Cobra's Market View

Cobra wrote:Not sure if this is called retest of the previous low. The rebound is so damn strong...

Copra,
if your raising edge last week was correct, then target is it's base because it clear that wedgebroke now.. agree?rebound could be a test for the prevouse wedge

Sold all my shorts(BGZ,TZA,etc) last week for a loss. Now wonder if finally the market will turn since I am not short any more.

Anyone like VXZ or even VXX here, on a strong market rebound today? Or it's still the losing way to trade?

Normally, this at least should be a 2 legged up, so a little consolidation here, then may be one more up...

I am not on the short side, I will wait and see.

Dow Trader wrote:

Cobra wrote:Not sure if this is called retest of the previous low. The rebound is so damn strong...

Copra,
if your raising edge last week was correct, then target is it's base because it clear that wedgebroke now.. agree?rebound could be a test for the prevouse wedge

Could be.

simpletrade wrote:Sold all my shorts(BGZ,TZA,etc) last week for a loss. Now wonder if finally the market will turn since I am not short any more.

Anyone like VXZ or even VXX here, on a strong market rebound today? Or it's still the losing way to trade?

Both VXZ and VXX have a time decay problem, of course, if you hold short time, it is fine (then again, this is a day trader thread)

Cobra wrote:Normally, this at least should be a 2 legged up, so a little consolidation here, then may be one more up...

89degree up

Well, here's so called back test, I won't hope much though given the rebound is so damn strong.

A little measurement for your info.

I understand VXX has a huge problem, but short term, it's useful if timing is right. VXZ is better since it's mid-term. Last year, if I am not mistaken, VXX and VXZ rose 80% and 70% DURING LAST YEARS CORRECTION(April-June), that's best of all. But then again over time, XXV is far better than VXX, even today, it didn't lose much early this morning, not 1 to 1 of VXX, which is strange.

I don't think this is going to be L2 short here, the rebound is too strong.

Cobra wrote:I don't think this is going to be L2 short here, the rebound is too strong.

until we see two legs down in 60min chart, all down is one leg. dip buying is like no magic.

ES
Time to buckle up?
http://99ercharts.blogspot.com/2011/02/es_5287.html

Hmm, a successful L2 short. I was wrong.

Was a good H1 long...

OK, my little evil hatched plan for bears. For fun as I'm about to be outside for 30 min.

Cobra wrote:OK, my little evil hatched plan for bears. For fun as I'm about to be outside for 30 min.

I was considering doing something at 1338 but I'm still undecided.

Just to let you know, in all middle east tv's Gadaffi is talking now live ( by the way his sone in Monday spoke then all market went down except Oil, gas, gold, silver)

En,let's see if it comes true. but in my opinion,it may be right with 1/3 possibility ,today's market is so violent with high volume,i just keep away.

I'm looking at 1338, not sure yet if I'll go short there.

http://stockcharts.com/h-sc/ui?s=$SPX&p ... &listNum=3

My long term charts (no link here) show tons of resistance at 1335/1345.