Cobra's Market View

I also see thr triangle.

A little longer term, many indicaters are pointing to the credit crisis coming to fruition. Europena 10 yr yields all rising, Italy's above 7%, TED spread is making new highs daily and the Libor is rising as well.

Italian bond yields (10yr) are now over 7.21% again, some sources say the new all time high. Also, the Libor rate, 3 month is at a yearly new high. The bond market is showing considerable weakness, and assume equities will follow.

Sorry to have to ask, can someone tell me what L1 is? Having trouble finding the area on the site that has the glosarry. Thanks

Can't help but smell desperation in the EU.

Going short at 1260 and 1265 (200MA) and 1272, with stop at 1276. Can't help but think this could be a once in a lifetime opportunity to witness a major deterioration of our financial systems.
Either the EU collapses or we go to the moon (Alice)

May have been posted, but financials are very weak, and tech strong. Who will be the winner? AAPL hitting HOD again, so i go with tech

Yoelds on 10 yrs bds up across Europe, some up as much as 6%. Italy again near 7%, at 6.97, yet FTSE and CAC are holding up well. And China missed badly on their PMI, under 50

Bond yields in Italy and now Spain are moving up again today. Spain in particular is looking bad, now only .24% from all time highs on thier yield.

Also, the Nikkie broke a major support level last week, and has not recaptured it as of last night.

Cobra In regards to TBT, In the bears favor, the TNX (Yields) is rising to a RL and fib of $23.00 which looks rather strong. We are now at $22.19, off a high today of $22.64, a significant retracement. The ETF that tracks this is the TBT, so I will plan to either short TBT when or if TNX hits $23.00...

The dollar yesterday stopped exactly at recent horizontal support, and is now positive today, back ovwe $79. This bodes bad for Euro, and should for equities as well.

Just don't see why yields are still rising? Ant answers anyone?

Thanks CObra, will wait for 1136 to take that short trade.

Cobra

I see a triple top on the 5 min, which usually means a break up, but each top is on devreasing RSI, so which do you believe holds more weight? RSI or triple top ususally don't hold? Thanks

I think we stop here to create a Doji so no one gets a heads up on tommorrows trade...

Cobra
The new Iphone will be $199.00.

Looking for AAPL to stop the skid at 353 +- (it's afib and 200 MA)

AAPL is now in a 5 min descending triangle, bottom at 375. If that goes, so goes the techs.

I see a descending triangle on the 5 min SPX from 1143 to todays low formomg or is it the tequila?

Cobra
Your projection down is right around that fake print on the SPY of $113.24 +_

Todays drop on the SPY will be on greater volume than the last 2 days, and possibly the first day of this rally.

Also, Copper falling off a cliff today, very bearish

Next false print on SPY is $117.80

Looking to add to shorts at 1177 if we retrace in next 20 minutes. Otherwise waiting for 1167 to cover

Volume on the SPY has completely dried up. Usually heavy vol has accompanied sell offs, I can only surmise it is because it's ahead of a 3 day weekend, and a slow last summer week.
But it's keeping me from adding to my shorts!:)