on the VIX to reverse. Wait for the VIX, then go short. Lower BB on VIX is 28.51 so more upside is still possible.

[Cobra]

When RSI (5) > 70, a gap up is always good for trend reversal scalper or top fisher. so's when RSI(5) < 30. gap down is good for bottom fisher.

Today is one of those days.

you mean daily RSI?

[Cobra]

Cobra:
I shorted at 125.10. Is that a bad move, your thought?

I think most people here would agree: don't fight against me. kidding.

I don't know your trade. generally it's very hard to fight a strong up day like this. you need a little luck here.

[BullBear52x]

When RSI (5) > 70, a gap up is always good for trend reversal scalper or top fisher. so's when RSI(5) < 30. gap down is good for bottom fisher.

Today is one of those days.

you mean daily RSI?

Yes, on daily RSI (5)

[agnosia]

sold out of /cl 90.21 gap fill. next gap is up at 91.93. i am flat for now. might try some aggressive shorts with tight stops for fun.

[KENA]

When RSI (5) > 70, a gap up is always good for trend reversal scalper or top fisher. so's when RSI(5) < 30. gap down is good for bottom fisher.

Today is one of those days.

I don't know but I just looked at the 1 min line chart and it is looking like it is set in a slow crawl up.When it gets this look it just seems to keep going. Lets see

[Al_Dente]

EURO at resistance, careful here.

Euro on defensive all night.

Hi BB: I see eur/usd futures strong, now at 1.398, just took out 9/14 high of 1.393?
U watching better/different euro? Or u just shorting double top?

[Cobra]

When RSI (5) > 70, a gap up is always good for trend reversal scalper or top fisher. so's when RSI(5) < 30. gap down is good for bottom fisher.

Today is one of those days.

you mean daily RSI?

Yes, on daily RSI (5)

thanks.

[Roadrunner]

sold out of /cl 90.21 gap fill. next gap is up at 91.93. i am flat for now. might try some aggressive shorts with tight stops for fun.

Me 2 - i let ride jsut a bit longer to 90.25

[cougar]

PAGING MICHELLE: u want weekend homework copper?

I'd love it.

ATTENTION MICHELLE, ALL OTHERS MOVE ALONG, NOTHING TO SEE HERE
Odd Shenagians in China’s copper industry. Copper SCRAP is being offered at a higher price in Guangdong than the REFINED copper price in Shanghai, according to an unnamed “smelter source”. [The smelters are the guys that take copper concentrates and convert them into “refined” copper]. The smelters are now slowing production, as their refining charges [their margins] have dropped due to volatile copper prices; some smelters have shut down “for October maintenance.” Hey, if they can’t make a buck, they ain’t gonna play; who can blame them !
Only the (copyright) Schwab TA Weekly rating has changed from last update to you (two weeks ago): upgraded (Friday) from “Avoid” to “Neutral:” If u are short, hold, do not initiate new short sale, macd turned bull, volume indicates accumulation.
Ned Davis still neutral, with interesting data: “FCX appears undervalued based on its Price/Earnings (TTM) of 6.22, which is less than the Materials sector’s bottom quintile value of 10.06…. FCX underperforms the SPX 43.75% of the time in October, with an average excess return of -3.36%”.
Cr Suisse still “Outperform” …they see growth post-strikes… “look past the near-term noise”…. big capex in 2012, etc.
So… perhaps let’s just rely on the charts for clarity, shall we? Take your FCX daily chart, overlay ECH and JJC and FXI (or a better China proxy), then run “correlation coefficient” indicators… see how crucial Chile and China are to copper, no? [Peru EPU and Indonesia IDX maybe less so?]… Well sure u say, everything correlates with everything nowadays…when u run that chart, page me and we’ll go the next step….
[full disclosure: I trade fcx and long/short metal ETFs whenever my signals will let me]

Talking about metals: Palladium is trying hard to get back in the game.

[agnosia]

sold out of /cl 90.21 gap fill. next gap is up at 91.93. i am flat for now. might try some aggressive shorts with tight stops for fun.

Me 2 - i let ride jsut a bit longer to 90.25

nice. i will short a spike up to 90.48 if it happens.

also , there is an /es gap at 1257.25, could be the target.

[BullBear52x]

EURO at resistance, careful here.

Euro on defensive all night.

Hi BB: I see eur/usd futures strong, now at 1.398, just took out 9/14 high of 1.393?
U watching better/different euro? Or u just shorting double top?

a break out will be bullish, right now I just shorting SSO trend reversal bet, I don't see we break out from here without any pull back at all. I look at Eur/Usd, you are right it's pushing up hard at the moment.

[soku]

Cobra:
I shorted at 125.10. Is that a bad move, your thought?

I think most people here would agree: don't fight against me. kidding.

I don't know your trade. generally it's very hard to fight a strong up day like this. you need a little luck here.

damn me on the same boat. seldom see 3 continuous bo like today. i have cut once already. now i just moved my stop to 1252.25.

[Roadrunner]

sold out of /cl 90.21 gap fill. next gap is up at 91.93. i am flat for now. might try some aggressive shorts with tight stops for fun.

Me 2 - i let ride jsut a bit longer to 90.25

nice. i will short a spike up to 90.48 if it happens.

also , there is an /es gap at 1257.25, could be the target.

I have my order placed for short at 90.45 ... i'm timid for spy short

[Al_Dente]

5min internal update
Strong bull confirms again…
http://stockcharts.com/h-sc/ui?s=$NYADV ... =245857107

[Petsamo]

The German DAX has a double top, not perfect though.

[StrikePrice]

Here's the wave count I favor most right now. We could also be in the final push up, Wave 5, now that we've broken above the wedge which tends to come in the final move.

[wayne0708]

cobra:
I hope you get to your target and down we go, so everyone is happy