08/20/2012 Live Update

[Al_Dente]

I see the problem here
Prof Miyagi pressed the button TOO EARLY

[TradingJackal]

I would be a happy buyer if we sell off into close without taking out today's low. It looks like market put in a ABC move to the downside and is now putting in the finishing touches to a 1-2 move.

[Al_Dente]

renko 5m

[Petsamo]

My spreadsheet's currently predicting a gap up. Bears need to get it together before the close

[BullBear52x]

what to do smack down the VIX as usual

[Al_Dente]

what to do smack down the VIX as usual

wow WTF was that? honey badger?

[MrMiyagi]

I see the problem here
Prof Miyagi pressed the button TOO EARLY

Hai, I had to step out and drive Mrs M somewhere... should I press it again?

[Cobra]

the high attempt as expected. let's see if it can make a higher high. wait.

[EvilTrader]

Those who are following this market now must keep current lessons in mind for the future.

Bears expecting a crash and we are slow grind up mode.

[Al_Dente]

I see the problem here
Prof Miyagi pressed the button TOO EARLY

Hai, I had to step out and drive Mrs M somewhere... should I press it again?

yup

[BullBear52x]

Thanks Cobra and everyone, GLTA

TA Note: Up/Dn Volume and MACD on swing basis are bearish.

[Petsamo]

There goes another one of those double tops (SPY)

[Cobra]

the high attempt didn't make a higher high yet, 16 min to close, I'm neutral, anything is possible.

[joe-gamma]

PET: close at the highs and does your magic sheet still point toward gap-up?

[Petsamo]

PET: close at the highs and does your magic sheet still point toward gap-up?

It's predicting a slight gap up

[Cobra]

well, guess that's it for today, another boring day but the 60 min chart looks good for bulls. thank you guys, I'll see you tomorrow.

[shaca]

dragon fly doji on spx.. but the last 2 reversal bars didnt work

[Bman69]

technical analysis no longer works in this market, the dragon fly has flown the coup

[TWT]

SPX: With a little luck we could have the wave (3) of the last C (off the august 2 higher low) of the Triple ZZ from the June 4 low

[jabberstoxx]

Those who are following this market now must keep current lessons in mind for the future.

Bears expecting a crash and we are slow grind up mode.

It is really more like the bulls DONT expect a crash....complacency will be the death of the bulls........

tops take time to play out.....and this one is taking its time....never-the-less.......indicators are abounding(so the warning signs are there for the bulls)

wedge will play out.....and it wont be pretty(well, except for those who rode this faux rally out)