Cobra's Market View

A few days of downside on non POMO days and then we're going to make the move to 1700. Have fun!

Geezez -- good info. Thanks. Today's action is probably front running exactly that.

Forming a wedge here, looking for a retest of 15' support and then a target of 1672 on the futures.

At 15' support. Good place to bounce.

heavenskrow wrote:Anyone watching SILver right now?? HOLY MOLY, ZSL Is up 30% TODAY!!!!

I wish I shorted silver instead of going long dollar!

You're using the wrong trading vehicles for the dollar -- use UUPT or go long the dollar futures -- your returns will be much better big time.

Wow. I thought limit lock down on Comex gold futures was $75? Gold down over $100 / oz today.

Close below 1120 on ESZ11 5' then 1110 support. Mini upwards HNS.

Market movers:

1. Margin call selling
2. Federal government shut down
3. European fears over the weekend. French bank nationalization?
4. Bottom pickers / algo / TOMO support?

@ES on the 5 min now forming a likely cup and handle, with downside limited to 1120-1122.

May form a wedge between 1120-1135 before a big break -- Monday?

@ES double bottom on the 15 min chart? Target 1145. Let's see if margin calls from yesterday place a damper on things today.

GLD and SLV really falling out of their BB channels this AM on the daily. May be ripe for a bounce back to the rail.

Looks like CL and GC are false breakouts.

cc2265 wrote:SPX 1250 is getting closer and closer

We'll need to break 1259 first on the September contract, which I think will hold.

KENA wrote:Finely we broke the low..Now lets see.

Nice!

cc2265 wrote:if RUT can hold sturdy, MM can not drop very much.

793 is the line in the sand on the Russell 2000 futures intermediate term. However, short term, If TF can't break 788 in the next few hours, then it becomes a short with a 780 target to establish a trading range.

60 min YM clearly shows a downtrend. Looking to reshort at 11950-11960.

Crude (CL) and Gold (GC) look like they've broken out and are entering new 60 minute bull channels.

Cobra,

Are those Brooks patterns any good on longer term charts? 15 or 60 min?