TRADERS ANONYMOUS: Morning Corner 3.17.11

Morning Corner 3.17.11

Open thread

Feel free to discuss whatever.

227 comments:

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Jennifer said...: Ben -- scary that the super moon thing lines up with the E wave so well.

I couldn't stand the suspense, so I went shopping for cruisewear. Glad to see I missed nothing.; March 17, 2011 at 3:48 PM
Jennifer said...: Kyocera up 7%? All I needed to do was follow Ken Fisher. Huh...and here I'm trying to actually think about this...must be where I'm going wrong.; March 17, 2011 at 3:50 PM
ben22 said...: frou frou's on the lido deck Jennifer

it is pretty wild that the e wave lines up with super moon....we'll see, could be some fireworks after monday next week....as was described the e wave can get "out of hand"; March 17, 2011 at 3:50 PM
Jennifer said...: Little breakout going on -- poked through that hourly trendline just now.; March 17, 2011 at 3:51 PM
karen said...: this is insane.. and Ben, it did not escape me that the nas is off..

what a trick.. will slv did not break up so far.. maybe tomorrow, rolling my eyes.; March 17, 2011 at 3:51 PM
Jennifer said...: Well lets have it get out of hand next week -- I'll have no internet access from the 28th through the 1st! You can only imagine the stress!!!; March 17, 2011 at 3:52 PM
Bruce in Tennessee said...: http://finance.yahoo.com/news/Tragedy-in-Japan-Highlights-minyanville-4275146176.html?x=0&sec=topStories&pos=9&asset=&ccode=

"Traditionally, Japan has been able to finance its government borrowing largely from domestic investors, with foreigners only holding about 5% of the Japanese government bonds. In coming years as its own savings pool declines, Japan will need to tap foreign investors. The disaster will accelerate the process.

Japan's three problem "Ds" -- depression, deflation, and demography -- have now been joined by two new "Ds": disaster and destruction. The toxic combination is exposing another "D" problem for Japan: debt."; March 17, 2011 at 3:52 PM
I-Man said...: Gun and Dump.; March 17, 2011 at 3:55 PM
karen said...: oh my, just discovered another view.. $indu and $spx on the 30 min 5 day.. failed to get above 50 ema.. both tapped but fell back..; March 17, 2011 at 3:56 PM
karen said...: forget the seesaw.. i think we're at magic mtn.; March 17, 2011 at 3:57 PM
ben22 said...: CV,

Morehead state

i was all over that one.....would have been nice to get Clemson too.; March 17, 2011 at 3:58 PM
I-Man said...: Have fun watching them dump it in the AH... pretty fucked up.; March 17, 2011 at 3:58 PM
ben22 said...: overthrow of trendline, sort of textbooky.....

wild wild day behind the scenes it would seem; March 17, 2011 at 3:59 PM
I-Man said...: Glad I didnt do a bracket!; March 17, 2011 at 4:01 PM
karen said...: I second that in the AH.. well, gotta run.. check back tonight!; March 17, 2011 at 4:03 PM
I-Man said...: We'll probably hear about bombs in Libya or some shit any minute.; March 17, 2011 at 4:07 PM
Jennifer said...: Ben -- you were pointing out CRZO earlier today -- its retraced right up to the 20 and the 50 -- looks ripe for shorting.; March 17, 2011 at 4:09 PM
AmenRa said...: Corner will be late. Just got back.; March 17, 2011 at 4:55 PM
Anonymous said...: 215.00 NFLX110319C00215000 1.60 1.50 1.54 1.60 7,988 5,524
220.00 NFLX110319C00220000 0.37 1.10 0.33 0.44 7,742 6,738
http://finance.yahoo.com/q/op?s=NFLX+Options

March 2011 'Synthetic' 217.50c now sub $2 ..

re:
http://finance.yahoo.com/q?s=GRM&ql=1

gor tired of holding this Short, dumped it out..~16.15 ..

AAIP; March 17, 2011 at 5:06 PM
Jennifer said...: http://singerprofitcharts.blogspot.com/2011/03/indu-dow-weekly-wedge-at-support.html

I went here to pull up the old Dow wedge chart and update it, and low and behold, it was done for me! Bad news -- bottom of the wedge.; March 17, 2011 at 6:00 PM
Jennifer said...: Thinking about that wedge...certainly argues that the correction is over for now and we're off to new highs until we are closer to the apex of the wedge.; March 17, 2011 at 6:04 PM
CV said...: @ben

I'm bummed about Morehead State... I was very close to taking them in that game... Good call if you picked them...

Also... on SUPER MOON...

I'm certainly not trying to debunk the theory, but one should consider that it's not like the moon just 'jumps' closer on that date...

It's inching closer as we speak, and it'll inch away after the pass is complete...

So if someone was looking for "shock and awe", I'd say the characteristics of a solar flare or CME was more sudden and unpredictable...

Just saying...; March 17, 2011 at 6:23 PM
CV said...: ...and the RADIATION at O'Hare or DFW could have been someone carrying too many bananas...

...but probably not...

I'm just trying to stay level headed on airports and super moons so that nobody thinks I'm "fear mongering" :-); March 17, 2011 at 6:26 PM
CV said...: ...which is hard to do, because my HERO 'Hugh Hendry' told me I should PANIC!...; March 17, 2011 at 6:27 PM
CV said...: OMFG! I'm doomed!

http://wattsupwiththat.com/2011/02/16/going-bananas-over-radiation/; March 17, 2011 at 6:29 PM
AmenRa said...: new thread :-); March 17, 2011 at 7:07 PM
ben22 said...: CV,

I believe on the 19th the sun and uranus also have some sort of alignment that could make the moon being so close on that particular date important.

beats me though, I don't much about this stuff, just find it very interesting, guess we'll know in a few days either way.

@Jennifer,

I take a little issue with that wedge. Wedges are supposed to take "more than 3 weeks to complete" but that wedge is going on two years. Wedges are also said to normally be patterns seen at Minor or at most intermediate in their trend implication (Edwards and Magee)

lets next pretend that doesn't matter for a minute, here's something that might give pause:
"once prices break out of the wedge to the downside they usually waste little time before declining in earnest.....the ensuing drop ordinarily retraces all of the ground gained within the wedge itself and sometimes more."

so this compounds the problem of the degree of trend I just mentioned and how that wedge is drawn.

that particular wedge is started at the March 09 lows....even as a bear, it's hard to imagine we would erase it all quickly as the wedge pattern demands if it is legit, Neely's or Andy's (C) wave is likely not to get much lower than 800.....it could go lower, but is that the best probability?

If the chart plays out, in many cases wedges can go all the way to the apex, and sometimes go past it in the last gasp out of it, this would bring us to new nominal highs.

I'd also point out the angle of the bottom trend line of the wedge could be drawn differently, and what I'm getting at here is that I've seen various techs re-draw that wedge now for almost a year, I think because of the issues I mention above that's why it keeps failing, and maybe isn't the best interpretation of where we're at.

still, the pattern is there to watch and worth keeping an eye on, so thanks for pointing that out again.

my .618.; March 17, 2011 at 7:14 PM

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Morning Corner 3.17.11

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