Cobra's Market View

McClellan will certainly post a number similar to 2008 crash.

99er wrote:Honey...what about London?

FWIW

http://www.youtube.com/watch?v=gp5JCrSXkJY

99, I never took your bearish stance that seriously, but you sure were right...

Well today was... expected but unexpected? I definitely covered too early today. We all saw this coming to BAC..

QE3 will be annouced tomorrow, does it even matter anymore though? Probably not.

Fed hands are tied...there will be no QE3.

fuddleduddle wrote:Well today was... expected but unexpected? I definitely covered too early today. We all saw this coming to BAC..

QE3 will be annouced tomorrow, does it even matter anymore though? Probably not.

uempel:

I'm right about half the time.

Was this a low? I've been playing the market for many years, and occurrences like this are not very frequent. I can remember two or three days like this, when I was just waiting and waiting for a reversal and it never came

Theres probably going to be more late day selling as margin calls come in. Judging by todays action I would think there would be quite a few margin calls today.

MARGIN CALLS

holy crude, guess i was wrong. we will be seeing 80 that was fast.

SPX
Targeting 944.
http://99ercharts.blogspot.com/2011/08/spx_2933.html

ccash04 wrote:Theres probably going to be more late day selling as margin calls come in. Judging by todays action I would think there would be quite a few margin calls today.

should be margin call couple of days ago, if there is still any.

Hi Cobra,
I am stuck with some of my funds in 401K, i was expecting for a relief rally to get out and it never came,
do you think i better take loss and move on, or we should get some sort or rally and i can get out at a better point in the next few weeks?

Checking P&F:

Me XMan wrote:Fed hands are tied...there will be no QE3.

fuddleduddle wrote:Well today was... expected but unexpected? I definitely covered too early today. We all saw this coming to BAC..

QE3 will be annouced tomorrow, does it even matter anymore though? Probably not.

Tomorrow is the FOMC meeting at 1415. Jackson Hole Symposium 2011 is sometime around Aug 23-29. I did not see any set date on the site.

Me XMan wrote:should be margin call couple of days ago, if there is still any.

agree. people now should be those in deep red but without margin call. even bounce can not save them.

just say hi from the airport. Not very clear about what the market is doing, seems the rebound would fail, the low will be tested sometimes later, not necessarily today though. really no idea now as I'm not very focused.

SPX 944??? WOOOAAHHHHHHHH!

99er wrote:SPX
Targeting 944.
http://99ercharts.blogspot.com/2011/08/spx_2933.html

dmid wrote:Hi Cobra,
I am stuck with some of my funds in 401K, i was expecting for a relief rally to get out and it never came,
do you think i better take loss and move on, or we should get some sort or rally and i can get out at a better point in the next few weeks?

Are you a trader?

We're here to Day Trade or Swing Trade. 401k is a longer-term view. Look at a monthly chart. When you panic and sell, 9/10 you've sold at the bottom. I'm no financial advisor, but do you really want to be that guy who sold the 1st week of March 2009.

dmid wrote:Hi Cobra,
I am stuck with some of my funds in 401K, i was expecting for a relief rally to get out and it never came,
do you think i better take loss and move on, or we should get some sort or rally and i can get out at a better point in the next few weeks?

NORMALLY, I'd wait for a few days, just normally and it never went wrong in the past. of course not know this time as always.

Just remembered that I first published and commented this Square last night, Sunday, at 10:37pm EDT, in the “Weekend Watering Hole“.
I did not think that the target inside the “1120 zone” would be reached that fast, and I called it “intermediate term support”.