Cobra's Market View

Flat open, any gap will be filled. The Global ES moves exactly like what I said in the last night report, just the pullback was too shallow, so it now looks like a consolidation before another upside assault, so pretty much a bullish pattern to me. The bears only hope is, the breakout fails, but we'll have to wait and see. Under MA200, up for 4 days in a row (assume we close green again tomorrow), short at today's close and cover when SPY moves below MA5, there're only 68% chances.

What a spike in pre market --- wow. Goor morning Cobra!

well, breakout before the opening bell. It's a gap up open now and since it's above yesterday's range, so chances are the gap won't be filled.

i love the BAC/Buffet announcement before tomorrow. piling on all that good news before tomorrow?

Buffets $5Billion in BofA made a huge impact in the futures 15 minutes before the open. Maybe thats what he agreed with Obama. Divergence with the European indexes.

jarbo456 wrote:i love the BAC/Buffet announcement before tomorrow. piling on all that good news before tomorrow?

This is perhaps why the market surged in those days, it's not about the Friday QE3 announcement, market doesn't anticipate QE3 at all because gold was sold off hard.

Cobra wrote:

jarbo456 wrote:i love the BAC/Buffet announcement before tomorrow. piling on all that good news before tomorrow?

This is perhaps why the market surged in those days, it's not about the Friday QE3 announcement, market doesn't anticipate QE3 at all because gold was sold off hard.

i had come to the view that no matter what's announced tomorrow, the market will sell it.

i assumed we might have bullish pressure prior to tomorrow, but the magnitude of it is surprising. i may have to re-evaluate.

Cobra wrote:

jarbo456 wrote:i love the BAC/Buffet announcement before tomorrow. piling on all that good news before tomorrow?

This is perhaps why the market surged in those days, it's not about the Friday QE3 announcement, market doesn't anticipate QE3 at all because gold was sold off hard.

So then do is this still "just a rebound" ??? How would you play the QE announcement? Sell the news and have small short position or stay long or just stay in cash ??

Also, what do you reccomend doing with AAPL?? Its right at 50dma at the moment......Should I cut my loss on my calls or hold (Sep and Oct calls) ??

No worry now..Buffet 5BIL in BAC has cured all the mkt problems..Don't belive me just see how the mkt popped up.Everyone now can go long.

AK84 wrote:

Cobra wrote:

jarbo456 wrote:i love the BAC/Buffet announcement before tomorrow. piling on all that good news before tomorrow?

This is perhaps why the market surged in those days, it's not about the Friday QE3 announcement, market doesn't anticipate QE3 at all because gold was sold off hard.

So then do is this still "just a rebound" ??? How would you play the QE announcement? Sell the news and have small short position or stay long or just stay in cash ??

Also, what do you reccomend doing with AAPL?? Its right at 50dma at the moment......Should I cut my loss on my calls or hold (Sep and Oct calls) ??

for now it's just a rebound. I strictly follow, so will have to wait until the announcement before the next move.

Let's see how AAPL goes today before making the next move.

could be, but when he bought GS it tanked 50% more before the bottom so it's not a fact that we will go higher right from here

Buy at the open, Cobra?

KENA wrote:No worry now..Buffet 5BIL in BAC has cured all the mkt problems..Don't belive me just see how the mkt popped up.Everyone now can go long.

In year 2008 or 2007, some prince from mid east offered 5B to buy C, exactly the same thing like today. Now we all know the story, after that his shares were diluted and diluted again and again. We'll see.

then open. I think we'll see a pullback of some kind here, it's not sustainable move.

no test of the breakout because of the large gap up cobra?

[quote="Cobra"]then open. I think we'll see a pullback of some kind here, it's not sustainable move.[/quote

Thanks for the tip!

Well all I can say now is the SPX gaps have now been fully closed. Now lets see.

Btw Cobra,

We are RIGHT at 20dma on SPX daily. From what I know , since the Pullback was too strong (first touch of 20DMA is a short right ? )

Cobra, could this give us an exhaustion gap for the end of wave c of 4 of Minor 1

BAC: The early turn-around of Emp. Mode happened on 08/18.
Now, the BUY is confirmed