Cobra's Market View

seems that this rebound broke something today (MACD 1st graph)... no more down so I am done.
Thanks a lot everybody and have a nice week-end !
But targets are the same on the downside (2nd graph) !

up up up olay olay olay, up up up olay olay olay!

olay - do you mean ole' in Spainish?

maybe this is what you mean Cobra? http://en.wiktionary.org/wiki/ol%C3%A9

go go go ole ole ole
http://www.youtube.com/watch?v=gzGHSbzObw0
going up

67Chevy wrote:olay - do you mean ole' in Spainish?

maybe this is what you mean Cobra? http://en.wiktionary.org/wiki/ol%C3%A9

right, thanks. so from now on i should yell: up up up ole ole ole!

Bigger story on the 2PM spike in financials, from the Wall Street Journal MarketBeat blog:

Well, that was quick: Just when bank stocks were down 2%, CNBC reported that the Fed was saying the bank capital surcharge would be more like 2% to 2.5% instead of 3%.

Almost immediately, bank stocks recouped some of their losses, pulling the broader market a little bit higher with them.

good, now bears need a L2 to make me look really cool. no idea will i get it though, need see more bars...

I tried several geometrical constructions, to see if I can guess a bottom of this leg down. All I managed to get is an “ugly and sloppy bat’! The bottom (tip of the right wing) could be at the LOD - confirmed if we cross 128.6 on the way UP!

L2 it is, very cool, however, now not sure if there's a 3rd push left, either higher high or lower high.

Cobra wrote:anyone can tell me why "go go go olay olay olay"? what does "olay" mean here? How to spell it? So that I can say it correctly the next time.

why not sing "gole gole' for up move and "dole dole" for down?

Gole or Dole apart, do you think we shall see an up trend from here?

BBFinance wrote:

Cobra wrote:anyone can tell me why "go go go olay olay olay"? what does "olay" mean here? How to spell it? So that I can say it correctly the next time.

why not sing "gole gole' for up move and "dole dole" for down?

Gole or Dole apart, do you think we shall see an up trend from here?

No uptrend, just a rebound. don't forget my last night's report: down day today means we're doomed for the next few days 9 out of 11 times.

tough call here, guess will go like this. I swear after I drew the line, it rebounded, not because I saw it rebounded I drew the line.

deadmoney95 wrote:Bigger story on the 2PM spike in financials, from the Wall Street Journal MarketBeat blog:

Well, that was quick: Just when bank stocks were down 2%, CNBC reported that the Fed was saying the bank capital surcharge would be more like 2% to 2.5% instead of 3%.

Almost immediately, bank stocks recouped some of their losses, pulling the broader market a little bit higher with them.

Thanks for the update deadmoney. Read the article and wanted the last line for readers here, "One very odd thing about this — there’s no announcement from the New York Fed on this. Just the word of CNBC."

the next bar will be the key, a L1 would make bear happy.

happy bear now!

L1 as I was afraid. now bears have the ball, they're attacking... need another score to seal the deal, let's wait and see.

Why would you expect anything less..We still have more dn..Then maybe I will get bullish for a short time.

no score yet, breakdown here would be a small double top. bulls must hold here. I'm temporarily clueless now....

Couple points while we close the week:

1) The major down cycle that started at the end of May is terminating. This could lead to a bullish close to the month. Watch for some kind of trend day up to confirm it next week.

2) If today closes below the low two days ago, we'll have positive divergence on daily RSI and possibly positive divergence in NYMO

3) Market has a tendency to bottom a few days before the full moon. The full moon is Tuesday. This is what occurred in March 09.

4) A huge cluster of turn dates is happening this weekend.

I don't know if the final low is in. Several targets remain unmet on some indexes, but I'd say we're very very close. And judging by CPCE and the VIX, we could see a sizable rally staged in the near future.

Of course, there's always BLACK MONDAY too. lol

yes, he scored! tinted area as text book target, but I believe the green line below should be the target.