Cobra's Market View

I have 5 straight gaps down.

Looks like the sell off continues

Cobra wrote:

jarbo456 wrote:anyone have an opinion on gold?

i'm adding to my core position here. leg 1 of 2 or 3 (haven't decided yet).

looks like a large triangle with an unconfirmed IHS.

http://stockcharts.com/public/1684859/c ... /261802347;

haha. thanks cobra!

i forgot to click your link today anyway...so you get my click count too!

XLF looks like it has support around $14.60ish...

Very good probability of a bounce Tuesday based on technicals. It it does not then the market is in SERIOUS trouble.

MrMiyagi wrote:Very good probability of a bounce Tuesday based on technicals. It it does not then the market is in SERIOUS trouble.

Serious trouble? We're above SPX 1380. Are you serious?

johnnywa wrote:

Petsamo wrote:

johnnywa wrote:They say no China hard or soft landing,the are re accelerating allready,what does that do for bearish case.I thought China have big slowdown effect U.S exports.Cobra you chinese whats your take whats going on over there

China is already beat up.

Thats not what report on cnbc say

You guys wanna be careful about what "financial experts" are saying on TV or radio. They indirectly suggest buying stuff that is overbought and shorting what is oversold. One guy on the Larry Kudlow talkradio show said he's short coal. The chart below shows coal is beat up, oversold.



The formula is EWZ / KOL, which is Brazil / coal. EWZ itself is beat up relative to IWM.
So do your due diligence before you act on suggestions from "financial experts".