05/07/2012 Live Update

[ClarkW]

Hello Clark! You are probably using the teachings of Scott Carney… He is very good but uses multiple targets, which can be misleading in the beginning. I use myself such multiples myself. His criteria for “harmonicity” are quite narrow, derived essentially from Fibonacci numbers and ratios. There are many other ways to do it! Try anything that fits the concept…like in acoustics, foe example!
Also: TA is not a science . Therefore nothing is "wrong" since “it cannot be falsified" like concepts and theories in theoretical physics or biology! Whatever works…WORKS…
Good luck to you and Kei-Zai[/quote]

Thanks Cougar! Yes, it's from Scott Carney. Haven't read his book(s) yet, strictly from the site. My basic math skills were off, that's why I said I was wrong. Thanks for your notice and follow up

[Cobra]

the 4th try on the resistance, I think bulls have chances.

[OverUnder]

I could see the /nq as high as 2659 which is a good ways away from the current 2633, slow day. If it hits that it will fall.

[KENA]

What a change in attiatude,lots of cheerleaders out there cheering the dippers.

[Cobra]

you know the target.

[Cobra]

big picture, don't forget, bulls have long way to go.

[Cobra]

red line as resistance.

[Petsamo]

Sold my X I bought Friday for a 0.36% gain. X is too dangerous in a bear leg, not as oversold as F, though

[essessme]

ES consolidation at minor murray math lines, currently trading around 6/8 line after using 5/8 as bounce support if 6/8 is found to be support would like to see a retest into the cash gap above to about 1382 but that hinges on the out come of this 6/8 line test at 1367ish.

[johnnywa]

red line as resistance.

Nice call Cobra

[Cobra]

lunch time, will be back. so far this appears just a rebound to me.

[uempel]

SPX is quite boring today, chart signals a move for tomorrow at the opening.

N.B. Europe offers higher volatility at the moment. The dax future had a range of 200 points today, which corresponds to about 40 handles on the SPX. I'm not very familiar with dax yet, but it sure is fun to trade. It's like sailing in a storm, big moves up and down, kind of neat.

[SWalsh]

big picture, don't forget, bulls have long way to go.

Who will they sell to if Uncle Fedster doesn't buy?

With the Central Banks ramping overnight I wonder how much the new French administration will want skimmed off of market manipulation? Look what the Obama sycophants made coming to power as well as all those Fannie and Freddie multi-millionaires along with Chicago's new "Don". ...LOL. The French got about $1.5 billion off the Iraqi "Oil for Food" program to give-up the next day's UN inspection sites. They suspected they were doing it and gave them false sites one night. Then the next day they went nuts when they didn't go to the sites they had been given. The French in front of you is better than the French behind you...

[OverUnder]

Figured I should go long in the meantime, hope that wasn't my first mistake.

I could see the /nq as high as 2659 which is a good ways away from the current 2633, slow day. If it hits that it will fall.

[SWalsh]

At 13:10 time, your part of the stimulus was spent.

For you lurkers out there, don't ever doubt who controls the price of this market and the allowed parameters where it can trade. In very many ways, "Abandon all hope, ye who enter".

DRAW YOUR TRENDLINES AND CHANNELS!

[BullBear52x]

IYR hourly candle and its position, not looking healthy.

[SWalsh]

SKYNET probably see this...or caused it! But it has all that is needed to resume...we shall see.

[SWalsh]

IYR hourly candle and its position, not looking healthy.

Fax you a beer!

[BullBear52x]

Qs very self explanatory

[TraderGirl]

SPX is quite boring today, chart signals a move for tomorrow at the opening.

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N.B. Europe offers higher volatility at the moment. The dax future had a range of 200 points today, which corresponds to about 40 handles on the SPX. I'm not very familiar with dax yet, but it sure is fun to trade. It's like sailing in a storm, big moves up and down, kind of neat.

The energy graph that I have seen shows a huge gap up in the morning...but...I guess we will have to see...???? Does your chart give you any indications?