Cobra's Market View

A stand still until the zero hour.

Cobra wrote:I read it as a failed 2 legs up which is bearish. Watch the pink line there.

is that pink? the red line

uempel wrote:

99er wrote:BC Folks:

Vancouver, Canada radiation tests show iodine-131 in rainwater at almost 10,000% above US drinking water limit
April 8th, 2011 at 08:20 AM

http://enenews.com/recent-radioactivy-t ... ater-limit

Iodine 131 has half life of 8 days, in the interim swallow lots of iodine so that you don't absorb... 99, do you have charts concerning this

Only problem is iodine in excess can give you pancreatic cancer

99er wrote:/ES
Update.
http://99ercharts.blogspot.com/2011/04/es_9014.html

did you see the 4h candle in Dow from the high ?

Wedge is broken, on my system 133.09 SPY will confirmed Swing sell signal.

99er wrote:Heads Up West Coasters

Cars, whole houses and even severed feet in shoes: The vast field of debris from Japan earthquake and tsunami that's floating towards U.S. West Coast

By Daily Mail Reporter
Last updated at 10:53 AM on 8th April 2011

Read more: http://www.dailymail.co.uk/news/article ... z1IwrHqFid

California used to be the greatest state to live in during the 80's. Now it is just a liberal wasteland. It Will never recover from the liberal excess gov't spending. I guess the citizens will get what they voted for or move.

cletus wrote:Potential breakdown here. I've measured the wedge target plus some initial support levels in case it turns out to be a channel. So often bear wedge breakdowns turn into price channels and are fakeouts.

Great chart! Looks like it broke down just now! Any updates? FAZ new highs today.

the next support, but I think it'll be broken eventually as again today's selling is broad based.

The NYSE Financial just moved to red now maybe the NYSE composite will move from green to red. These two have been holding the mkt all morning.

So far by the look ES bounced right off my channel TL again, can't rule out it could be another bear trap...yet?

Copra,
this might help, when you have time, see the hourly chart for IWM. considering that IWM was leading March rally and leading the down move today.
do you agree that any hourly close below 84.20 will confirm the double top ?

Summer time.

Dow Trader wrote:Copra,
this might help, when you have time, see the hourly chart for IWM. considering that IWM was leading March rally and leading the down move today.
do you agree that any hourly close below 84.20 will confirm the double top ?

Agree.

Cobra wrote:

Dow Trader wrote:Copra,
this might help, when you have time, see the hourly chart for IWM. considering that IWM was leading March rally and leading the down move today.
do you agree that any hourly close below 84.20 will confirm the double top ?

Agree.

thanks as always

BullBear52x wrote:Summer time.

BullBear52x, i was laughing very hard on the last untold 'joke', but can't get this one.
Care to explain?

Best guess here,and believe me thats all it is!...

koolblue wrote:Best guess here,and believe me thats all it is!... :?:

sleep during afternoon? =_=
have a nice weekend~~

DaWay wrote:

BullBear52x wrote:Summer time.

BullBear52x, i was laughing very hard on the last untold 'joke', but can't get this one.
Care to explain?

Will dive fast to recent low really fast if 133.07 break, next target is 132.66

my guess is the low will be broken. Today doesn't look like a bear attack though, this market is still very resilient.

Update on financials. Wedge broke down but multiple supports below and no serious selling led me to take profits in FAZ around 39.20. Although XLF could go as low as 16.30, the pattern is not bearish enough yet for me to stay for very long in that trade. I can be a little patient and wait for some other confirming signals and buy FAZ higher or wait for some better sell signals and buy FAZ lower. I'm fine buying something higher if it means confirmation. Sometimes I'm overly aggressive and get in too soon, but oh well, I still made money on it.

One interesting thing I've learned as a trader. When you enter a trade and it goes against you, when the price moves back up to where you bought it and you are slightly profitable or flat, there's a good chance that's a resistance area, simply because a lot of other people probably bought the same thing you did for the same reasons you did and now all of them want out at breakeven or will tiny profits to be happy. It's mass psychology that drives support and resistance. So when I got a bad entry on a position, a lot of times I like to sell at small profits for that very reason and then step back.

And then how many times I got back to break even on a trade and then saw it tank again and wished I had sold at tiny profits or breakeven...too many times. So I've learned.