If the RSI 5 on 60 min chart holds, that will by a buy signal at 2 p.m. as well.  I.e., crossing back above 30 after going below 20. 

http://www.321gold.com/cot_gold.html

Thought the titles suggest otherwise, the two articles don't tell conflicting stories. Burbank is saying go for quality, dividend stocks and stay away from speculative (growth) stocks; and that economy is not doing well.

http://money.cnn.com/2012/10/07/investing/stock-market-outlook/index.html?iid=HP_LN

GOOG and AMZN not cooperating w/a down move intraday.  Maybe a rotation?  I have no idea.

you have to wait!

Okay.  I don't have stockcharts.com so I'm not seeing a 2-min chart.

If you're saying the head is at 705 or so from last week, then for the shoulders to be symmetrical we'd need another two weeks of trading in the high 600's before any big  downside break.

Watching CHPK today.  I like the pattern, but it has pulled back to more than 1/2 yesterdays's candle and has been week all day (esp compared to SPX) after looking like it might break out in the morning.  I bought and subsequently sold my position. Steve, did you buy, or are you waiting?

Cool, thanks.

Interesting question!  A couple things to note, there is MACD divergence on the daily, and yesterday's hammer candle was on average volume.   My sense of the chart (as a total amateur) is that if it did pullback, the low of Sept 4th would likely hold, and it would be a good buying opportunity.

How it all changes in the blink of an eye!  moments ago the QID was bouncing off support, it seemed like we were headed down again (which I welcome), but now it's off to the races?! Well, not exactly, SPX is still not quite halfway back up from the move down.

Here's a 15-minute chart I've marked up w/ wave counts.  Steve, does it look legit?  If so, we're in for at least one more leg down (if it's an ABC correction and not a 5-wave impulse, although I marked the bigger waves as impulse).  I am short from the failed retest of yesterdays high, at 754.95.  Stop above yesterday.

seriously smacked down.  New 52-wk low.

TTWO working today, in spite of the lull in the market.  Matt or Steve, this looks like a good swing trade, no?  

thx guys, good information!

Currently 5.79.  It's off 20% from its high last week.  I sold all of mine (not at the high, of course).  Sitting on the 20dma right now.  50dma is another buck down.  61.8% retrace is at 5.71.  Matt, any thoughts?

my VIX Sept calls I bought in August when it seemed sure that we'd have a pullback, are now worth a whopping $5!  Could have bought a night out on the town in DC including a nice hotel with what I paid for them, now can't even buy burritos at Baja Fresh!

Very funny!

We may get a market pullback, but as so many (here and elsewhere) have said, it will be a buying opportunity.

What's the old saying?  Don't fight the Fed.