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E-Mini 100 DMA Support Breached
The bullish chartist and Johnny 5 portion of the stock market (which is about 99%) can not be happy: the next ES support is at the swing low of 1241.25, although the 200 DMA looks like a target at 1237.85. We believe a firm bottom exists at 400. And for all those asking, today's ES volume was the 2nd highest since March.
The 200 DMA support:
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"bullish chartist"? If by "chartist" you mean technical analyst, I think that has been something of an oxymoron in this market for a Some time.
If you say it fast enough it sounds like "Bullshit artist".
bullshartist
+ 1 trillion (sorry, next years prices)
Don't we need a nice flash down in June to the 200 SMA to justify QE3?
We are right at the lower trendline of support underneath the market since the March 2009 low from what I can tell:
http://thespiritoftruth.blogspot.com/2011/05/edge-of-cliff.html
What is this "volume" that you speak of? Can't the Fed just buy it?
I smell a flash crash coming....in equities and GLD and SLV. I will say I was wrong if during the next collapse, GLD and SLV screams to new highs.
You are an anonymous internet poster; control your inflated ego.
Back off!!!
Some of us work very hard at hyper-inflating our anonymous egos. Not only is the job security solid but you never get a W-2 or 1099.
Got it Tough Guy. Any way it helps us be nice to others in public when they echo the MSM.
GLD and SLV will crash, but gold and silver won't. They might be on sale for a while, but the premiums will rise significantly, and they will do so more and more until the price is 100% decoupled. Hell, that happened during the recent move up in the spot price, where premiums fell.
Paper will burn. Metal will rock.
Here you go Cdad. You asked and Tyler posted.
Thank you brother Cog and Tyler...although if you use the one year index chart and insert those sma's, the one day technical failure today is even more spectacularly on display. But I shall content myself as I report to my martini shaker now while daydreaming about pink slips at the JP Morgue and preparing to draft my entry to the ZH poetry contest...a poem which I shall entitle "Bidless."
Good grief [and by that I mean f*ck Jamie Dimon....and no, K. Finerman, I do not mean that literally speaking]
You kill me, Tyler.
LOL! Did anyone just catch that Joe Lavorgna appearance on the BlowHorn's Nanosecond Money show? Lolololol! He literally was struggling to keep his chuncks down. Precious.
And here we were earlier joking over brother Cog's toilet capture.
Here it is.
http://video.cnbc.com/gallery/?video=3000025296
http://www.entendance.com/forums/viewtopic.php?f=6&t=458&p=17332#p17332
FED: Public and political contempt towards the FED will become feaver pitch as the markets descend, plunge and crash to all time generational new lows.
This is when squid face will be hauled into court for crimes against the people. Once the crash has progressed or come near to end, Fuld will be arrested and tried and sit next to Madoff. Social mood will demand it and neither the Fed nor Congress is greater than the market.
You are delusional. The entire world will blow-up before GS is put on trial. You don't get it... The FED is the market.
yup, don't fuck with them.
Yup, Fuck You!
there be no shelter here
Prophecy!!! Deflation!!! Bazooka you're on a roll pal, so wait for $450 gold in 2016 and then buy gotcha thanks.
I tend to agree with the deflationist argument...However, I would suggest that there will be some sort of 'other' distraction before banks like GS are prosecuted.
After all the government has removed all obstacles so far, IE:
1. Defunding the SEC and other watchdog agencies
2. Repealing Sarbanes
3. Creating new all encompassing "financial laws" (Dodd-Frank)
4. Reducing civil liberties VIA the patriot act and other misc federal and state laws
Most average people will be happy not being molested by the government and the banking class, to even bother trying to prosecute them.
Needs to drop more so that The Bernank and Timmah come to the rescue with QE(n+1)
Better lower the margin rates on the ES again.
sold my /es short at 1313.00, it went out on a low, usually will bounce.
did the same with some SPY puts, will look to repurchase with a small bounce tomorrow...
I sold my SPY PUTS on 2 separate occasions only to buy them back. If there's a bounce tomorrow I may double my position. I'd be surprised if the world doesn't swoon overnight and give the USD a boost. The Euro may shit itself when Europe opens.
Here's to all the fun we're having!
I got your bounce dangling... at around 1200ish
It's not just how much volume, but what type of volume.
Is the volume dominated by Buy Programs or Sell Programs?
If the volume spikes and it is dominated by Buy Programs the market will go up.
If the volume spikes and it is dominated by Sell Programs the market will go down.
....you can monitor the Order Flow Momentum amongst Buy and Sell Programs, in real-time, for free, here:
http://algofutures.com/wow-indices/wow-index-sp-500/swing-trading-chart/
Hope that you find this interesting.
Carl
Thanks for the new chart porn. Interesting....
Barring the always not so transparent hand of the Fed buying contracts, the algo's will have no "logical" choice but to simply liquidate equities. Especially HFT'd equities priced for stupid.
But I'm sure we will be treated to days and days worth of "buying opportunity" commentary over at the BlowHorn in a last ditch attempt to get Average Joe to step up and buy criminal Wall Street banker pipe dreams.
The two year "confidence experiment" has finally ended badly. The US stock market is nothing short of a bad joke, and today was the first of many punchlines to come.
Would someone report to the Eccles building and drag Ben Bernanke out of there and clap him in irons, please?
Good grief [and by that I mean who does Wall Street think they are kidding with all of this nonsense? And where are the long awaited layoffs at the TBTF banks, too?]
Gonna be difficult for the pension plans to make their 7+% returns. CALPERS will lead California into ruination. Greece the metaphor, not the contagion.
Say it again and again - Debt Saturation!
From your mouth to God's ear. Although I'm sure Californians will thrash about and make a big scene as they are being dragged out the door.
How do you post images/graphs on this board?
impress tyler or something
You have to be a contributor of articles.
Freeking awesome! Hope the gap down tomorrow is small.
practically another hindenberg omen
This is bullish, right?
robo will now explain to us all that an unbroken series of higher lows is uber-bullish and everyone should buy NFLX on a 1% correction.
Buzz,
I think you need to check your news headlines on NFLX from this afternoon. Ummm...getting harder to hide those ramping costs in that off balance sheet warehouse they don't much talk about over there. Looked like a blow off top to me, as well.
Talk about your monument to gross misallocation of capital.
blasphemy. the momo gods will avenge.
Nailed this period of weakness
http://www.readtheticker.com/pages/blog1.aspx?65tf=215_sp500-cycle-update-2011-05
This post makes me feel like Becky waiting to interview Warren.
ROFL!
I wonder what happened to the plunge protection team today? Who blew the stick save?
unintentional junk, fat finger on a small screen
i was going to say that the plunge protection team was out in force today and operating on a worldwide basis, every patch of resistance was worldwide, how can twenty markets change direction at the same time, not just once but again and again and again in one day, twice in less than a hour. i used to think people on this board were paranoid, but not anymore
"We believe a firm bottom exists at 400."
And that's where I'll be a buyer. Until then, gold,silver & cash
S&P at 400 or at 400 dma?
I say look for a flash crash in commodities, trying to wipe out every one's holdings by inspiring fear in the market. People will sell their silver and gold for pennies on the ounce to the banks, and then they will push the price up once they hold the majority of the physical silver and gold. Let the looting begin!
I have been waiting for this to happen for the last 12 months ...
Perfect timing to have it happen the day after the CME drops margins on ES futures. Looks like either the PD's took advantage of the policy change to leverage up on their shorts and dump on the retails, or they dumped on the retails after they leveraged up to go long. It will be interesting to see what the follow up move will be.
Beware the NFLX
SLV has started it's Wave III down. Wave II was an abc classic corrective that ended yesterday. If Wave III lives to its attribute, it will be the longest of the five waves down. I project that $25 will be a possible stop point for Wave III down.
Obviously this analysis will piss off many...but it's how I see it.
Disclosure: Long VXX, FAX and UUP
Why are you a Cheeky impersonator?
It's my way of saying: NoBama!
Yeah, why are you a....oh, wait. nevermind.
CC, My thoughts exactly. Can the gentleman kindly change his avatar. His current avatar is reserved for the immortal Cheeky Bastard, that is sorely missed by all veteran ZH'ers.
Where did Cheeky go? He was awesome. Did he just become too pissed off at some point?
Here come the wave bugs...
I shall not assume guilt by association.. PM trade and 'commodities' not in lockstep. keeping powder drive for Ag.
In aggregate we lived on credit the last 30 years.
Prepare for a lower standard of living as we pay it back, default, inflate, fail to expand credit, etc.
Credit probably cant expand like it has coming out of previous recessions.
Well, yeah. In the last four decades, the life expectancy of a 65-year-old in the United States has gone up five years. Retirement ages stayed the same, so people got an extra five years of leisure which was primarily financed with debt pushed off on to future generations. "Gimme an extra 5 years of vacation, a big mobile home, and send the bill to my grandkids." The banks and governments supplied the means and the muscle to do this, of course, and took their cut. Now the question seems to be whether or not this intergenerational debt will be repudiated. Of course it will. One way or another that bill is not going to be paid. It just remains to be seen who's left standing when the music finally stops.
Carter Worth was on Fast Money last week telling me all was fine.
Today was one of the nastiest unexpected reversals I've seen in a long time.
If we get more follow through, might be time to go short big.
In the span of 24 hours, the market went from pricing in a "consumer spending boom of epic proportions" to "global depression dead ahead"....
Gotta be nimble and quick..
lulz. What a maroon.
:thud:
hilarity ensues when the unemployed, part time, contract 1099 processor speaks.
Robot Trader---it wasn't even an intra day reversal and was only a few percent. You are very new to this game.
That was quite the drop in silver the last 30 minutes. Hate to say it, but raised some confetti today. Had a good run. Man this market is tough. PMs can move lower for a while over if this is reality setting in. Friday gonna be wild.
And my prediction stands. If ES drops below the March lows, the 10-yr. yield will be at 2.00% and nobody, I mean nobody, will be hassling the Fed about the debt ceiling. In fact, Congress will be demanding QE3, QE4, QE5, etc.
except for one man, with an ak-47 and a honda full of silver.
yesterdays prediction still stand?
Crisis now over, nobody needs gold, but they are clamoring for bank stocks
RobotTrader - Mon, May 30, 2011 - 10:55 PM
Heh, so typical.
Probably see a huge run in bank stocks tomorrow while "safe haven" plays get dumped now that the crisis is over.
utter horse hockey. in your many flip flops, twists and turns you may have said something along these lines. but you also said the opposite, too, which overrides the previous "prediction." in fact, you were talking smack yesterday about imminent breakouts to the upside, not fighting the fed, being uber bullish and mocking gold.
24 hours later you're saying the opposite. just for the record internet tough guy and sheep dog have been posting your wrong calls from your original posts.
you fool nobody but yourself.
Congress is discussing Obama's "We will reduce our budget deficit by 4 trillion in 10 years"-spending cuts => No QE# needed
robo, you dont know what the fuck you are talking about, so just stfu
Why does TD give contributor status to dumbasses like RT, GW, CD, LeoK, etc, who publish a stream of worthless shit, even off-topic worthless shit in the case of GW and CD?
Did those morons get contributor status back when ZH was blogspot?
Isn't it about time to do some housecleaning through the contributor list?
Is it finally time to short treasuries or keep waiting?
it is always a good time to short treasuries.
(note: long treasuries, lulz)
Not until after the market collapse. Until then they are still a "safe haven".
the market is obviously racist...
Lol, it's funny, just because...
S&P500: This index is too important to die.
And here comes the Nanosecond freak show with the refrain, "Global Growth Story." Per Durden comments earlier today, and these guys get paid why? A freakin' well trained parrot could give this advice.
Ac-ck.
Polly says "Buy The Fracking Dip".
"Now where's my Gold. And NO paper this time. Physical. You hear me. PHYSICAL."
Poly needs to be retrained. "Ac-ck...buy canned goods...Ac-ck"
Did you catch that Lavorgna appearance on Nanosecond Money, brother Cog? Ummm....clearly the heat is on Joe until the disasterous Friday unemployment number is released on Friday. Methinks maybe Joe was tracking ZH today.
Here is the video.
http://video.cnbc.com/gallery/?video=3000025296
What a putz, Lavorgna is. Thx for the posting that link CD, I needed to be entertained.
LOL! Hard swallowing, breathlessness, and he even gave an odd nonverbal right at the moment when he tried to suggest [lol] that the inventory rebuilding cycle was just getting going. Uh huh. He touched his forehead as if to say, "Man, I cannot believe I am about to say this but..." Perhaps, he missed Tyler's inventory stuffing at GM thread? What, we might need to build a few more GM trucks...mid to late 2012?
You know, I'm not sure if he gets fired for his incompetence as an economist, or a bonus for going out onto the BlowHorn and having the stones to say the things he said.
In any event, I hope he had the wife run some Scrubby Bubbles over ye old toilet bowel...poor sap.
Thanks brother Cog.
You know, I have found that I like ZH more everyday. Not only is it a great source of information, on a daily basis my knowledge increases. But it is a great source of entertainment, and I mean that in a complimentary way. Better than anything on TV. Someday everyone else besides the ZH community, will look back and realize just how far ahead of the curve the ZH community was versus the MSM, sheeple, banksters, politicos, etc.
Any plans for a ZH channel delivered to the home via satellite, cable, fios, etc? Maybe on channel 666.
Remember when he anticipated being asked his view of where unemployment would be at the end of the year and he blurted out 8% only to quickly realize he was being asked for the number for May? Interesting what people expect to be asked and the answers they give. Or was he told the line of questioning in advance?
Enquiring minds want to know.
.
I am very much of the mind that everything these BlowHorn anchors and guests say is entirely scripted. Furthermore, I think these scripts are written by bankers. Maybe it is the case that it all comes from the board level. Not sure.
The first line of proof is the absolute irrelevance of so much of their coverage. Greece in flames? Cue up a story about Kung Fu Panda 2. CDS rising on US debt? Let's go inside the mall and check new fashions at The Gap. Gasoline prices accelerating? Let's talk alternative energy. The genuine irrelevance of their coverage is simply flabbergasting.
The second test is their never changing mantras: Global Growth Story, historically cheap valuations, buying opportunity, economic recovery. Can anyone remember the last time anyone on the BlowHorn told you to sell? I can remember once...late in 2008 [when criminal syndicate Wall Street bankers were on the prowl for cheap covering shares].
Interesting back story now emerging about certain parties wanting out of the outstanding stake in NBC now...putting comcast in a bind. Upcoming license renewels are supposedly [according to the BlowHorn] worth more than the 51% of the NBC stake COMCAST owns. It is a story that bears watching, and perhaps one that would suggest selling COMCAST.
One day, someone is going to want to restore integrity to NBC...not that there is any sign of that on the horizon. Like the market, perhaps what is required to fix all of this is the purging of bankers from the ranks. How about a hiring spree...of journalists?
Agree that Qs are often, if not always, scripted. The running commentary blurbs that read across the bottom like breaking news sometimes before the guest even says the line are a tip off. Same with the charts of a stock or other piece of data that they flash while guest is speaking of same.
We may simply call it medicating media. CNBC does it all the time. Bloomberg less so.
Ho do you post images?
Why's stupid asshole Bernanke printing all that free paper money & giving it to the TBTF? Simply as everyone knows, those with the most free paper money control stocks, commodities, the politicians, the government, everything, the world. He just wants to make sure the TBTF's have more than the Chinese.
astute
remember those muni bonds that were so hated last month?
Yup.
Looking at the USD... This looks like a giant headfake. Though the EUR/CHF trade got murdered today. Is someone in Europe liquidating?
no pomo tomorrow....will drop the ES mini margins again though
Stock market that actually drops for a day
Please save us with more QE
Ok, go back to the herd, sheeple.
The US is the next Japan. The NIKKEI and Japanese real estate markets have declined steadily over the last 20 years in spite of near 0% interest rates. The US will follow in their footsteps..no conspiracies, no man behind the curtain, no Goldman rules the world. Just too much debt and no politically feasible way out other than to delay the decline. Everyone is scrambling to make a dollar including the 'political elites' and will continue to do so for a long time.
Stock market is fine, Bernank watching it,
QE3 is coming and Today Index shorts will eat their socks like next Monday
at longest, watch and learn... Those doomsters been short since 2009
and never get it.. Don't fight the FED, punks.
Count my fingers, your number one!
there be no shelter here
also,
a 13/34 EMA cross today on the daily along with the % of stocks below their 50 day moving average. The PSAR should through a sell Thur. Just about time to start loading up on shorts.
http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID3225058&cmd=show[s162488959]&disp=P
I don't think TPTB are stupid. I think they know exactly what they are doing and I always assume that anything I know, they know. All this talk of QE3, crash equities and the street begs for it. Seems a liitle heavy on one side of that trade. What if it doesn't happen? These last few years have felt like a semi-controlled decent and there are some scary mechanisms in place.
just bought some dia shares. it just doesnt feel like the end yet
i keep looking at charts...I keep using research, I keep using the tools that help me navigate the markets in the past.......its all gone...