Cobra's Market View

mac769 wrote:

Cobra wrote:volume surge plus overshot, another pullback is possible here, then we'll see, key time as it's the revisit of the previous high.

imho, this is nothing short of insanity

now the inmates are in charge of the asylum


Hey, This is OE week. The Bigs are in control, even more than normal weeks! In 20 years of trading, I've learned to enter only small positions and to be nimble.

This market behavior has nothing to do with long term trends and less to do with fundamentals than any other week.

Wedge and fibs

You guys may wanna look at FCX. Relative to the Russels (IWM), it's been beaten up. Today, it was performing well.



Disclosure: I do not own it.

Cobra wrote:rebound as I expected but it's much stronger than I thought. Another very strong close? Unbelievable.

STRONG PUSH ALL THE WAY PASSING THE HIGH OF TODAY !

Tomorrows all about data retail sales, PPI and business inventories tomorrow. To me it could be down hard tomorrow to start our final test of the aug. lows. This would be perfect timing with the fed on the 20th to announce big ass QE 3

Right, "stockcycle"!

All I can say is the Stoh's on the SPX 60 min are showing over bought and the Bear channel still holds at 1175 hi.

PLUNGE wrote:

mac769 wrote:

Cobra wrote:volume surge plus overshot, another pullback is possible here, then we'll see, key time as it's the revisit of the previous high.

imho, this is nothing short of insanity

now the inmates are in charge of the asylum


Hey, This is OE week. The Bigs are in control, even more than normal weeks! In 20 years of trading, I've learned to enter only small positions and to be nimble.

This market behavior has nothing to do with long term trends and less to do with fundamentals than any other week.

Well if insanity is doing the same thing over and over, you've had the past 6 weeks to figure out what the market is doing. Complaining about the Bigs with all the money will only make you feel small. Stick to your guns, we all know you can out shoot them.

well, guess that's it for today. the follow-through of yesterday's reversal is the weakest since the Aug 9 lows, so I don't have good feelings for bulls. That said, may be bulls would surprise us once again tomorrow. Thank you guys, I'll see you tomorrow.

With this Gap Resistance I guess the best way to fill it is to jump over and fill it on the way down. The question is will the Futures comply with PPI and Retail Sales ahead of the bell.