03/31/2011 Intraday Watering

Post by **Cobra** » Thu Mar 31, 2011 10:17 am

AK84 wrote:Hi Cobra,

Good Morning!! Absolutely love this blog and cant live wihtout it during my trading day!

Quick question on tomorrow.

1. As it is the jobs report, we know that usually market fades one way or the other. Open high ----close low or vice versa.

2. Tomorrow is April 1 , first day of the month and Q2 and seasonality is v strong.

Given these 2 conflicting points above, how would you position yourself going into tomorrow and next week? I understand long is the name of the game but are we waiting for a couple of more days pullback or a test of 3/16 lows in order to buy ?

Thanks.

I'll buy the very first dip.
For short, I'll wait bears to show strength before the cobra strike.
Yesterday might be front ran the 04/01 already, so I don't expect a huge up tomorrow.

dr659 · Post by **dr659** » Thu Mar 31, 2011 10:22 am

Don`t forget tomorrow is April fools day

BullBear52x · Post by **BullBear52x** » Thu Mar 31, 2011 10:32 am

UNG got stop out,

cletus · Post by **cletus** » Thu Mar 31, 2011 10:44 am

I predict a top at Dow 42,000 by June, 2011, because that's the time QE2 ends. I'm sure everyone will wait till the day it ends to sell and won't get out ahead of time.

dr659 · Post by **dr659** » Thu Mar 31, 2011 10:45 am

Not a bad week for weak seasonality (Stocktraders Almanac) Extreme overbought sentiment( sentimentrader) at the start of the week.

Post by **Cobra** » Thu Mar 31, 2011 10:47 am

I think QQQ is about to breakout on the upside, it'll be very strong breakout.

KENA · Post by **KENA** » Thu Mar 31, 2011 10:48 am

cletus wrote:I predict a top at Dow 42,000 by June, 2011, because that's the time QE2 ends. I'm sure everyone will wait till the day it ends to sell and won't get out ahead of time.

Come on thats an increase of 20'000 point increase. IMPOSSIBLE

uempel · Post by **uempel** » Thu Mar 31, 2011 10:53 am

This has been a real smart chart since last September. After taking a close look I don't see any resistance up to 1342:

Me XMan · Post by **Me XMan** » Thu Mar 31, 2011 10:56 am

UNG is a dud. Don't play it.

BullBear52x wrote:UNG got stop out,

jimmythegeek · Post by **jimmythegeek** » Thu Mar 31, 2011 11:08 am

by Cobra » Thu Mar 31, 2011 9:47 am

"I think QQQ is about to breakout on the upside, it'll be very strong breakout."

Why?

Thanks also for this blog and all of the contributors. I learn something every day.

zombiebraingoo · Post by **zombiebraingoo** » Thu Mar 31, 2011 11:10 am

hui is the champ - breaking out ot wedgie...

PM's are going to rule - dollar drool!

cletus · Post by **cletus** » Thu Mar 31, 2011 11:10 am

A key reversal day shell be.

1. Gap down
2. New highs
3. Close < open

Predicted top is 1333.08. Reason: It is the 88.6% fibonacci retracement level of Feb highs. That level is the best fib level to trade, although most don't know or understand what it is.

0.886 = 4th root of 0.618

It is the superior fib level to trade because it gives the tightest stop in a potential reversal zone (stop above new highs).

Post by **Cobra** » Thu Mar 31, 2011 11:13 am

jimmythegeek wrote:by Cobra » Thu Mar 31, 2011 9:47 am

"I think QQQ is about to breakout on the upside, it'll be very strong breakout."

Why?

Thanks also for this blog and all of the contributors. I learn something every day.

You're welcome.

This is why: I see an Ascending Triangle here.

StrikePrice · Post by **StrikePrice** » Thu Mar 31, 2011 11:15 am

I think we could go nowhere today...market will wait to break one way or the other on jobs report. Already looks to be playing out that way.

What you say?

thelefteyeguy · Post by **thelefteyeguy** » Thu Mar 31, 2011 11:16 am

yah...a 4pt range day

Dow Trader · Post by **Dow Trader** » Thu Mar 31, 2011 11:16 am

Still watching Macd Hist. in vix hourly chart if it closed above zero. It is very important for a day like today

uempel · Post by **uempel** » Thu Mar 31, 2011 11:18 am

Cobra, thanks so much for the information you provide here, very valuable to me.

BullBear52x · Post by **BullBear52x** » Thu Mar 31, 2011 11:23 am

Dow Trader wrote:Still watching Macd Hist. in vix hourly chart if it closed above zero. It is very important for a day like today

It need to stay above 200ma 1m intraday, so far so good for bears until it turns Bulls can't march on.

zombiebraingoo · Post by **zombiebraingoo** » Thu Mar 31, 2011 11:24 am

cletus wrote:A key reversal day shell be.

Predicted top is 1333.08. Reason: It is the 88.6% fibonacci retracement level of Feb highs.

You'll be on top of the world!

top calls will be foiled until more world trouble boils!

Fritz Baxter · Post by **Fritz Baxter** » Thu Mar 31, 2011 11:27 am

zombiebraingoo wrote:
cletus wrote:A key reversal day shell be.

Predicted top is 1333.08. Reason: It is the 88.6% fibonacci retracement level of Feb highs.
You'll be on top of the world!

top calls will be foiled until more world trouble boils!

Irish bank stress tests due out soon. Portugal is already getting killed on their bonds.
Financials could weaken from here.

Cobra's Market View

Back to www.cobrasmarketview.com

03/31/2011 Intraday Watering

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Institutional Information, your first post today

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