Cobra's Market View

I wasn't sure yesterday, but now I'm thinking a breakout on the bullish side of this triangle is likely. /YM had a foul breakout and now is retesting the upper trendline, then we had /TF just breaking out as well. So the odds are increasing for bulls.

another boring day, so again here's evil plan. I had a perfect evil plan yesterday by the way. ;) let's see if I get lucky again today. Cobra, do you think it is time to short oil now? Or oil still has space to go up? small double bottom on crude at the moment, don't short this . i am heavily long ...

Is "government holiday" always a one-way trading day like this?

If there is no more last hour volume kicking in, we will be looking at an almost half normal daily volume today.

vats wrote:

Petsamo wrote:Those who have that philosophy, "trade what you see", check out RIMM, currently up 6.7%

I don't see news on RIMM.

Hi Petsamo,

Someone ( I forget the name) bought 14 million shares yesterday at the close, so that could be the reason.

A possible insider-trading target?

EFA wrote:

Cobra wrote:

ddd wrote:It's intriguing that after this parabolic move there is no profit taking before the weekend.

not the time yet, watch the last 30 minutes.

Would it be premature to buy TZA at this level? Thank you for your answer Cobra!

Trying not to foul-start in either direction at this point.

I off loaded 20 SPY Dec calls today. Only 40 more left.

It's intriguing that after this parabolic move there is no profit taking before the weekend.

I'm convinced that today's action is largely driven by the huge EUR short covering.

Where are sellers today?

Referring to a daily chart, this market is going squeeze 90% of short positions entered since May 2, before a stop, and that will lead us to SPX > 1300. Then the bulls coming late to the party will push it to 1340 ~ 1350 area, before this leg (since Oct 4)of rally to end.

Better believe in the power of the massive shorts that need/want to cover at/above the current levels.

DJ30 is make a final stretch. Will SPX follow?

UVOL : DVOL increases since open, stood at >12 now. With SPX gap open followed by a breaking out, it's likely to be a trending day.

The low was in, but the current level should be retested, if we have a continuation run or a second leg up after a setback.

Yes and I don't know who would buy here.All the charts of major stocks are sky hi and are screaming for PBOH.But they can go higher like just now on this pop up. Every money manager who is underweight and underperforming will have to start buying or worry about his job now. If this thing doesn't co...

simpletrader wrote:

Cobra wrote:wow, speechless. even the market is more bullish than I'm, I thought I'm extremely bullish now.

fake break out?

No, retest. Because there is no news.

in TF long three times, each getting out too soon. In again @ 709.3, and will hold for ride.

ES retest the 1216 - 1217 now. Expect it to breakthrough.

I think the first leg of this rally was fueled by short covering, the second leg will be by short squeeze, and finally the third leg by long buyers who will come too late. Few have fully invested long at this stage.