02/02/2012 Intraday Watering

[BullBear52x]

<132.24 the swing sell on SPY will kick back on again. SWING sell = screaming sell intraday

[Cobra]

so far the rebound is weak, looks like a bear flag.

i am going all in long...

target.

[TraderGirl]

My 2 silver charts for long-term swings: SLV 130 min and AGQ daily:

Great charts cougar!! Also, check out the 20 dma and 50 dam on the monthly and weekly for support and resistance...

AGQ's resistance zones are a little different than SLV, so you have to compare, but here are a couple of charts for AGQ. On the Weekly back in Jan 2011, price fell through 20 dma and 50 dma on the weekly but not the monthly. Now, on the monthly we are hitting resistance at the 20 dma, but on the weekly, it looks like we need to find support at the 20 or 50 dma...

[KENA]

Nice dome formed and hit target for a change. Now lets see.

[dcurban1]

How are the Italian debt auctions going? How much more do they have to sell, and who's going to buy it?

Wavyroller
How about Wolfgang?
Germany: no public contribution to Greek haircut
6 minutes ago
“Germany's finance minister says he sees no need for a public-sector contribution to cutting Greece's debt load as Athens works to reach a deal with its private creditors. Wolfgang Schaeuble said in an interview … that public creditors "are the taxpayers in other European countries, and I can't see that our contribution so far to tackling the problems in Greece is too small." He added: "So I don't need any extra contributions from the public sector; we're carrying everything anyway." Schaeuble didn't address a discovery by Greece's international debt inspectors that the country needs an extra euro15 billion ($20 billion) on top of the private-sector released and a planned second bailout…”

Kiss the European debt markets goodbye. They just created a bifurcated market for European sovereign debt.

[Petsamo]

Anyone have interest in USO? A gap fill is near

[Cobra]

another way of measuring target, which I think is more trustworthy. overall, bulls are fine.

[BullTart]

Update on the daily RSI divergences I'm watching... NegD's on the daily RSI's are pretty reliable indicators in general.

SPY- this is looking like an excellent RSI NegD setup on the SPY with a double top formation similar to July 2011. You can see from my chart that is doesn't happen too often... a few a times a year kind of event.

$DXY - dollar is also setting up a PosD setup, and the 80 SMA is holding as support for five trading days now.

VIX, I won't bother posting a chart on, still has its PosD setup intact, with a a low on 1/26, last Thursday still in play.

If you look at what happened last July with the NegD and double-top formation on the SPY, we should put in a range bound candle today.

Then tomorrow, we start heading downwards, confirming the NegD and double-top formation.

The setup now is, range bound into the close, then down tomorrow on NFP day, which as Cobra correctly mentions, tends to be a key reversal day.

So, all eyes on the NFP tomorrow. If we get a blowout number and explode higher, with RSI divergences getting obliterated, it will be time to close the current trade setup and look for another one.

I think that won't happen, and that we get the double top play, similar to last July. This will be very interesting to watch.

[SWalsh]

It's about time we got a bear raid. I wonder how long it'll last

If it's an ending diagonal in place, then the salmon will be thick!

[TraderGirl]

Anyone have interest in USO? A gap fill is near

I was just putting together a chart for UCO, the squeeze actually turned oil down as in past. Wondering if we find support at channel??

[cougar]

My 2 silver charts for long-term swings: SLV 130 min and AGQ daily:

Great charts cougar!! Also, check out the 20 dma and 50 dam on the monthly and weekly for support and resistance...

AGQ's resistance zones are a little different than SLV, so you have to compare, but here are a couple of charts for AGQ. On the Weekly back in Jan 2011, price fell through 20 dma and 50 dma on the weekly but not the monthly. Now, on the monthly we are hitting resistance at the 20 dma, but on the weekly, it looks like we need to find support at the 20 or 50 dma...

Thanx TG! Yes, I can follow what you say...BTW, I sold (to open) today weekly AGQ 63 calls, expiriring in 8 days. So, I am now hedged but ready to go more bullish, if necessary, by adding to the Mar longs.

[Al_Dente]

1min
http://stockcharts.com/h-sc/ui?s=SPY&p= ... =250028427

[BullBear52x]

SLV the way I see it not trading it. but here is what I will do now.

[Cobra]

1-2-3 formation target. the successful rate is not high though.

[Petsamo]

so far the rebound is weak, looks like a bear flag.

i am going all in long...

Ouch !

[Cobra]

initial target reached. I said this target is trustworthy.

[BullBear52x]

finally the swing swing sell is back on. SELL SELL SELL

[TraderGirl]

SLV the way I see it not trading it. but here is what I will do now.

BB how's the TVIX chart looking today...??? If we start to roll over soon, it may get a bounce...

[Petsamo]

UNG bounce is looking good. Intraday double top was denied

[Unique]

Finally some bear fun.