Cobra's Market View

I watched the price action on AAPL all day and it definitely smelled of exhaustion: 544 seems to be a key line of resistance. IPad3 or no, there may simply not be enough new buyers out there (maybe except for the Isreali Central Bank). Interesting comparison of AAPL and Silver: http://peaktheories.c...

Kato wrote:Diamond Top on DOW??

Screen shot 2012-03-01 at 2.25.35 PM.png

Something similar on AAPL. Diamond top island. (Not as elegant looking as DOW tho)

Given this teflon market, its hard to say whether its consolidation or reversal.

This market is dying but like a zombie, keeps trying to get back up. In a ascending wedge?

Cobra wrote:the only warning sign I see here (besides the VIX of course) is canada is sold off now. usually canada leads because it's mostly commodity related.

Looks like its carving out a rounded top?

Cobra wrote:maintain the plan. I don't mean the down leg has started, in fact, I think the up push isn't over yet, but this should be the last push today, we'll then see the pullback as illustrated on the chart, so I think my plan is still valid.

Diamond pattern?

Cobra wrote:

waverider wrote:

Wallstreetrader wrote:You short cobra ?

Cobra is probably scalping the e-mini like a god right now.

If I could trade like god, I wouldn't be here already.

Don't worry, that tropical island will be yours soon enough. Just remember to invite us over for the party.

I have to say, this market is unstoppable. Still melting up on imminent chaotic Greek default!

Interesting comparison w/ May 2008:

http://www.safehaven.com/article/24281/ ... f-strength

KeiZai wrote:Unique

Classic! Seems like the bulls just don't want to get off the stage!!!

Guys, check this out:

http://www.mcoscillator.com/index.php?/ ... t_top_now/

Interesting indicator

SPY broke downtrend resistance just to bump his head on another resistance from nov 2008 to form a large rising wedge. spy feb 4 12 weekly.jpg the major averages are extremely stretched on the short term with rsi(2)>95 (QQQ=99.6) for all of them. also present are the negative divergences cobra ment...

This could be May 2008 again...

Looks like we are in a giant ascending wedge since December.

springheel_jack wrote:

xglider wrote:

Cobra wrote:this is not what I'd like to see for the close, although still fine for bulls.

Rounded top pattern?

It looks very much like a rounded top pattern but it's so small it probably shouldn't be treated as one I think.

Turned out to be a cup and handle with that pop at the end!

ClarkW wrote:Long-term $RUT:$SPX

Nice graph... looks like we are in May 2008?

Cobra wrote:this is not what I'd like to see for the close, although still fine for bulls.

Rounded top pattern?

ClarkW wrote:BAC has now filled gap down from Sept 2nd. Now what?

Collapse? Chart was pretty bearish and was trading at the top of a descending channel before it gapped over it today. My bet is if the market turns on Monday, BAC will be under 7 in 2 weeks.

BullBear52x wrote:Check this out, if you got kill shorting here, you are dead in style.....

Nice chart... you mean, you are a killer shorting here or got killed shorting here? It seems from the chart, this is the ideal entry point for shorting.

Cobra wrote:hmm, looks like the low was in. not sure and don't care because this is not bear attack as the pullback overlaps, so not impulse down.

Could it be forming a right shoulder?

Next up is Portugal. Greece is old news IMO. From ZH: IIF SEES `VARIOUS ELEMENTS' OF PACKAGE COMING TOGETHER IN DAYS IIF SAYS IT EXPECTS GREEK DEAL NEXT WEEK Wash, rinse and repeat........ News is waste of time LOL So is shorting...... yes, everything is waste of time LOL. I need to wait for market...

Looks like this is a back test of the big descending trend line from the 10/2007 high connected to the 5/2011 high - which is sitting around 1330. Could overshoot a little but I think this will be as high as it gets and if the bears are lucky, this will get rejected and we'll get back to our normall...

jarbo456 wrote:AMZN big miss.

QQQ's are toast starting tomorrow...