Cobra's Market View

don't get too excited we are long way from the top it will take some time to heal or would it ever?

Cobra wrote:

Dow Trader wrote:Here is what I ment by one leg up

agree.

now, you, me, uempel, all agree on the same thing, let's see if we're powerful enough to guess it right.

so you're saying the leg up has started and hopefully by tomorrow or day after we can viisit the high of yesterday ?
assuming europe doesnt poo poo on everyone overnight ?

i got out of my shorts today and im trying to figure out my next move.....get into a small long im thinking......or should i just sleep well at night and do nothing

Cobra wrote:

Dow Trader wrote:Here is what I ment by one leg up

agree.

now, you, me, uempel, all agree on the same thing, let's see if we're powerful enough to guess it right.

yes, in addition, I have my stop reverse below 10550 , it is win win trade for my ( I am still long 10750 )
in other word, I am like you, when market decide to change direction, I am with it ( basic trader rule )

Gold is a train right now, decisive breakout from some stout resistance of 1770. Jim Sinclair said that 1764 was a very important level for gold.

Heads up Bulls.
SPX MACD crossing; prices breaking down from Bear Flag now.

Still in fetus position...

99er wrote:Heads up Bulls.
SPX MACD crossing; prices breaking down from Bear Flag now.

I'm disappointed, the price is overlapping, not a strong rebound at all.

AK84 wrote:

Cobra wrote:

Dow Trader wrote:Here is what I ment by one leg up

agree.

now, you, me, uempel, all agree on the same thing, let's see if we're powerful enough to guess it right.

so you're saying the leg up has started and hopefully by tomorrow or day after we can viisit the high of yesterday ?
assuming europe doesnt poo poo on everyone overnight ?

i got out of my shorts today and im trying to figure out my next move.....get into a small long im thinking......or should i just sleep well at night and do nothing

I don't know where the market is going tommorow or even now, what I know is the Dow pattern says more than 80% chance for above yesturday's high and if went below 10550 before 10400, then the calculation says at least 800 points below it .. I also want to add that at Monday's close I saw a big buy order at the close on ES at price between 1018 to 1013 ( 10 minutes after cash closed ) and I didn't see bigger than that so far in last two days so far , and that order still holding the ES despit a sharp selloff tuesday in Asia and Europ sessions
bottom line, I am not bull or bear as you know and see . good luck with your trade

fuddleduddle wrote:Gold is a train right now, decisive breakout from some stout resistance of 1770. Jim Sinclair said that 1764 was a very important level for gold.

GLD - gold
rsi - sell , buy@ rsi 50 or-

seems closer to a sell than a buy

Trend or no trend????
currently we are in a consolidation phase, this is the first consolidation of this down trend, as many of us understand, it will either consolidate through time or price. I think this one is through time, and most likely we will see a lower low in weeks time. again 5dma is my gauge until it trades over I am bear.

Cobra wrote:I'm disappointed, the price is overlapping, not a strong rebound at all.

is it formimg a right shoulder?

key time, the 2nd attempt of the previous high, we'll know soon if the rebound is over, or more on the upside.

Spot Gold
Low/High
1740.20/1799.20

Amazing.

This chart is kind of scary...

This chart may give a nice view for all traders here

AK84 wrote:

Cobra wrote:

Dow Trader wrote:Here is what I ment by one leg up

agree.

now, you, me, uempel, all agree on the same thing, let's see if we're powerful enough to guess it right.

so you're saying the leg up has started and hopefully by tomorrow or day after we can viisit the high of yesterday ?
assuming europe doesnt poo poo on everyone overnight ?

i got out of my shorts today and im trying to figure out my next move.....get into a small long im thinking......or should i just sleep well at night and do nothing

Do you really sleep? I thought u stay up monitoring the futurezzz till 4am

v1stock.com wrote:

fuddleduddle wrote:Gold is a train right now, decisive breakout from some stout resistance of 1770. Jim Sinclair said that 1764 was a very important level for gold.

GLD - gold
rsi - sell , buy@ rsi 50 or-

seems closer to a sell than a buy

This is what Gary Savage wrote about Gold on 8/8/2011.
<<This has now become the steepest parabolic move of the entire secular bull market. As we found out in May, parabolic moves are prone to crashes. At this point I have no desire to be in the gold market. I could care less whether it goes to $1800, $1900, or $2000. The risk of getting caught in the crash when the parabola collapses has become too great.

I don't care where I make money. Gold, silver, or stock market, it's all the same to me. Profits are profits.

At this point I would rather put capital at risk in a severely oversold stock market than a parabolic gold market. >>

As long you are sitting in front of your computer and watching it closely. you should be fine with a tight stop loss.

Gary Savage was one of the people who bought gold stocks when no one paying attention. I really don't know much about Gold, Silver stocks, but it got me scared when I read his statement.
Good luck trading.

Update:

either 3 push up or H&S bottom or C&H (cup with handle, will from now on use C&H). key time. The bias in on the upside though.

What am I eyeing now, is a no no for bulls to trade back below 200ma 1 min. new low is ensure if so.