06/14/2011 Intraday Watering

[Cobra]

Huge gap up, above yesterday's high so chances are good that the gap won't be filled and hopefully a uptrend day today. The only think I see not very right is NQ is a little bit weak here, hopefully it could catch up.

[AK84]

Morning Cobra!

Do you still believe that this will be a sellable bounce and then we go lower as you mentioned in last nights report? I certainly believe that is the case to relieve the oversold conditions and also expand the Bollinger Bands.

Thanks!

[99er]

Good Morning.

You have seen this pattern before: prices break down out of rising channel to complete a right shoulder; break through the neckline; back test; and then fall towards the lower channel line. Take a look:

EURUSD: http://99ercharts.blogspot.com/2011/06/eurusd_9733.html

[99er]

ES
Update.
http://99ercharts.blogspot.com/2011/06/es_540.html

[cletus]

Today's headlines:

* We are raising stops on UNG puts (July 12s) to yesterday's low value to lock in 20% gains. I see no evidence natural gas has bottomed yet, so we hold.
* Our long cotton position is picking up pace, we will add to that position if the futures can make higher highs
* Today will almost certainly change the short-term S&P trend to up at least for a few days, if not the market bottom for the intermediate term, but that is highly speculative
* Seasonality is slightly negative to neutral today
* Seasonality is fairly negative for tomorrow

Today's cycle turns:

12 EST
2:45 EST

[Cobra]

Morning Cobra!

Do you still believe that this will be a sellable bounce and then we go lower as you mentioned in last nights report? I certainly believe that is the case to relieve the oversold conditions and also expand the Bollinger Bands.

Thanks!

still is sell.

[Cobra]

the open. RSP/QQQ/IWM need catch up.

[cougar]

The winner bullish BAT:

[Wallstreetrader]

The test of the MM200 is likely to append but when ?
NOTE: Big contracts here short mode !

[cletus]

Wow, people are so focused on the short-term they don't even understand how good the value is here to go long on the market. It's sad that people focus too much on short swings when the obvious trades are right in front of them.

[PLUNGE]

Wow, people are so focused on the short-term they don't even understand how good the value is here to go long on the market. It's sad that people focus too much on short swings when the obvious trades are right in front of them.

Cletus, I always appreciate your thoughts. So what upside targets do you see from here. Disclosure: I am long from yesterday's close.

[oldpigwang]

Cobra: How do you judge this is still a sell technically?

[feibingjia]

ban zhang, you said in your report yesterday: "...So if huge rebound starting from tomorrow, since I see no panic here then most likely it’s a sell opportunity"
so is it a good idea to move the stop lose back to 6/6 low (SDS)? Right now, my stop lose for SDS is a bit lower than 6/9 low (SDS) as you suggested. I"m following Cobra Impulse System.

[Cobra]

next stop, Fib 38.2. What I'm watching now is the 30 min OR high, if breakout above it, then 80% chances more on the upside. right now still hard to say.

[BBFinance]

The test of the MM200 is likely to append but when ?
NOTE: Big contracts here short mode !

Hi Wallstreetrader,
is it possible to reduce the size of your avatar and the big picture in between.
Just a request. Kind of distracting.
Thanks for your understanding.

[Cobra]

ban zhang, you said in your report yesterday: "...So if huge rebound starting from tomorrow, since I see no panic here then most likely it’s a sell opportunity"
so is it a good idea to move the stop lose back to 6/6 low (SDS)? Right now, my stop lose for SDS is a bit lower than 6/9 low (SDS) as you suggested. I"m following Cobra Impulse System.

if you follow CI system, then you should not move your stop loss. but if you look at Short-term model, it's logic to use 6/6 low as stop loss.

[cletus]

Wow, people are so focused on the short-term they don't even understand how good the value is here to go long on the market. It's sad that people focus too much on short swings when the obvious trades are right in front of them.

Cletus, I always appreciate your thoughts. So what upside targets do you see from here. Disclosure: I am long from yesterday's close.

I don't know, but I know the S&P will make new highs eventually. So the question you can ask is, do you want to game the short term moves or just hold until the S&P hits new highs?

In other words, would we rather get a guaranteed 110 S&P handles from here or try to short for the last 10-20 handles of the sell off (if they come) and try to get a little lower price. To me, it's irrelevant.

[Cobra]

ok, i see breakout 30 min OR here, so the min target as tinted area, 80% chances.

[Wallstreetrader]

Done

Will Short more if Gap Close

[ken_d17]

SPY is seeing resistance at the top of the June9/10 gap. At the exact time , QQQ, is seeing resistance at the bottom of the same gap !

Good time for a pause for sure.

It looks like the indices will move right by this gap -- it seems a long shot that one would reverse at the top and one at the bottom.