Cobra's Market View

Knee jerk reaction we've seen in the past.

There was this guy who commented awhile ago about being 300% short and that he was a bear with balls. I hope he took the advice Cobra gave him shortly after.

Cobra, better to end off green today or red? I think the edge is better for the bears if we end green given MLK week stats.

AAPL failed retest, reversal bar. 3 gaps since the Dec move up. MSFT shooting star.

AAPL may try to close at all time highs. Let's see if it succeeds or if this marks a short term double top. Last big move up has created 3 gaps. JJC is outside of the upper bollinger band for the 3rd trading session in a row. Money flow negative on basic materials and financials. But of course we'll...

JJC closed outside of bollinger band 2nd day in a row.

Tech strong today, but is atm most money flow negative.

Can't do more QE with all this optimism. We need some panic.

Reminder Jan 24th FOMC Meeting, and Benny speaks on the 25th.

Iran delayed embargo. Crude selling off. So if crude leads the market, the top really is near.

So... all clear for the inflationary trade?

EURUSD maybe making a 3 push up and forming a rising wedge. USD down but not a lot of equity movement. So likely a pullback to start off the new year.

Dashboards? http://multimonitor.net/wp-content/uploads/2007/06/elitetrader.jpg Did someone say "dashboards"? Wow, that's insane. Mine is a bit different than most. I only trade at 3:58pm, based on what my "dashboard" is telling me. Column X is my signal, Column Y is what I trade...

Prices may consolidate around here until the end of the day.

AUDJPY just shot up like mad.

SPY should have some stout resistance at 126.

EURUSD has a much cleaner-looking bear flag.

EURUSD should be looking at hitting 1.285 before bottoming.

cougar wrote:SPY 121.88 (bottom of the octave) should be a strong support:

I have that as my line in the sand as well. Key area right now, bulls need the price to get above both the 20 and 50 day. It's also on channel support from what looks to be a bull flag.

I think the tax loss selling effect this year will be greater than usual. Funds are generally down from the last half of the year, but they will want to avoid having both a down year + having to pay tax on their net realized gains. Tack on low volume, and we should see weak names become even weaker.

What a sale on gold. Targets on this downtrend anyone? 1600 is almost certain.

Bears need a strong close down below the 20 and 50 SMA.. otherwise I'm covering as well.