Cobra's Market View

If anyone is up at 1:45 AM you get to see what is a work of art....or a pile of &^%$.

There's a lot of math I found when I started digging into the HS chart:

Stepping back I see some patterns that may suggest this move finishes today. I will be watching the close very carefully. A close below the HOD by more than .15 on SPY gives me an short setup. Selling longs at this point trying to be positioned for the setup if it occurs. Short position triggered.....

Unique wrote:I think today is the most unbelievable day ever, a reversal of a reversal! Isn't this like the MOST EVIL SCENARIO ever?

Are you ready to add one more reversal? Just sayin'

I'd prefer to go about 500% short on a new low though than call a top.

Now the bearish count, as I am quite puzzled as to why no buying came in to take this immediately through the highs. There was nothing there to stop it as I can see. But I can't see gravity either though my aching eyes looking at this screen (I have to get to a doctor. I have 20/15 vision and differ...

If bear mean business, this is the top we are going lower to new low, or bulls will take the game back. It is impossible, IMO, to tell at this moment (12:15) if the drop was the completion of a flat correction, or if the top is in. We are at a considerable retracement, but it possibly a zigzag. It ...

The bullish count would have the day's low in and given the size of the correction, a very strong move up. 2000, 2500, or 500. It's just a computer game:

Major wrote:FWIW - Max pain Jul SPY options = 134.00

I am not aware of Max Pain working in at least 2 years.

YMMV

OverUnder wrote:Congress: Mr. Bernanke, exactly what further steps would you consider taking?
Ben: Um, er, ah, I dunno.

I so hope you didn't make that up, but I suspect you did!

Cobra wrote:ugly start.

It depends upon one's mkt outlook, now doesn't it? I don't have the urge to burn things down, but the US government has already lit the fire and containment is not an option.

xfradnex posted this last night of the almost flat, as in ZERO , yield curve. We are just a smidgen away from The Bernanke Nightmare (worse than The Fregosi Curse http://www.tvacres.com/curses_spells_fregosi.htm ) and a depression. BTW, HFTS just buried this mkt with machine gun like sell programs: ...

stucap wrote:

Cobra wrote:resistance.

wonders if this resi will be paper thin. opening stick good volume. declining issues in the tank. vix getting destroyed......

We'll always have Facebook!....uh...wait....strike that

http://www.zerohedge.com/news/verge-ultimate-death-cross Ultimate Death Cross. Run and hide? HFTs are ready to go long. After an attempt at support they will turn off the machines. HFTs are Institutional Rape Machines, even though Arrested Development hates the term and doesn't understand them. The...

Treasury curves http://www.zerohedge.com/news/us-treasury-curve-1990-2012-its-full-3-d-glory-redux . You can't go below zero. For two years+ I have stated Bernanke fears deflation and a debt implosion and the BTFD crowd has laughed. I hope they keep buying. Like the dot-com traders, they'll be sell...

Dollar doesn't support the move... Look back through 5 years of data. Pick which way you want the dollar to be correlated as it works both ways. Over time there is no correlation at all. I don't think people understand that these correlations work because you expect them to work . There's no other ...

knock wrote:so few posts today!

It happens at tops

Unique wrote:Today is just like going to a movie theatre and watching 5.5 hours worth of crappy trailers

5.5 hours?....LUXURY

http://www.youtube.com/watch?v=FatHLHG2uGY

I heard Larry Williams once say that when you aren't sure, stand 10 feet back from the screen (or set your resolution small if you are glued to the chair) and it will tell you the direction....is this a right shoulder of a H&S? Because it's rare to see a 2nd right shoulder for an IHS:

Petsamo wrote:Nice v-shaped recovery

The economic news today was quite dismal. So the PPT couldn't let the ball get rolling to the downside.

This is really quite sad that brave men and women are sent to war, and back at home the crooks walk the halls of 50+ story buildings like Masters of the Universe.

Cobra wrote: Small gap down, within Friday's range, so the gap might be filled. Usually after a big range day, the next trading day tends to be a small range day. Just I hope today won't be too boring.

Not always though. But the manipulation has grown more toward the dark side:

Now THAT is manipulation, Chicago style. And what you get when the Dept of Justice is loaded with Holder's white-collar crime buddies, who defend guys like Dimon and The Lloyd, from the law firm he worked at. Let's see....do they vote for a guy who ran companies and the Olympics, or a clown with a s...