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Nice charts, captain obvious it is at 30.cougar wrote:Good morning Snakes!
Let’s say a few words about VIX. I think that the 30 min and the 130 min charts, when taken together, are helpful if one doesn’t rush into trading ambiguous setups, but waits for confirmation. Unfortunately, right now we might be in the middle of a whipsaw, where we should wait for clarity. But, since perfect neutrality with VIX is impossible, I still keep a weak BUY VIX bias for a swing trade…Why? Because the BUY VIX signal was coherent and synchronous on both charts.
On both charts, Da Boyz parked VIX in “no man’s land” for the weekend. Moreover, a close support at VIX~30 is suggested on both charts, by distinct criteria.
CAVEAT: a lot of people watch that ~30 level now: not only freelance TA analysts, but also the talking heads of CNBC, like Pisani and other WS lapdogs…and, when too many people “believe” in something... ”it ain’t gonna happen”!
1250 you say? Sure… why not!? Hmm, could THEY just gap over the busy zone above the Friday closing ? Not that easy… but, as you say, maybe THEY will fly on baron Münchausen’s cannonball!ocassional observer wrote:for fun i'll give a go on combining cobra's view with spx monthly chart. as the monthly chart shows, if the month ends here we have a reversal and so the bear market thesis doesn't hold. so the month must end below about 1210 which is both the top of last month and the bolinger band middle. that will be the first pullback. then the market will retry to make a new top while making a negative divergence followed by a substantial drop. as i said, just for fun. in any case i will short anything above 1250 unless the impossible happen, and the market just races to the stars while europe does a baron munchausen and pulls itself from the head with its own hand.
BullBear52x, good points. Although, I want to draw attention to the difference between the UUP ETF, and the USD Index. As might be expected, the ETF underperforms the Index, as the ETF companies must extract a profit. On the following chart you can see how the Index has not broken horizontal support, but the UUP ETF has. This is a result of the underperformance of the ETF (challenges please). I do monitor UUP because it updates intraday, but I also keep a USD index chart that updates EOD because I believe it is more accurate over longer time frames. Please feel free to differ with my opinion.BullBear52x wrote:Follow the Money, as many of us believe that carry trade is playing important roll in short term trading directional, Euro/Usd have been leading indicator for quite some times now.
3 UUP, Descending Triangle, critical at 21.5. break down will be bullish for short term equity market.