04/17/2012 Live Update

[stucap]

Intel, IBM and Yahoo report after hours; IBM alone with a good report can carry the DOW higher tomorrow.

I think we are on an up bias here but it is report dependent.

IBM is up 2% today and only $4 off an all time high. Report will need to be a blowout to drag more buyers in---and likely that is what it'll be.

[zyang]

so the mediate term bottom was in?

[johnnywa]

Cobra consolidate- up tomorrow? cant stop speeding car in tracks?Then maybe reversal into Thur-Fri?

[THAT GUY]

Cobra consolidate- up tomorrow? cant stop speeding car in tracks?Then maybe reversal into Thur-Fri?

how did you stop the car that was going down very fast yesterday and made it go up very fast today without slowing it down ??

[Cobra]

if bears could make a little bit weak close then it's bears victory. I'll explain in tonight's report if indeed, otherwise, forget about it.

[snakehead]

I just took a short nap and awoke in a start. I dreamed that I turned on the tube and CL was down around 20 dollars/barrel and this was being attributed to the Clown-in-Chief's good cop-bad cop routine (those "evil" speculators --- and u have to spray a bit of sspittle when u say "evil" ) The talking heads and chirping birds were prognisticating that 'everyone' had to sell stocks to meet their margin calls (u know the drill) and I looked and the dow was down like 500+ points.



I shook myself and said "its only a dream" ...

[Cobra]

Cobra consolidate- up tomorrow? cant stop speeding car in tracks?Then maybe reversal into Thur-Fri?

how did you stop the car that was going down very fast yesterday and made it go up very fast today without slowing it down ??

I didn't say today won't be up. You have to understand this car theory in an "art" way. It's not science. so far I don't see anything wrong with the car theory.

[Cobra]

Cobra consolidate- up tomorrow? cant stop speeding car in tracks?Then maybe reversal into Thur-Fri?

usually tomorrow would be some range day. takes the whole day for consolidation.

[traderessentials]

Cobra, Is today MAD again?

[johnnywa]

Cobra consolidate- up tomorrow? cant stop speeding car in tracks?Then maybe reversal into Thur-Fri?

how did you stop the car that was going down very fast yesterday and made it go up very fast today without slowing it down ??

Had all weekend to work on that.

[Cobra]

well, guess that's it for today, not very bad for bears if we can close right here and a reading I'm nervously watching could keep intact until the close. I'll explain in tonight's report if indeed. for now it looks like bears missed the mark by tiny a little, need a little up before the close. thank you guys, I'll see you tomorrow.

[TraderGirl]

Initial and continuing unemployment claims are coming out on Thursday, anyone here any news regarding that?

http://biz.yahoo.com/c/e.html

[Petsamo]

2 million last sell on SPY
Big boys placing bets on a gap down

[Cobra]

Cobra, Is today MAD again?

nope. otherwise bears really are in trouble.

[MrMiyagi]

Cobra, you always post your closing thoughts a minute too early.

[lazytrader]

Cobra,

See the block trades on AAPL

http://online.wsj.com/mdc/public/page/2 ... nav_2_3000

[Cobra]

Cobra,

See the block trades on AAPL

http://online.wsj.com/mdc/public/page/2 ... nav_2_3000

too early. you need wait until 4:30pm. there's 20 min delay.

[MrMiyagi]

Cobra,
Change of opinion since the close was not what you posted at 3:59pm?

Oh and IBM & INTC reports not well received, YHOO better.

[Cobra]

Cobra,
Change of opinion since the close was not what you posted at 3:59pm?

Oh and IBM & INTC reports not well received, YHOO better.

missed the mark, although not very bad for bears, not as good as if not missed the mark.

[SWalsh]

A-B-C move in a channel hitting a T on the opening (or today's close) so this is, my book) a 90% trade with a stop of about 6-7 SPX points. I'd love to see a slightly higher opening and a drop through unchanged: