Cobra's Market View

SPX
Paris or Florence?
http://99ercharts.blogspot.com/2011/06/spx_10.html

Today's cycle turns are 11 EST and 14 EST

This is going to hurt the market more. UUP

ok, here is what i see. I'm nervous because any time revisit the previous extreme, there's a chance for reversal. so if bears cannot decisively breakdown the previous low or even no lower low, then rally time. so again I'm nervous here.

Hi All,

Wanted to update the chart from yesterday. Target is the lower blue line. There is a lot of support in the 1245 to 1255 area and the IHS pattern looks to now be out of play. I think commodities will sell of hard int he next few days. Also, notice that the VIX has NOT closed outside of its daily bollinger band in this entire decline. Until it does, I dont think the market can sustain a rally too much complacency still.

Thanks Anaconda! Good luck!

99er wrote:SPX
Paris or Florence?
http://99ercharts.blogspot.com/2011/06/spx_10.html

Merci beaucoup 99er

TrendTrade wrote:Hi All,

Wanted to update the chart from yesterday. Target is the lower blue line. There is a lot of support in the 1245 to 1255 area and the IHS pattern looks to now be out of play. I think commodities will sell of hard int he next few days. Also, notice that the VIX has NOT closed outside of its daily bollinger band in this entire decline. Until it does, I dont think the market can sustain a rally too much complacency still.

big picture.gif

Trend Trader -- you can also right click on your chart and do "save as" then upload it to the board. The reason this might be preferable is that we don't see your other windows open, so if you're browsing porn we won't see it. j/k

the good news for bears is I covered most of my short entered after yesterday's close because I'm soooooooooooo nervous, this generally means there's more on the downside.

Cletus - thanks for the help. I am at work so no porn ... but dont want any personal info either. I like that I can post charts here without having to have a link...

Cobra wrote:the good news for bears is I covered most of my short entered after yesterday's close because I'm soooooooooooo nervous, this generally means there's more on the downside.

lol, well I guess we'll see if bears can overcome prior lows plus the cycle due in an hour, frankly at this point the bears are in control on multiple measures so it's possible we trend, but I also see evidence that the lows will hold today

Cobra wrote:the good news for bears is I covered most of my short entered after yesterday's close because I'm soooooooooooo nervous, this generally means there's more on the downside.

cougar wrote:Anybody else shorting USO?
It will probably open under the line in the sand (39.76). Target = 39 zone (the bottom of the Keltner Channel).
I own USO Jul 40 puts, bought yesterday.
Chart update:

Wow, crude crashing. Nice job. I knew to be out of longs yesterday but didn't have strong enough conviction to short.

Cobra wrote:the good news for bears is I covered most of my short entered after yesterday's close because I'm soooooooooooo nervous, this generally means there's more on the downside.

You are so right, that could be few more coins just by looking at them go.....

Rule is Rule, Thanks Cobra

gosh, i'm nervous, i've set my stop loss to break even. down down down olay olay olay, down down down olay olay olay.


and here's my evil plan for the next few days. we'll see.

Copper
Risk off.
http://99ercharts.blogspot.com/2011/06/copper_10.html
Back testing neckline?

I am also very bearish commodities.... unless somthing unexpected like QE3 comes along. Take a look at this long term DBC (commodities chart). I think it is my favorite chart I have seen in a long time... so much potential here.

Double top breakdown in IYR, target nearly met though so the market could find a low here soon

I've put an alternate target if it's an equal measure to the first move down

Hey Cobra,
Thanks for letting people talk their thoughts, wheather bullish or bearish viewpoint. I am subscribing to a site that you have no RIGHTS to speak being bearish.
The owner site automatically has been banning people from posting or belittling them for having opposite to his viewpoint.
I greatly appricate your freedom in here.

I agree, Cobra is the man! I have been following his stuff for years. Best in the business and completely modest about it. I am glad to be part of this forum too. A lot of good stuff from everyone. Always nice to get Cobra's real time thoughts too... great instinct.