04/12/2012 Live Update

[Cobra]

not a valid breakout, but no harm to know the C&H text book target.

[wayne0708]

not a valid breakout, but no harm to know the C&H text book target.

I like your c&h target, if not today, may be tomorrow to fill the gap.

[SWalsh]

gap resistance.

Nice observation Cobra. Any chances that gap ll be filled?
may be tomorrow?

on the bull side, better believe unbelievable. so why not filled? why not SPX 3,000 today.

the run up today has a lot to do with Janet Yellen speech regarding QE

The run-up today, IMO, has to do with the HFTs bidding the daylights out of it with some of the biggest bids (quote stuffing) we've ever seen. But as they did that they were selling into it. When they don't trade, we don't trade. People really should do some reading on communism as my friends from the former Soviet Union tell me this is the exact type of state sanctioned corruption that built their oligarchs and wiped out the people such that their birth rate declined as no one had money to feel they could marry a woman and support a family. Some may laugh....if that's your desire to remain blissful and your right. They stopped laughing and they don't laugh at what they are seeing here. One is thinking of moving back to the Ukraine. he said he'd rather be back where he was born if the systems are going to be the same. He has a masters in computer science and can find as much work there now.

[Cobra]

still fighting the gap resistance, but I think the breakout is just matter of time.

[SWalsh]

more down seems likely on AAPL.

APPL would be an interesting decline. In fact, classic. $100 lower some will think of buying more and longs will think it has washed out some weak longs as they are in for the long haul. Their $20,000 is at $100,000 now AND most importantly, THEY ARE SMARTER THAN THEY WERE and all non-buyers were dumb. . At $150 lower most will say "I knew that was too much....if it can bounce half way I'll get out". It bounces almost half way and they get bullish again saying, "What was I worried about? This is a $1000 stock". Then it drops to a new decline low and they are completely frozen.

That is exactly how the Nasdaq lost 80% of it's value. Longs did not adhere to sell stops because they were trading with euphoria and then complete fear.

The above is called "Confusing brains with a bull market". SPX will have its day also. When you do this long enough you see it happen to a new crowd every time.

[Cobra]

not a valid breakout, but no harm to know the C&H text book target.

I like your c&h target, if not today, may be tomorrow to fill the gap.

hard to say because it's already 3 push up, the 3rd push is much weaker.

[Al_Dente]

XIV
Raise your stops

[wayne0708]

XIV
Raise your stops

VIX is heading back to earth. hopefully to mid line of BB by end of week

[Cobra]

support. it's the 3rd touch, so might see a rebound here. the aapl below doesn't look good though.

[HuyVanLang]

Cobra. Is there higher chance spy will break out of that channel?

[Al_Dente]

sqz on BAC

[wayne0708]

support. it's the 3rd touch, so might see a rebound here. the aapl below doesn't look good though.

Cobra: break out of the handle Cobra

[tomsky]

more down seems likely on AAPL.

APPL would be an interesting decline. In fact, classic. $100 lower some will think of buying more and longs will think it has washed out some weak longs as they are in for the long haul. Their $20,000 is at $100,000 now AND most importantly, THEY ARE SMARTER THAN THEY WERE and all non-buyers were dumb. . At $150 lower most will say "I knew that was too much....if it can bounce half way I'll get out". It bounces almost half way and they get bullish again saying, "What was I worried about? This is a $1000 stock". Then it drops to a new decline low and they are completely frozen.

That is exactly how the Nasdaq lost 80% of it's value. Longs did not adhere to sell stops because they were trading with euphoria and then complete fear.

The above is called "Confusing brains with a bull market". SPX will have its day also. When you do this long enough you see it happen to a new crowd every time.

Probably you know this but reading your post reminded me:

[Cobra]

the magic 3rd touch, always rebound simply because all the TA books say so, it's self-fulfilled prophecy.

[Cobra]

Cobra. Is there higher chance spy will break out of that channel?

spy 30'.jpg

if breakout today or tomorrow morning, then chances are it'd be head fake. I'll explain why if indeed, otherwise I'd pretend that I never said this.

[traderessentials]

Cobra, does today have the volume to be a MA day?

[wayne0708]

the magic 3rd touch, always rebound simply because all the TA books say so, it's self-fulfilled prophecy.

Nice call again!
You're a hot today Cobra

[wayne0708]

Plz dont tell me vol sugre exhaustion bar

[wayne0708]

That was close l0l

[HuyVanLang]

if breakout today or tomorrow morning, then chances are it'd be head fake. I'll explain why if indeed, otherwise I'd pretend that I never said this.

If that channel is real. It looks like missing another down leg before heading higher. Right, Cobra?