12/27/2011 Intraday Watering

[silicon_beaver]

loading TZA. I sold out my TZA position last Friday.

[cougar]

NDX: an update of a weekend chart and discussion:
I am intrigued by the slow and steady up move of NDX, in conditions of a low adv/decl. positive ratio and decreasing volatility (attested by the narrowing of the EM envelope).
Is that thing serious?

[99er]

Updates

Copper http://99ercharts.blogspot.com/2011/12/copper_27.html
Crude http://99ercharts.blogspot.com/2011/12/crude_27.html

[quatzl]

It appears butterflies and negative divergences do not matter. It's trading in candyland.

[99er]

Updates

Gold http://99ercharts.blogspot.com/2011/12/gold_27.html
Silver http://99ercharts.blogspot.com/2011/12/silver_27.html

[99er]

Updates

Dollar http://99ercharts.blogspot.com/2011/12/dollar_27.html
30-Year http://99ercharts.blogspot.com/2011/12/30y_27.html

[Cobra]

Nothing to say, because the current leg up has already 3 (small) legs, so if it fails at anytime, we might finally see some bigger pullback (intraday of course). The only way to fix this is to break above the morning high decisively.

[tdo722]

It appears butterflies and negative divergences do not matter. It's trading in candyland.

lol, finally someone said it.

[SB73]

Cobra,

Any statistics for 5 straight up days on declinining volume? Or is it just Santa being Santa

[waverider]

excellent point Cougar, tech isn't buying this strong move up, at least that's my interpretation.

[Cobra]

Cobra,

Any statistics for 5 straight up days on declinining volume? Or is it just Santa being Santa

Check the weekend report, the statistics chart contains sample of up 5 days with volume down 4 days (double red highlights), so there're a few cases.

Normally, you want to see a volume surge today signaling an exhaustion. And I bet we'll see volume increase today but I'm not sure if it's an exhaustion.

[99er]

Update

NDX http://99ercharts.blogspot.com/2011/12/ndx_27.html

This puppy just bumped its head.

[jarbo456]

It appears butterflies and negative divergences do not matter. It's trading in candyland.

lol, finally someone said it.

this shouldn't be a surprise to anyone. i don't think one can rely on normal TA during this period. it DOESN'T mean that should the market decide to snap back to reality on ANY day this week or next, that the butterflies or negD won't be honored. it just means that in this current market condition, it can remain irrational aka negatively divergent for far longer than the average individual can stay solvent. but when the market does decide to come back to planet earth, those that have sized correctly their butterfly and negD bets will probably be the ones laughing.

full disclosure: i'm 100 call options long SPY and 80 call options long of USO (and have been since the irrationality started) - i will close these as soon as i think the end of year fuel injection is done.

[SB73]

Cobra,

Any statistics for 5 straight up days on declinining volume? Or is it just Santa being Santa

Check the weekend report, the statistics chart contains sample of up 5 days with volume down 4 days (double red highlights), so there're a few cases.

Normally, you want to see a volume surge today signaling an exhaustion. And I bet we'll see volume increase today but I'm not sure if it's an exhaustion.

thanks

[Eagle_Eye]

Russell and Nasdaq leading now.

A day or two of rest/consolidation (like in April midway through the rally) would be nice before this thing resumes its santa run to S&P 1280 - 1300 IMO.

http://stockcharts.com/h-sc/ui?s=$SPX&p ... &listNum=1

[BullBear52x]

No volume, I see nothing bulls internals wise, but no way Bears can do much today with this type of volume.

[SB73]

Cobra,

Any statistics for 5 straight up days on declinining volume? Or is it just Santa being Santa

Check the weekend report, the statistics chart contains sample of up 5 days with volume down 4 days (double red highlights), so there're a few cases.

Normally, you want to see a volume surge today signaling an exhaustion. And I bet we'll see volume increase today but I'm not sure if it's an exhaustion.

thanks

just checked it...very nice info. Pullback appears on the short-term to be pretty shallow (one day).

[waverider]

Update

NDX http://99ercharts.blogspot.com/2011/12/ndx_27.html

This puppy just bumped its head.

Agree, we had a bull trend last week and now we're at the top of a trading range. The bulls are already in IMO, we need to test down one more time before heading up at the beginning of the year.

[BullBear52x]

A little more down on DBV and TNX will help the bear case out

[tdo722]

Russell and Nasdaq leading now.

A day or two of rest/consolidation (like in April midway through the rally) would be nice before this thing resumes its santa run to S&P 1280 - 1300 IMO.

http://stockcharts.com/h-sc/ui?s=$SPX&p ... &listNum=1

Wouldn't that be nice for me to load up longs.