Cobra's Market View

AK84 wrote:Cobra,

If we dont close below yesterdays low, will CI go into short mode or hold trapped long overnight ?

Also what is your bias for tomorrow now given you saw a lot of action today ? down or consolidate?
Anything changed in your opinion ?

short-term still up, so bullish biased tomorrow unless I see something dramatic in the last 2 hours.

We had the lower low, so as long as today closes in red CIS is short.

CIS is not short-term model. The short-term model is long (trapped) so has to hold overnight assuming we close right here.

Say honey...wanna go for a drive?
SPX http://99ercharts.blogspot.com/2011/08/spx_2523.html

Vroom vroom.

Cobra wrote:

AK84 wrote:Cobra,

If we dont close below yesterdays low, will CI go into short mode or hold trapped long overnight ?

Also what is your bias for tomorrow now given you saw a lot of action today ? down or consolidate?
Anything changed in your opinion ?

short-term still up, so bullish biased tomorrow unless I see something dramatic in the last 2 hours.

We had the lower low, so as long as today closes in red CIS is short.

CIS is not short-term model. The short-term model is long (trapped) so has to hold overnight assuming we close right here.

Gotcha!

Thanks so much ! Makes sense now

OK. Out of the Long because I was distracted back when crazy time hit and didn't exit like Cobra then. Doubled down on the 119.10 breakout, but question is will I regret getting out early (i usually am always early.)

For the Bulls there's still a shot this is a Wave 4 Elongated Flat but it's taking way longer than Wave 2 did. We'll have to see how the rest of the day and tomorrow's morning session goes because otherwise we're looking at the Wave 3 of 1 of the V for the Bears which should easily reach the lower trendline around 117.50.

Lastly I've heard Option Pain for SPY on Friday is 118 so we might be doing a lot of Zig Zag up and down until Friday.

SPX bounced off of the 61.8 fib line, cut through the 50 fib line. Sorry about the overlapping fib lines.

Jeeez...
SODA getting absolutely CRUSHEDDDDDDDDDDDDDDDDD today!!!! I bought 1 put around 45$ and its already up a crapload! Should have bought more but this new seat in the office is not letting me look at charts properly and freequently. DAMN YOU CORPORATE AMERICA!!!!

cannot believe the pullbacks we had those days were only one legged. got to test the day's low at least my guess.

Cobra wrote:cannot believe the pullbacks we had those days were only one legged. got to test the day's low at least my guess.

Dead man walking; on one leg now

Cobra wrote:cannot believe the pullbacks we had those days were only one legged. got to test the day's low at least my guess.

L2 coming...

Not exactly the same SPX30 min:
After lowering the Fan by 2 notches and letting the BOT find a parabolic top, this might look like a beginning of a down trend…

Morning low held, not a perfect 2nd leg but, well, cannot complain. Let's see, I'm pretty much clueless now. the feeling is not bearish.

cougar wrote:Not exactly the same SPX30 min:
After lowering the Fan by 2 notches and letting the BOT find a parabolic top, this might look like a beginning of a down trend…

Good chart. Agree in principal with the notion of a pending downturn, but based on yesterday's strong upswing (90% adv to decl. on the NYSE and volume big), I'm thinking we're still due for a higher high- maybe 2015 or so SPX.

Anaconda: Right...all we can do, is be ready ...THEY will decide where the market will close...and this will be important

I also have a confluence around 1218...

They will suprise with 1228

My bullishness must have help my thought today, crazy day but could be worst come out unscatch up tomoooooooroooooooo wishful thinking, or time to change side tomorrow, thanks Cobra and all the great chartists here. you guys are awsome!

crazy as it may sound, Bull on.....for breakfast.

gld & slv close to high of day

spy - you should have stopped out 118.99 . a lower low now a pending downturn?

Did they just use the Europe news as a Bear Trap? Because I'm feeling really trapped right now.

StrikePrice wrote:OK. Out of the Long because I was distracted back when crazy time hit and didn't exit like Cobra then. Doubled down on the 119.10 breakout, but question is will I regret getting out early (i usually am always early.)

For the Bulls there's still a shot this is a Wave 4 Elongated Flat but it's taking way longer than Wave 2 did. We'll have to see how the rest of the day and tomorrow's morning session goes because otherwise we're looking at the Wave 3 of 1 of the V for the Bears which should easily reach the lower trendline around 117.50.

Lastly I've heard Option Pain for SPY on Friday is 118 so we might be doing a lot of Zig Zag up and down until Friday.

strikeprice,
it may seem that 118 might be too low for a max pain @ least for the monthly. i am sure there were lot of put buying in last 2 weeks in the lower range so MM will try to jerk it up to about 123-125 @ least. to invalidate all payouts in the lower range.