Cobra's Market View

Is USO the best vehicle for option trading on Crude ? Made a 20% scalp on some june calls bought on friday.

Seems more bearish than what the ES charts are saying...but I have to think we get some bounce over the next few days. Dating back to 1998, this is the only time I can find that we have had 5 down days on the ES (S&P minis), and still closed above the 20 day moving average on the 5th down day.

I wouldn't be short this over the next few days...after that it could be a different story. Should retest the close on 4/29/11, then it may make more sense to become bearish.

heavy resistance 1340.50 on the DOM for /es... this market is too choppy for me. watching for now..

Difficult to trade at the moment: I'm looking for a break of MA 195 to the upside or a break of 36/34 to the downside before entering a position. But I guess not much will happen today and I might as well go for a jog

uempel wrote:Difficult to trade at the moment: I'm looking for a break of MA 195 to the upside or a break of 36/34 to the downside before entering a position. But I guess not much will happen today and I might as well go for a jog

May9.png

great chart, as always.

SPX
Likely channel?
http://99ercharts.blogspot.com/2011/05/spx_09.html
Bounce at lower trend line.

hmm,,, dollar is rallying and the pm's are holding up pretty well so far. covering my gold short.

uempel wrote:Difficult to trade at the moment: I'm looking for a break of MA 195 to the upside or a break of 36/34 to the downside before entering a position. But I guess not much will happen today and I might as well go for a jog

MAY9.png

excuse me,is the 195 on 5min or 10min?

screw it . short /es 1336.... we are going lower !

stopped out even. back to the bleachers hey cobra any thoughts on this chopfest?

agnosia wrote:screw it . short /es 1336.... we are going lower !

es “pai an er qi” , raised 2pts.

agnosia wrote:stopped out even. back to the bleachers hey cobra any thoughts on this chopfest?

TRY CL/QM, ES is not attractive for this moment, low risk/reward:

agnosia wrote:stopped out even. back to the bleachers hey cobra any thoughts on this chopfest?

co-ask. He could have dozed off.

agnosia wrote:screw it . short /es 1336.... we are going lower !

too choppy for me, i feel lucky with the 3 points i've made so far today....

chickencoop wrote:

uempel wrote:Difficult to trade at the moment: I'm looking for a break of MA 195 to the upside or a break of 36/34 to the downside before entering a position. But I guess not much will happen today and I might as well go for a jog

May9.png

great chart, as always.

Tks. Note that I had to replace the chart because the lines kept sliding around, something with java. But now (see version 2) it's ok.

any news on oil? it just shot up!

DX failing at 786

jynmax wrote:

uempel wrote:Difficult to trade at the moment: I'm looking for a break of MA 195 to the upside or a break of 36/34 to the downside before entering a position. But I guess not much will happen today and I might as well go for a jog

MAY9.png

excuse me,is the 195 on 5min or 10min?

All these MAs are based on the 5 day and 32.5 trading hours of the week. So it's 5 for the daily, 32.5 for the hourly (or 33, as stockcharts does not offer 32.5), 195 on the 10 min and 195 on the 5 min - thanks for the tip, of course it's a typo and I'll change it to 10 min...

MajorEasy wrote:

agnosia wrote:screw it . short /es 1336.... we are going lower !

too choppy for me, i feel lucky with the 3 points i've made so far today....

nice. i made a few points on my gold short but i think it's time like these we should not be trading...

huge 5K barrier to get through on the /es at 1339.00.