Stock Market Intraday Chat: May 7 - May 11 - Page 19

It is about 5th time of testing the bottom in the last 1 month. I think bottom is about to fall off, watch out dip buyers!

 

 

Welcome back shortlife.

Have a feeling they may suck buyers in this morning up to around 1358 before taking it back lower. Test those 1340 lows tomorrow or Fri.

No real bottoming until panic selling sets in and markets close near their lows on heavy volume.

Gold just getting drilled. Was watching it a bit late last night and watched for some big flushes and did not see many. The selling was quite methodical. The next supports I see are all the way at 1525. There is a descending trendline off the Summer/Fall 2011 highs, but that isn't support IMO it would be a nice coincidence.

TF earlier this week entered 772 handle, the Oct 27 2011 high was 768.4. There is quite a bit of significance in that. YM 12750 has been a key line on my chart for quite some time, going back to Oct as well. Now we also see ZB hitting the 145s, really quite amazing to see them 10 handles off the winter lows.

One good red day today and the Aussie might finally crack parity again. Despite the herky jerk price action lately, we see multiple price levels lining up and working together to make or break markets, there are good clues for all of us.

major squeeze on SODA it had 85% float it was just begging for it. Have some 35$ calls on it hope it holds (also have it submitted for the May HSM stock contest)

Could squeeze even more All they had todo was come out even half decent and this was gonna happen

I'm hoping we don't get a big flush here I really want to reload on short positions. My hats off to guys still opening short positions down here maybe you get rewarded with a big flush. If we can come up on a solid $137 bounce I'll be all over it. TZA also another good play too much excitement chasing it right now.

PCLN - I feel like these earnings are going to be monstrous if Expedia is any guide for how things can be BUT in the context for how far PCLN has rose these earnings will give it the final blow off top. After that there's no more catalysts anyone who has been waiting to short I see them jumping in finally (me included)
Edited by barbellman - 5/9/12 at 8:14am

Traders enter all short positions, then market rips to upside.

That's still to come!

Yay! Everyone is thinking Bearish. Buying time

Trendline offers decent and proven resistance, moving averages generally above price, declining, and bunched up so they should reinforce trendline. 1352-1353 during first hour of day session would be an upper TL test. This pattern needs to be resolved today, early edge to bears to break down out of descending triangle, but later in the day the risk of another late buying spree is high, as when triangles and wedges get too tight, they are increasingly likely to 'fail' with respect to the odds of them going one way or the other.

 

What about the likelihood of blowing out the top of that trendline to those 1360 sellers before testing and potentially breaking those 1340 lows.

 

Just so they can give the traders playing this pattern a big

 

http://online.wsj.com/article/SB10001424052702304070304577393671154450382.html

 

India, Iran Sign Trade Deals

 

Petro dollar double blow....

Many late short sellers have already been squeezed out the last two days.

Yeah I could see that happen... I'm less likely to buy an upside breakout without numerous confirmations to buy stuff in other classes/indexes than i am to be selling a breakdown. I think at this point most of us here are thinking a breakdown will more easily prove itself to be a quality move than a breakout to the upside.

path of least resistance is down. Thats it cut and dry.

 

eventually it will be over extended and irrational which im starting to feel it is.. nothing TANGIBLE is going on.

what is this b.s... everyone is gonna panic sell now b/c "futures are down"

 

wtf kind of reason is that.. the more and more i try to figure out how this market works, the more i get confused

 

Good point, they can always take it down to 1340 like you said before messing with that upper TL.

 

Futures trade 24hr so they react to news and events before market opens. Don't know where you get the "everyone is going to panic sell". If the market sells it's because of the reason futures are selling, not because futures are selling.

thats a matter of opinion based on a  forward looking aspect. The Futures did not sell off 24hrs ago..  The markets are not forward looking at this point.. its retarded looking and waits until the last minute. ...My take on all of this crap.. Its currency related and metals.. its not futures alone.

what news?