11/16/2012 Live Update

[Al_Dente]

Nugt renko flags
udn failed
nugt is trying again
We’ll see...

[Petsamo]

Did anyone go long GDX ? It hasn't busted yesterday's low, so that's a bull sign.

I'm long a little NUGT but it's very short term stop loss set if there's a lower low intraday. Also I've been an idiot on my GDX related trades the past two days...Don't follow idiots

At current levels, GDX is looking good

[pezhead9000]

Spy 60min chart and Fib lines

[ClarkW]

Did anyone go long GDX ? It hasn't busted yesterday's low, so that's a bull sign.

I'm long a little NUGT but it's very short term stop loss set if there's a lower low intraday. Also I've been an idiot on my GDX related trades the past two days...Don't follow idiots

At current levels, GDX is looking good

Be careful Petsamo. Trend is obviously down. Betting against trend dangerous. I will be out of NUGT before the weekend regardless of if stop loss is hit

[Al_Dente]

"... talks continue at the white house..."
(bloomberg)

[KeiZai]

This is most likely still just a big flag

russell

I was stopped out flat and don´t want to chase the trend once again...see u weekenders

[Al_Dente]

They are already saying that this……whatever…….”small package” is too small
Media is saying it is more “kick the can”
So if they can agree (rare), the markets might get euphoric for a nanosecond, then fail when they read the small print
[all pasta kool-aid speculation/guessing only]

[daytradingES]

This is very powerful guys don´t want to sound bearish, but if market will not bounce strong today MINIMUM target can be 1200 and bounce is not looking good at all

I agree with you KeiZai. As you mention 1200 area is only a minimum target (I show 1210 but no big dif).

For the last several weeks, I've been giving weekend recaps with the same message. On the weekend videos "meltdown", "Nail-in-the-coffin" I mention the real target -(below the 667 low) - well below. Of course nothing is straight down - (except fat finger Tuesday of May, Black Monday of 1987, ...etc).

For me the top is in and that has been clear for quite a long time IMO.

But as a daytrader the top (1474.75 ES Dec contract) isn't important - even if it will prove the Mother of All Crashes, as I think it may, it isn't important (to me).

Really only today's high and low are important and of those only the first end of the day. That is if I know which then I know the direction of the main trend for today.

That's really the only key question for me.

However, in the spirit of Friday (Crook's day) a re-post:

Made on Wednesday evening showing 1210 as next potential support
http://screencast.com/t/2FngLi4VFQ

[Al_Dente]

spy top 10

1116topten.png (33.08 KiB) Viewed 4327 times

[Cobra]

another MM down? range day, difficult to call, so I'm not sure.

[Cobra]

testing morning low, key time.

[Petsamo]

IWM has a potential double bottom

[Al_Dente]

AAPL is breaking critical support today
On positive divergence
Next support = 480 zone

[KENA]

Here is a chart I stole and tells a lot of the 3 Peaks and Domed House.Right now it looks like we are going to have a big ralley soon then back dn.

george1.png

Thanks Kena here is from Peter Ghost

20121116-spx-1.png

Thanks KeiZai...Good chart..I'm going to save it for awhile.

[fehro]

getting close... don't love the shape/angle of that bullish falling wedge... but you could say there is one there.
otherwise.. more chop to make it wider and less steep.

[Me XMan]

Going clown long SPY $134.80

[Cobra]

indeed another MM down. the selling is not strong today as all those MM moves overlapped but still it's down, so difficult to call today.

[jademann]

Does anyone here place much weight on Tedlines? his next support line is at S&P 1338. I havent used them so I not sure how reliable they really are?

[Me XMan]

Overlappings = brakings ??? Selling pressure getting low?

indeed another MM down. the selling is not strong today as all those MM moves overlapped but still it's down, so difficult to call today.

[Cobra]

let's see if bears can meet the mini rebound target. if they cannot, then we finally know who's stronger, now again, tough call.