Cobra's Market View

xfradnex wrote:Mariano Rajoy folding against his previous promises to avoid austerities..

Do I understand this correct - Spain on the verge of asking for a bailout is the reason for a rally?

1. 50% of the gains were made before the jobs report.
2. Jobs report with all the seasonal adjustments and death-beath model mambo-jumbo is nonsense.

Stil hardly explains 30 points ES rally.

Can anybody please explain for a stupid one what happened today? Why the rip your face off rally for most of the day? what changed since yesterday? What am I missing?

CognitiveDissonance wrote:

Cobra wrote:Twitter dead? I cannot send anything out.

Yep, twitter is down

CNBC confirms this

BTFD zone. If it fails there should be a rush to the exits among the BTFD crowd.

Where is fear? Can the market bottom without any hint of fear?

We have a very rare situation with Spy out of Bolinger and VIX barely moving. For me , its a bullish cocktail. :lol: I read it as market going down with no fear which is bearish ... 8-) Me, too. Looks like everyone is more afraid of missing the inevitable bounce/rally, than of potential further dro...

Cobra, don't you think the law of inertia has been abolished? There should have been some follow through of Wednesday selling, There should have been be a lower close. Instead the market melted straight back up.

You are not the only one, I am too. I can't believe this market going up on bad news, good news , no news. I think we have secerte QE3 by uncle Benny. We have not so secret QE by ECB. Every Italian, Greek, Spanish, Portuguese bond purchased by ECB is QE. These are supposed to be strerilized purchas...

The question is: will there be another rumor about Merkozi coming close to a solution (again) leaked through European newspaper at 3:15PM again today?

Petsamo wrote:I wonder if there are big name companies out there that'll cause after-hours & pre-market prices to shoot to the moon with their knockout earnings.

As Tim Knight said "we are all Forex traders now". Earnings don't matter. Its all about insolvent Europe.

P-bar to 120.10.

A one picture summary of last 5 days events:

Wow! Bears still have some teeth after being raped by the Bernank & co on Tuesday.

I still can't fully recover from Tuesday intervention. 10% of my account evaporated in 45 minutes.

finally, after my profit in FAZ was wiped out in 1 hour I see the reason for this insane move: 16:00 FXE Markets continue to rally following FT story that EU officials are looking at a bank recapitalization plan; comments from EU's Rehn, Germany's Schauble and U.K.'s Osborne were all supportive of a...

This looks like some kind of intervention. Free markets aren't supposed to move like this, are they?

Why everyone is so certain this triangle will break to the upside?

Remember yesterday AH phantom bar to $122.5009? Looks like it worked again.

Sold all my ultra-short ETFs, VXX and SPY puts, and bought September SPY calls. I know the [dead cat] bounce is near. The question is how long till it comes.

Thanks to Cobra for all the hard work & fantastic analysis!