Cobra's Market View

I just covered my shorts. Market may rally into the close b/c options max pain is generally much higher than current prices. Looks like the day might turn out just as Cobra said it would...again

StrikePrice wrote:IHS?

Maybe....

Very Possible.

Thank You all. I'm short EUR. I think My currency Will suffer on Greek and Portugal problems

I am watching hourly MACD hist like a hawk, if it close above 0, I will close out 80% of my evil side position. this is Friday!!!!

Silver
May bounce back to $40.
http://99ercharts.blogspot.com/2011/06/silver_17.html

TrendTrade wrote:

StrikePrice wrote:IHS?

Maybe....

Very Possible.

Actually I dont think the IHS is valid because that is an SPY chart and SPY had a dividend today which throws everything off. If you look at the SPX it is not a IHS.

One more thing; for swing-trading the VIX, I use a 30 min chart:
Have a nice weekend Cobra and all other snake-people!

EURUSD
Update.
http://99ercharts.blogspot.com/2011/06/eurusd_7500.html
Just a wider channel.

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

I always like your charts. Thanks

anyone remember what happens with 7 straight weeks down in the SPX?

Bulls seem to do everything wrong today.

TrendTrade wrote:

TrendTrade wrote:

StrikePrice wrote:IHS?

Maybe....

Very Possible.

Actually I dont think the IHS is valid because that is an SPY chart and SPY had a dividend today which throws everything off. If you look at the SPX it is not a IHS.

Yeah. That makes sense.

Taking some days off, for a vacation… Have a good time and lots of great trades, everybody!

99er wrote:Silver
May bounce back to $40.
http://99ercharts.blogspot.com/2011/06/silver_17.html

I'm confused by silver, at the moment. And your chart is another reason why.

Anybody have any thoughts/advice? Thanks in advance,

A

cougar wrote:Taking some days off, for a vacation… Have a good time and lots of great trades, everybody!

Enjoy!

Something I find helpful is to use a continuous ES chart with a 30, 45, and 60 minute bars. We have had 3 sets of higher lows and higher highs since 8:15 am Thursday morning. As long as we don't get a close below (and likely a trade below 1259, the trend should be up). I also use a 60 period RSI and 150 period Williams % R on these charts...and that can tell you when things are turning up or down. Currently we are in a downtrend from 9:30 am this morning, but any up bar in the next hour (2:30 est) will signal a trend change...basically an hourly close above 1266 on the ES for the next hour. But then it must trade up into the end of the day. For now a downtrend though

BullBear52x wrote:I am watching hourly MACD hist like a hawk, if it close above 0, I will close out 80% of my evil side position. this is Friday!!!!

we are only about 40 points from testing the low.I will be holding my SPY shorts over the weekend but no daytrades. Have good trading.

KENA: "I always like your charts. Thanks"

Thanks. The down channel has since broadened (as is often the case) but the direction's intact.

Gotta do one more SPX chart before the end of the day.

could be a range around spy 127 until market close?

Per what I posted previously their is a cherry pick long as of 2:00 EST...but it needs to go up now and can't trade below the low of the day. Really need this above 1266 by 2:30 for confirmation, but then it has to hold the low of the day. Really should wait until 2:30 for confirmation.