Cobra's Market View

EURUSD
Adieu, Monsieur Euro.
http://99ercharts.blogspot.com/2011/06/eurusd_1999.html

A trader should pay heed to the strength of financials today, in addition to the huge call buying on XLF. If nothing else, it implies some strength ahead eventually above these levels.

On 5-min SPY: Up tilt flags mean bearish; down tilt flags have less choice but bullish; if we keep our reading consistent (don't mean market is).

Last Friday closed Bulls, don't want to fall below that now time is running out.

BullBear52x wrote:Last Friday closed Bulls, don't want to fall below that now time is running out.

I tend to agree; but if finanacials lead the rebound, they will close above their Friday close first.

a bullish set up for EDZ is confirmed.

Today sure give us a better strength but no buy signal that I can call for. MACDs are looking good, RSI need to stay above 50 here.

breakdown would be bad (double top) so bulls must hold here.

BullBear52x wrote:a bullish set up for EDZ is confirmed.

At the moment, I see an over-throw, followed by a pull-back into Hourly R. TL.

BullBear52x wrote:a bullish set up for EDZ is confirmed.

Impressive calls. Thanks for your input on this board.
A

volume surge, someone is defending the low, critical here. i think bulls got chances.

DaWay wrote:On 5-min SPY: Up tilt flags mean bearish; down tilt flags have less choice but bullish; if we keep our reading consistent (don't mean market is).

At what point does a flag fail to become a flag, but a channel with the new trend? Is there any general rules of thumb for this? E.g. no break within 20 bars, etc. (I'm just pulling from the air). I'm asking this because theoretically the "bear flag" could go all the way to S&P 1300... of course it would long gone be called a bear flag.

There is a bit of a data coming out starting tomorrow. How the market will react to that will be worth watching...

RUT
Update.
http://99ercharts.blogspot.com/2011/06/rut_13.html
Gotta love the day after these Spinning Tops.

Anaconda wrote:

BullBear52x wrote:a bullish set up for EDZ is confirmed.

Impressive calls. Thanks for your input on this board.
A

Thanks to everyone here also, lots of good idea and too many to name. this week is my short week going camping, might make it back to trade on Friday.

gotta love spinning tops...in what way...sorry to ask. in short you like it cuz it's bearish or bullish in your opinion?

RUT is weak, wandering how far this rebound can go

99er wrote:RUT
Update.
http://99ercharts.blogspot.com/2011/06/rut_13.html
Gotta love the day after these Spinning Tops.

ok, breakdown, bulls changes are becoming glimmer. tinted area as text book target for double top.

pidge66 wrote:

DaWay wrote:On 5-min SPY: Up tilt flags mean bearish; down tilt flags have less choice but bullish; if we keep our reading consistent (don't mean market is).

At what point does a flag fail to become a flag, but a channel with the new trend? Is there any general rules of thumb for this? E.g. no break within 20 bars, etc. (I'm just pulling from the air). I'm asking this because theoretically the "bear flag" could go all the way to S&P 1300... of course it would long gone be called a bear flag.

"On 5-min SPY". Isn't that the same time frame as Cobra's using. Maybe he has different answer for you. For me that's it, sorry, as I've defined it for my point of view and my chart as well.

Forgot to mention, financials hanging in there real good for now. Looks like something's cooking...