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Post by cosmic on Jul 26, 2010 9:55:57 GMT -5
It's weird too - The B/A was 2.25/2.40. I didn't want to sell at 2.25, so put the sell order in at 2.30. As soon as it hit, B/A became 2.25/2.30. I figured they'd never sell. Then it went to 2.20/2.30. I just ignored the squid. I looked back about 2 minutes later and they sold at 2.30. Sneaky. Why is it, ya sit and wait hours for an order to fill and they just toy with it; they use it as S/R. Then ya step into the restroom for a couple of minutes and ya come back only to see the order's been filled? That might be Flush's Law.
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Post by ukarlewitz on Jul 26, 2010 9:57:45 GMT -5
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Post by ukarlewitz on Jul 26, 2010 10:08:59 GMT -5
I'll write this, hit reply and be proven wrong immediately; however, over the past week of market strength we have been getting these high ticks with little pullback early in the day and the market has continued strong into the close. We had a +1300 tick at 10a, Spy pulled back 0.4 and then has continued to show strength. I see a nice intraday bull flag. Breadth continues strong. TNX climbing. I'm not finding a lot to be freaked out about. Now, tank.
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Post by abdogman on Jul 26, 2010 10:12:13 GMT -5
xlf 14.69 on 1m
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Post by ukarlewitz on Jul 26, 2010 10:18:07 GMT -5
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Post by ukarlewitz on Jul 26, 2010 10:27:14 GMT -5
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Post by abdogman on Jul 26, 2010 10:30:42 GMT -5
xlf 14.73 on 1m
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Post by ukarlewitz on Jul 26, 2010 10:31:53 GMT -5
I think they're all buying HTS. I have seen hand over fist buying of good yield producing assets in the past two weeks.
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Post by cosmic on Jul 26, 2010 10:35:43 GMT -5
Funniest quote ever in the comments: I remember when my wife and I drove by an Astrologer/Palm Reader's house. The house had just burned down. My wife commented, "You would have thought they would have seen that coming."
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Post by abdogman on Jul 26, 2010 10:42:43 GMT -5
Gonna do Dogs and lunch now / back for the show
xlf 14.74 on 1m ......................................
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Post by brosin on Jul 26, 2010 10:48:10 GMT -5
BP is on a mission. I just don't know to where.
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Post by ukarlewitz on Jul 26, 2010 10:49:14 GMT -5
Every equity sector is green today. Trans, home builders and regional banks (last two have lagged) are leading. 60' oscillators getting a little hot. I'm a little nervous.
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Post by brosin on Jul 26, 2010 10:54:56 GMT -5
Every equity sector is green today. Trans, home builders and regional banks (last two have lagged) are leading. 60' oscillators getting a little hot. I'm a little nervous. No worries UK - I think we went back in time today to the days of Monday Buying Battles.
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Post by ukarlewitz on Jul 26, 2010 10:58:22 GMT -5
Nq vol now 5:1 pos. Suspect Ny vol 6:1 pos.
tick is in a tight range on this move. No neg ticks in almost an hour.
If shorts line up at the 200dma (of course they will) and under invested institutions keep coming in, we could see some fireworks.
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Post by brosin on Jul 26, 2010 11:48:21 GMT -5
Things look a little weak here, but lunchtime is almost over and we haven't really sold off much.
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Post by ukarlewitz on Jul 26, 2010 12:15:50 GMT -5
Don't like tnx reversing to 3% after being up by 3.03%.
SLX looks like its making a very big (3 month) W bottom (tipped up).
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Post by ukarlewitz on Jul 26, 2010 12:23:10 GMT -5
Weekly note: as Cobra likes to point out every month, if you short the close on the third to last day of the month and cover at the close of the last day of the month (this Friday), you are in the money 10 of the last 11 months. Who knows, but maybe hit the 200dma and consolidate before a retrace into the week's end.
I like the continued strength in copper, up another percent today.
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Post by ask2lern on Jul 26, 2010 12:31:23 GMT -5
From http://www.optionmonster.com.........................GL SPX breaks through key resistanceJuly 26, 2010 Mon 9:41 AM CT The S&P 500 broke above that important 1106 area that I had written about last week. This breaks the bulk of the top end of the trading range for the last several months. The next big resistance level is at the 200-day moving average, at 1114.21 as of this writing (red line on chart). The 200-day moving average is a very big deal technically. It has taken weeks of rallying to get the index here. Uploaded with ImageShack.usThe big question now is whether the rally has exhausted itself in making the move to resistance. That has been the case each time that moving average has recently been approached. We have seen similar behavior on the downside where selling has exhausted itself just before a break could take place. It has been that process of "failure" at the extremes that has kept the index range bound. A strong breakout now would go a long way toward confirming that the index is truly back on a bullish track. A failure would be equally frustrating and would likely see us lapse back into the existing trading range awaiting a stronger catalyst.
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Post by ukarlewitz on Jul 26, 2010 12:35:22 GMT -5
MarketTells Broad participation... >3,000 stocks at new 20-day highs. Only six cases of 20d highs >2,900, $SPX higher one month later 5/6 (this guy is full of little tells like this. I like it) Spx - chart.ly/2tdt4f
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Post by ukarlewitz on Jul 26, 2010 12:40:04 GMT -5
The 200dma has become the new head and shoulders formation. Everyone is watching, most expect a retrace. Mr Market doesn't like to be so predictable. DJI, Qs, Iwm, DJT, etc are all through and going higher.
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Post by sp7015 on Jul 26, 2010 12:48:11 GMT -5
AAPL possible breaking out of Inv H&S one min chart. Uploaded with ImageShack.us
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Post by brosin on Jul 26, 2010 12:50:48 GMT -5
BP is heading down, maybe leading the way.
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Post by ukarlewitz on Jul 26, 2010 12:51:22 GMT -5
Barton Biggs: sell at the bottom, buy 10% higher. Now a bull again. theguruinvestor.com/2010/07/26/biggs-thinking-big-and-high-quality/Everyone and their mother in the blogosphere is saying the markets are short term overbought. Perhaps. But when markets get oversold for two months they usually turnaround and get overbought and stay that way.
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Post by Dualism on Jul 26, 2010 12:57:26 GMT -5
Barton Biggs: sell at the bottom, buy 10% higher. Now a bull again. theguruinvestor.com/2010/07/26/biggs-thinking-big-and-high-quality/Everyone and their mother in the blogosphere is saying the markets are short term overbought. Perhaps. But when markets get oversold for two months they usually turnaround and get overbought and stay that way. If Barton Biggs is going bullish, then a pause or minor pullback may be in the cards to sour things up for him. And wasn't he bearish just a few days ago?
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Post by brosin on Jul 26, 2010 12:59:54 GMT -5
Barton Biggs: sell at the bottom, buy 10% higher. Now a bull again. theguruinvestor.com/2010/07/26/biggs-thinking-big-and-high-quality/Everyone and their mother in the blogosphere is saying the markets are short term overbought. Perhaps. But when markets get oversold for two months they usually turnaround and get overbought and stay that way. Everyone in the blogosphere is and will always be bearish. Doom sells more than rainbows and unicorns. It's tough to get a read on how to play what they do other than fading them when they get too doomy. I think we need to get the bears' hopes up again before resuming on. Too early for the every day squeeze up at this point in the rally.
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Post by abdogman on Jul 26, 2010 13:08:12 GMT -5
xlf no volume last 9 mins on 1m (almost) xlf 14.76 on 1m
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Post by ukarlewitz on Jul 26, 2010 13:14:44 GMT -5
The blogosphere for me is actually a tradeosphere, as they are short term traders focused on TA. That gang is all expecting a pause. Maybe. But sentiment would suggest the bears are alive and well and the group that needs rounding up is the bulls. Rip through the 200 and they come in.
BB sold on July 2 which I think was the low for the year. Just goes to show that experience is of little help at times.
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Post by ukarlewitz on Jul 26, 2010 13:16:28 GMT -5
MarketTells More signs of broad participation... New 52wk highs up/new lows down fifth day in a row for only fifth time since 1990.
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Post by brosin on Jul 26, 2010 13:17:48 GMT -5
BB sold on July 2 which I think was the low for the year. Just goes to show that experience is of little help at times. That's the problem with TA when it is not only a component of many trading biases but the only thing someone uses. TA will have you selling AND buying at exactly the worst times, because false breaks have to expected, but then even when expected, they can be more false than one expects to throw everyone off the scent. Basically, I think that the market trades against TA by default, just enough to throw it off, but not enough so that people lose faith in it. When you're not trading it specifically, looking back on something in hindsight looks easy. But when you're actually in a position, the TA will trick you in or out of something at the worst time.
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Post by Dualism on Jul 26, 2010 13:22:37 GMT -5
The blogosphere for me is actually a tradeosphere, as they are short term traders focused on TA. That gang is all expecting a pause. Maybe. But sentiment would suggest the bears are alive and well and the group that needs rounding up is the bulls. Rip through the 200 and they come in. BB sold on July 2 which I think was the low for the year. Just goes to show that experience is of little help at times. Now with that kind of thinking, you could have been part of the Inception's writers. ;D (twist and turn at every corner) I think the likelihood is that NYMO is going to make a series of complex tops (above the 0-line, then near the 0-line) over a period of weeks before it finally rolls over again. It seems it is timing its rolling over set-up for September.
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