Cobra's Market View

Well, I've been totally stopped out of all longs.
Think I'll wait until a trend gets established before going long or short again.

i think the market has finally seen the reality of soaring gas prices IMO. /rb (gasoling) hit new highs and so did /HO ( heating oil ).... this bull is range bound for now me thinks. take a look at the XLY breakdown. consumer is dead. Retail numbers are expected to be below forecast this quarter......

Me XMan wrote:I think market is ready to get dumped here.

Sorta looking like it might.
Q's bouncing off the 50dma for the third time in two days.
If it fails here, look out below.

AK84 wrote:How do I post charts on here from freestockcharts.com

Good question, I've tried and failed

IWM going against the herd in the last few minutes.

Starting to look at Netflix as a possible short here if it double tops.

Cobra wrote:overnight support here. By the way, nobody seems care about oil.If we want to retire earlier, stock has to rise, but oil has to be down sharply to, say $40 a barrel. I'm sure YES WE CAN could do that.

Cobra, last time oil plunged, in 2008, the market went down with it.

Expecting a Q's bounce off the 5dma and support levels here. If it fails today, I don't expect support again until it hits the 100dma.

A key reversal day shell be. Predicted top is 1333.08. Reason: It is the 88.6% fibonacci retracement level of Feb highs. You'll be on top of the world! top calls will be foiled until more world trouble boils! :o Irish bank stress tests due out soon. Portugal is already getting killed on their bonds...

Virtually no volume today.
Wonder who blinks first, bulls or bears.
Out of my QID purchase from Friday.

Q's falling back below 50dma, 61.8 retrace, and A=C target reached.
Just bought some QID.

The Federal Reserve should hike interest rates from current range near zero to 2.5% within a year under a plan unveiled Friday by Charles Plosser, the president of the Philadelphia Federal Reserve Bank. Plosser did not give a specific time when this exit would begin but said it would have to start ...

Big volume sell candle on the Q's
Maybe everyone is heading to the Hamptons for the weekend.

Goldman Sachs sure fell out of bed this morning, on volume too. Can't find any news.

Looks like some stiff resistance for the Q's coming up.
50dma just above, 61.8fib just above that, and, if this is a corrective move, A almost equals C if it's a three wave.

"Next support is 1220-1170"
Quote from BAC chartist.

http://www.zerohedge.com/article/bank-a ... -says-btfd

deep wrote:need a bull trap

If JPM closes below the 50dma today, you may have the bull trap in financials

Rotation out of financials (guess sell the dividend news),
Copper nose diving,
Thinking that this rally might just fail today.

Stopped out of FAZ on that last push up for a gain of .60c/sh.
May get back in today if JPM rally takes off at EOD.

JPM pounding on the VWAP line, if it falls below I keep the FAZ.
If it bounces here, I will sell.