Cobra wrote:trend line and EMA as resistance. the bigger picture looks like a Bull Flag, so the rebound is not over yet, just we have to wait for the flag breakout.
are we getting a breakout of the flag?
yes, now it's essential to see how the day high gets revisited. decisively breakout then the rebound is still alive. Small higher high or even lower high, then we'll see a little bigger pullback.
Cobra will you please let us know when the rebound is over for today and then the bigger picture please? I think I'll close all my longs today ....i dont plan on having any positions when the Bernank speaks. I'll sit out and wait : ) but just need to be able to close longs at a good spot today!
Thanks : )
maybe not a bad idea to partial profit when testing the morning high?
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Cobra wrote:trend line and EMA as resistance. the bigger picture looks like a Bull Flag, so the rebound is not over yet, just we have to wait for the flag breakout.
are we getting a breakout of the flag?
yes, now it's essential to see how the day high gets revisited. decisively breakout then the rebound is still alive. Small higher high or even lower high, then we'll see a little bigger pullback.
Cobra will you please let us know when the rebound is over for today and then the bigger picture please? I think I'll close all my longs today ....i dont plan on having any positions when the Bernank speaks. I'll sit out and wait : ) but just need to be able to close longs at a good spot today!
Thanks : )
maybe not a bad idea to partial profit when testing the morning high?
That shows clearly how noob i am... right now for me is unbelieveable to go that high today... And that's why i get toasted every now and then... of course...
Excellent idea, Cobra! I sold UPRO - technical parabola exit ...and I will do my best to stay away from gambling long until the breakfast with “the Bernank in a bank”…i.e. Friday, when they leak the “text”.
It appears that the Chicken ate the Cougar! LOL!
nothing to see, on the way to test the day's high as I said before, could fail at any time not necessarily a higher high, but it also could be a decisively breakout, so hard to call here. let's just wait.
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Just looking at some old charts and it occurred to me we've all commented on the unbelievably low volume ramps over the past months. Important to remember, bulls, that an absence of sellers (not an abundance of buyers), equates to a bear market rally. And that's precisely what the QE-enabled markets have been for the past two years. The new bear market is about to officially begin (once we get to 20% decline from the top).
A.
Cobra, this AM. My father gave me a call and he said this " Some professional trader guy named Cobra said the SPX target is 1175" on Wenxuecity. He recommended I close my longs there. I was like !?!? can this be the same Cobra? so popular