Stock Market Today - Intraday discussion - Page 6175  

Russell will lead us lower in a bit. Seems like we follow the russell lately

vix is kept up so many rumors, and leaked EFSF not enough to rescue europe

Italian bonds 5.95%

Smart money wants vix to be up :-)

.91 for oct 60 put on DO any1 wanna buy from me lol. probly my only trade unless the market falls today

wonder if the philly fed comingup will move us much either way

UK banks having a very rough day....  FTSE minus .92, GDAX minus 1.6 at time of posting - once they see the DOW is up they will follow.... maybe...

Quote:

Originally Posted by jlewis1111 

wonder if the philly fed comingup will move us much either way

40pts so far.

10am  existing homesales 4.91 vs 4.92 .. for some reason market likes it

Philly Fed 8.7 vs -8.8

Market likes it, getting a pop off support.

I exited my SPY puts from two days ago, lock that in and waiting to see where this goes.

nice bounce but now giving it back up

I found this number to be interesting...

Eurozone consumer confidence -19.9 vs -20.0, Prev -19.1

That Philly Fed was a bit of a surprise.  Pop seemed to be short covering but we are at the bottom of the mini channel so bulls may try to move up from here.  Telegraph got a leaked first draft of the summit announcement.  Draft was missing the good stuff though which means they have nothing set in stone yet.

http://www.telegraph.co.uk/finance/financialcrisis/8838425/Euro-summit-statement-the-leaked-draft.html

Quote:

Originally Posted by StockJock-e 

10am  existing homesales 4.91 vs 4.92 .. for some reason market likes it

 

Philly Fed 8.7 vs -8.8

 

Market likes it, getting a pop off support.

 

I exited my SPY puts from two days ago, lock that in and waiting to see where this goes.

 

 

 

 

This short rally won't hold. 

yay someone bought my DO put. now can the market fall already!!!! i need more stock

Quote:

Originally Posted by sksyen 

This short rally won't hold. 

We shall see..

Bears could not take us below 1200 on the ES, so if we are not going down, lets try the upside.

I might grab SPY calls if we break 1215 which is the pre market resistance level, we are still trading in a tight wedge here that could go either way, but slight bias to bulls because bears could not smack it down.

Check your 5min charts traders, the ES is getting squeezed in that wedge, we make a break soon.

give it until EOD or tomorrow for that drop.. people wont want to hold for a vague non detailed plan.

I'm watching the EUR today for some clues... it tested major support over night around 1.3660 and its still looking kinda weak.  I think a move down thru this levels could bring in some selling into the markets.  Its amazing that for the past few nights that EUR has sold off EOD but then rally's at the open of the EU markets... but each rally has been getting weaker and I'm thinking whatever has been holding the EUR up and keeping the USD down is about to give way.  

http://www.marketwatch.com/story/us-cant-confirm-gadhafis-capture-or-killing-2011-10-20

When he is dead, US cannot confirm and oil rally ...nice

SOH seems like the right play for me. I feel like the market wants to go lower but I am not comfortable trying to play it.

Quote:

Originally Posted by rando 

The following quote is from David Banister, who is on Twitter as @activetrading, just followed him after good tweets kept bubbling to surface of my StockTwits feed. A lot of what I'm posting has already been discussed here, so this is no attempt to shed a new light on anything, but it's a good synposis of where we are and could head next. Worth reading especially for anyone who does not read 100% of the posts in this thread.
---

"The rally to 1233 will have taken place within a 13 Fibonacci trading day window which ends today. In addition, the rally is leading into the end of Options Expiration week which tends to mark pivot highs and pivot lows nearly every single month. Also, at 1233 we have a 61% Fibonacci retracement level of the 1010 lows of July 2010 and the 1370 highs of May 2011. 1233 was my “Bear line in the sand” I gave out a few months ago to my subscribers as a likely bull back breaker. In essence, the market is having trouble breaking the glass ceiling at 1233 for a reason; it’s a psychological barrier for investors now.
"Near term, I expect the market to have another sharp correction to work off the near 160 point SP 500 rally that has taken hold in just over two weeks and again on 13 Fibonacci trading days as of today. In addition to that, we should follow copper as it tends to be an extremely good indicator for the SP 500 index long and short term.
"Right now, Copper has dropped 8% this week while the SP 500 levitates on a magic carpet ride within a 30 point range. Copper looks like it has begun a 5th wave down, which will likely take it to the $2.70’s per pound from $3.46 last week on its recent bounce from $2.99. Below I offer a few charts showing the projected copper pattern and also one showing the SP 500 relating to Copper."

Source: http://www.themarkettrendforecast.com/forecasts/sp500-poised-for-a-sharp-pullback-near-term-says-dr-copper/

Does this guy use Fibs?