Cobra's Market View

GLD stopped at the support from May-July 2011. 3 Retrace targets - 140, 127 and 113. Don't believe it will fall so low (but anything can happen). Will look at 140 for a rebound off the 61.8 fib. The weekly stochastic is putting in a negative divergence.

Still tracking YM. So far, so good.

The rally has been quite impressive. However, we may see something else at close.

Was expecting GLD to break the low of 148.27 from Dec' 2011 since we are so close. If this is supposed to be a giant ABC where we are in the C wave, I would at least expect a touch of the bottom of A. The weekly and daily Stochastic are finally in the oversold range. This little relief rally was exp...

I guess you can't go wrong in this market. With so much whipsaw, just take a position. You will make money regardless.

[edit] I made money I should not have.

viewtopic.php?f=2&t=875&p=124832#p124832

GLD turned out to be a crapshoot! Looks like it go lower than 148.xx which was the low a couple of years ago. Will wait for the daily stochastic to get oversold before dipping my toes again.

rocket wrote:Reminder: P-BAR from yesterday at $156.05 for SPY. 156.97 tagged this morning in the regular session.

Getting there.

GLD opened at 78.6 retrace from feb 21st bottom and 88.6 retrace from mar 8 bottom.

GLD did bounce off the 200 extension (lower green arrow). Keeping fingers crossed for tomorrow.

Shorting YM paid handome.GLD calls in red. Added some more a few minutes before close.

i posted this a week ago. this is the update with the potential breakout - as was suggested when i originally posted. bears hope for a megaphone top of some sort... but the last time we see what happened - i don't have a lot of hope for bears. this market may be frothy, but we buy until price says ...

GLD way outside the bollinger in the second hour. Should turn up now. Bought some more calls. YM should give back some gains. Not sure if they want to hit the all time high today.

missed ym short by 2 points

14595 on YM for a short!

YM touched the 127.2 extension. May take a breather as a divergence is developing too.

gappy wrote:

TradingJackal wrote:On a daily, buying calls on GLD looks like crapshoot but if you are bullish GLD, this is a good place as any.

Don't think the mother of all PM's beatdown is over yet.

Double up at the 200 extension at 152.teens

On a daily, buying calls on GLD looks like crapshoot but if you are bullish GLD, this is a good place as any.

GLD opened at 161.8 extension of A. Should see upside. Bought some calls.

GLD on track. It should open on the 61.8 retrace. Nice support shelf there.

Bearish Gartley on YM?