06/08/2011 Intraday Watering

[stockcycle]

Hi Cobra and BB52x
Do you think it could be a pennant? Which favor downtrend?

[BullBear52x]

Bored here! I might close down early today, too sleepy to stay up this boring, what have I done to my life?????AHHHHHHHHH

Are we heading to the next captain obvious spot?

[Cobra]

Hi Cobra and BB52x
Do you think it could be a pennant? Which favor downtrend?

yes, bears have a little little edges.

[uempel]

I'm still long from the morning and the longer this sideways move goes on the more (short term) bullish I am:

[cougar]

The "e" point = a kiss of the upper edge of the triangle. Now...down?

[BullBear52x]

Good thing I am not in the mood of trading today. I meant intraday, this is a confusing market. I'll be baackkkkk, good luck scalpers.

[99er]

SPX
Heads up!
http://99ercharts.blogspot.com/2011/06/spx_3011.html

[Cobra]

still in triangle, but we'll know the direction soon.

[AK84]

still in triangle, but we'll know the direction soon.

What is your bias?

[cletus]

UNG made a new high so this trade is a little wobbly. I'm giving it another day or two to roll over, but if it doesn't, abandon ship. The main reason I thought it would be a decent entry was:

1. Negative divergence on the daily RSI
2. At a cyclical turning point
3. High volume into the highs suggesting possible professional profit taking
4. Three drives to a high over the course of the last few months.

Let's see if it works, so far, nothing big.

[Cobra]

although triangle, the direction is not very clear but I still think QQQ and IWM look more likely to breakdown. Lunch time...

[Cobra]

ok, indeed breakdown and here's the text book target.

[soku]

1275 is very important. i read it as support on multi-time frame. need to hold and i think will hold.

[Me XMan]

I see 1225 next week.

1275 is very important. i read it as support on multi-time frame. need to hold and i think will hold.

[PRI]

[quote="Cobra"]ok, indeed breakdown and here's the text book target.[/q
Cobra,
Any chance it is a double bottom?

[soku]

us economy is not weak enough to bring in more stimulus. this is what another fed tv guy just said.
i guess wall street need to tell the fed how weak it is now.

[HK88]

1275 is also the lower BB for weekly SPX. Lat time we touched it, it was the last week of May 2010. There is some serious stuff going on here...

[Me XMan]

Uncle Benny will bring out QE3 but he has to have real reason first.
He's going to let market drop at least below 1200 to 1140 and then he can do it.

us economy is not weak enough to bring in more stimulus. this is what another fed tv guy just said.
i guess wall street need to tell the fed how weak it is now.

[Cobra]

ok, indeed breakdown and here's the text book target.[/q
Cobra,
Any chance it is a double bottom?

Unlikely, but I'm very cautious by covering partial of my positions which usually means there's more on the downside (as you think I'm good enough to cover at exactly bottom? No way!)

[99er]

SPX
Update.
http://99ercharts.blogspot.com/2011/06/spx_2304.html