Cobra's Market View

as now is option expiration week it seems market trying to pin SPY @ 127

SPX
Update.
http://99ercharts.blogspot.com/2011/06/spx_9338.html
Just waiting for that drink.

now we have bear flag in the making (intraday) not good or a descending triangle.

BullBear52x wrote:now we have bear flag in the making (intraday) not good or a descending triangle.

yeap, breakdown now.

SPX
Thirsty yet?
http://99ercharts.blogspot.com/2011/06/spx_5173.html

Here is a chart of the Euro. Its a little sloppy on the H&S, but I think its valid. Trouble for the bulls... good for bears.

Cobra wrote:

BullBear52x wrote:now we have bear flag in the making (intraday) not good or a descending triangle.

yeap, breakdown now.

Nice trend day after all

99er wrote:SPX
Thirsty yet?
http://99ercharts.blogspot.com/2011/06/spx_5173.html

Very. I went short June DIA puts this morning on the pump up. Just covered half. More to go, possibly.

Technicals favor bulls. Fundamentals favor bears. Dollar favors bears, as well; sentiment has shifted and the $US is due for a nice run up - especially with the Euro and Yen headed towards the depths.

Good luck all, whichever way you're positioned.

A

heads up for Bullish divergence if any will be materialized.

Hi everybody. I'm new here. I'm from Portugal and I Love this board. Great Analysis By cobra.

Anyone have a target for dollar?

Thank You

Sorry bulls, 126.32 is next stops.

Very nice, Anacaonda!

SPX
Last SPX chart for today...
http://99ercharts.blogspot.com/2011/06/spx_4634.html
It's a trend.

WhyNot wrote:Hi everybody. I'm new here. I'm from Portugal and I Love this board. Great Analysis By cobra.

Anyone have a target for dollar?

Thank You

I would look at the EUR/USD. It should bounce somewhere in the range of 1.39 or 1.4 If it does not bounce there... then I will have to re-evaluate to establish a target.

Too many folks are expecting a bottom. They are not throwing the tower yet. That's not the real sign of a true bottom. still shorting the bounce, but taking quick profits, while waiting for the big day when everyone gives up.

no idea what the market is doing, looks like a typical OE play. Tinted area and dashed line are triangle text book target.

Also wanted to add that this board is the best trading board online. Hope it doesnt get dilluted with un-related commentary. There are some very quality traders/chartists here and we have a great leader.

Cobra you have something good going here.

lunch time, will be BACC.

TrendTrade wrote:

WhyNot wrote:Hi everybody. I'm new here. I'm from Portugal and I Love this board. Great Analysis By cobra.

Anyone have a target for dollar?

Thank You

I would look at the EUR/USD. It should bounce somewhere in the range of 1.39 or 1.4 If it does not bounce there... then I will have to re-evaluate to establish a target.

UUP got support at mid BB and 5dma, very bullish. 22 next resistance unless it failed and trades below Mid BB now. which I don't see it yet.

IHS?

Maybe....