Multiple Bear Sightings -- Call The Rangers! Also: London Real Estate; Bad Astro Brings Nice Melt

Collective Intelligence!

Snippets:  Topping is a process and happens over time … generally a top is not due to an event. A shout-out to another day of lower highs and lower lows as switch day is upon us – September contract front month. We can and do lead you to the water, however we cannot make you …

Eco data: The all-important retail sales … The 0.3% increase in purchases last month followed a revised 0.5% gain in April that was much larger than previously estimated…median forecast of 83 economists surveyed by Bloomberg a 0.6% advance.http://bloom.bg/SD6LIc  Jobless claims climbed by 4,000 in the week ended June 7http://bloom.bg/1qAH5aW

A li’l off topic, but the POTUS could get wind of this … Chancellor of the Exchequer George Osborne will give theBank of England new powers over mortgage lending…http://bloom.bg/1mMZzkP  Re: London house prices – if you go for an evening walk in expensive areas (Knightsbridge etc.) most of the lights are dark. The properties are unoccupied, purchased by mega rich Asians, Russians etc and hardly ever used…and they don’t need mortgages! By George … George, Trophy properties bought at top but be careful they do not have mortgage per say but have the cash because they leverage their portfolios/equity stakes thks to their banks. I have seen the 1pct close and personal and all the new money loves leverage, especially with these rates. Old European money is another story… pretty conservatives. Yep out of his control but who cares – they paid their big Stamp Duty. Rest of the market in the UK remains weak outside of CPL… otherwise there would not be gvt incentives. Quite frankly Osbourne has been prone to bankers bashing, love bonus caps and bonus taxes… will come and byte him cause there is less city money to buy London properties. I hope he prays everyday that Emerging Markets do not correct by 10-20% cause if the margin calls come, caboum… FrogMan.  Frogman, as the West stagnates there will be ever increasing banker bashing, protectionism etc I think – George.

Today started with 175k ESM traded on Globex, trading range was 1947.50 – 1940. Yesterday’s regular trading hours (RTH’s), SPM pit session trading range was 1945.00 – 1939.00 before settling at 1943.90, down 6.6 handles. While 50k ESU traded on Globex, trading range was 1940.50 – 132.75. Yesterday’s regular trading hours (RTH’s), SPU pit session trading range was 1937.50 – 1932.00 before settling at 1936.70, down 6.5 handles. Front month always lighter volume on first day of trading, as many still trade Junes first day of the roll. Globex traded June 175k vs Sept 50k – moving into Sept contract tomorrow.  Derrick shared equities getting marked down and Chicagostock (08:07) ES cash open below yesterday’s lows will be fun. mts2 (08:15) GAECKE Quant Report: ▪ The Tornado Index is returning to normal levels and a trigger is unlikely at this point … the Tornado warns for further upside price action – not anymore … respite???

rich_canlione shared some chatter: Hearing trade relative to [RUT] re-con …is that on SPM EXpo or Q2 end thinking Q2 end …Rus. has led into new Draghi rally trade today by everyones favorite trader, they call her Super Trader Karen. massive Russell trade 10bn notional: 1040/1060 Put Sprd @.425, 90K Put spreads were sold opening: july 3rd Expo.  Upon further research … C_B super trader Karen video from tastytrade  http://bit.ly/1nz2H70

Today’s RTH’s, pit session, gapped 3.5 handles lower and traded about 1 handle higher before topping out they began to fade. We watch the June contract …Yesterday the bears huffed and puffed … and today they added a bit of muscle to the to the mix. Derrick (08:34) [IWM] weak, leading. Roger (09:07) [DJT] weak -1.5%. Chicagostock (09:27) NQ bounce into 3796 held again 379525 highs – failed new high on cash basis. Need to take out this 3783 level from yesterday – 3789s becomes new resistance. PivotBoss (09:30) agree with Stewart…failure to push through 95 big…breaking/holding below 80 opens up a potential run to the 3750s.  The S&P June contract double-bottomed at 1934 area at 9:48 and the bulls responded by quietly pushing back up to 1939 area, shy of the OR, fumbling the opportunity to print new daily highs, and a series of lower lows and lower highs followed. iceChat (10:54) SPX Sept 1600p recently traded 15k. chatter total will be 25k bot. How do they know such things???

**Derrick please call those rangers – multiple bear sightings – park ranger – please …

@Structuraltrading aka Kathylunch update vid http://bit.ly/1v5pf2v

@PivotBoss / Frank’s lunch vid  http://bit.ly/1kRrfIE ADR Targets  http://bit.ly/SDAiRY

Astrogirl … stockmarketwhisperer (12:38) Week going according to forecast ! Nice melt since Monday! Tomorrow should be culmination of this round.. by end of day. I have 1912 June target..we have until after midnight or through tomorrow.. one or the other 11:11 PST was a minor intraday positive…I wouldn’t trust it as a long entry – as it is short in duration. ‘Islamists close in on seizure of Baghdad”. Bad astro brings bad situations and down markets and here we are. Period.

Well, the giddy-up was moderate throughout most of the day as the bears did continue to claw their way lower, printing a new weekly low in the JUNE at 1926.30 by 2:20. The MiM – MrTopStep Imbalance Meter started out a small sell before flipping to a modest buy $140M, $215M – then popped to $750M going into the cash close. The futures also faded back to a new low of 1925 before grinding back up to 1930 area. The futures traded 1929.40 area on the cash close before settling at 1930.50, down 13.4 handles, while the [VIX] was up 8.5%. Fear and greed run the markets …

Border patrols: White House says not contemplating sending ground troops to Iraq HALLELUJAH! How about the Mexican border – that’s a bit closer and ready to blow :).

KIEV, Ukraine (AP) — Ukraine’s interior minister says that three tanks have crossed into Ukrainian territory from Russia and were attacked by his country’s forces.  **U.S. evacuating U.S. air base in Iraq.

Eco calendars: http://www.investing.com/economic-calendar/    http://www.dailyfx.com/calendar

Posted Tuesday: Cyrus … In one corner, we have Pitbull’s Thurs/Fri before OpEx week low … and in the opposite corner, Pitbull’s mid-month bulge … wondering what a survey would say …    william_blount … so ya rally 89 fibbo handles with 2 days of divergence hoaxes forming a triangle 6/2-6/3, AND THE BEARS can’t break this 13 or 21 handles – SHEEEESH … you hit the bottom of the fattest FIBBO band since 1884 -1909 and all you get is 11 handles down. TOMORROW IS DAY 1 OF EXPIRY, we have been stuck since the OPENING BAR on 15 min chart since FRIDAY, DAY 1 OF EXPIRY ALMOST ALWAYS FEATURES A TRENDING MOVE. Tomorrow is a CIT day for many TIME players. TIME is a strd dev., vol a clue, PRICE is your ARSE – we rejected the bottom of a long standing projection YESTERDAY, 1954-1968 within MOE (margin of error) at 1955.55. Tomorrow the most important time WITH PRICE FEATURE will be the relationship between the LUNCH HIGH AND THE A.M. HIGH.

stockmarketwhisperer …most bearish action/aspects are later in the week … thurs/friday. U.S. stocks open soft following yet another all-time closing record high yesterday … however, as discussed above – this is not what many traders are hoping for as far as a minor pullback/correction goes. We just want cheaper prices – to suck us in ….

@Chicagostock … SP500 Completes 1955 Objective  http://bit.ly/1n3RcTl

Posted since last Wednesday: E-mini 30 more handles to complete 1956 upside fib extension of 76.4%and 1844-1732 range expansion. No pullback until objective complete, breaks turning into bear traps to fuel squeeze - Chicagostock.  *Take a look below for a possible match – we likey matches!

Posted since a week ago Monday:  Posted by William Blount:  IF WE CONTINUE TO GRIND AROUND 1929-32.86 CASH and 1912.5 SPOO through Wednesday then I will suggest my 4th option trade over the last 6 months – all are / have been straddles. for those who read the pre-market commentary and see the straddle strategy – what 2 prices am I looking at to tag ONE SIDE OR THE OTHER on SPOO FUTURES OR CASH b4 next friday? Carina- WB the time frame on the straddle is this Friday?   NO, NEXT FRIDAY – you have a TWO EVENT CATALYST WINDOW this week.   Answer: 1954 cash or 1887 futures by SC – check out Chicagostock above – Emini 30 handles ….
@Chicagostock Vol windows & Pivots webinar. Sharing the 6 month volatility and pivot levels webinar   http://bit.ly/TB7UAW