Cobra's Market View

Cobra wrote:

lcgllc wrote:Cobra any chance that was close enough for dbl top 5min ES?

I read it as triangle.

bias up, no? a break of friday's high = bullish in my book. a close under would be moderately bullish/bearish (depending on how low we go).

7.13.2012 Bears need to defend 1343.47 to maintain the fall from 1374.81 impulsive The yesterday's bounce from 1325.41 was a bit strong that made a price overlap and because of this, I think wave iii was not seen. The yesterday's low at 1325.41 seems just the end of the first wave i within wave (3)...

Cobra wrote:no comments. 28 min to close. I have no idea what the market is heading now.

still a ton of buyers in the ES. lazy dips. big pop buys. i expect fireworks either way into close. shorts will probably cover en masse above 35, longs to cover if we break 30 ish.

no mercy. bull porn. no one touching this bear flag. bears are running for the hills.

Petsamo wrote:SPY is looking good for the bears. If we finish at these levels, I wonder if we get another surprise gap up

i'm seeing a shitton of buyers.....

Wait no likey FOMC? Hello PPT! Bull porn.

decent bounce here. to bulls let us battle down here or do they just blast us out of the water?

Cobra wrote:retest the rebound high, key time, no failure allowed for bulls.

no one wants to short this puppy in front of FOMC minutes. risk reward is for the bulls here on the double bottom. bears can only hope for a test of 1330-1335. it appears we drift up until 2.

ballatines wrote:desecending triangle on AAPL ?

don't get why we're not rolling over......AAPL looks weak, IWM looks weak, SPY keeps pushing up.

Cobra wrote:QQQ and IWM are weak.

iwm is very weak considering it started this bounce with its double bottom. ES can't seem to rollover.

Any guidance, Cobra? What do you see?

or setting up for a nasty gap down... below the tiny gap at 1330.. and we will have a nicelittle island top. Wave 3 down begins? if 1335ish goes, be very careful... market seems to be avoiding/setting up for a test of that line. bulls likely want the test overnight, like at 4am so the euros can BTF...

fehro wrote:if 1335ish goes, be very careful...

market seems to be avoiding/setting up for a test of that line. bulls likely want the test overnight, like at 4am so the euros can BTFD?

Petsamo wrote:potential double bottom on IWM

boing! i hate when the IWM sneaks up on me like that.....

Materials (XLB) Daily: Breaking below trendline. Looks like more down ahead. NOT A RECOMMENDATION got some color from an options desk this morning that there were some large pre-market put trades on the XLB and XLI. will lead to some downward pressure as market makers look to hedge out the exposure.

I think we get that bounce to 47-50 SPX today. (mentioned earlier by someone as a chance to get short). I see plenty of resi there.

ClarkW wrote:

bullbear12 wrote:JPM is strong so no worries

Why is it up with XLF down so much?

It's only one piece, a big piece 8%, but only one piece. WFC is down over 1% --- it's over 10% of the XLF.

Petsamo wrote:We have support

just when you think the bull is dead --- BOING!

Comon rover, rollover.

triangle? bear flag? any intraday thoughts anyone?

Premkt P bars do not work out very often but I have one today and this is where SPY stopped today right on premkt P Bar low.. Are you thinking that not only do they not care what we think of their manipulation, but that at times they will tease us so that we might operate in those and sometimes the...