Cobra's Market View

the open.

Should be some sort of pop at open to close the gap........

Leaving open gaps is no good for the shorts....longs can keep them open for a while but shorts not so much.

I see /ES going to 1199 and I'll probably cover there and then Santa can rally.

SPY 121.88 (bottom of the octave) should be a strong support:

Me XMan wrote:I see /ES going to 1199 and I'll probably cover there and then Santa can rally.

Like what I see

GM, sideways to down at best. people are now wonder if uncle Ben will leave them dry. I hope governments leave market alone.

key here, any time revisit the previous extreme, it's the key. but even it's a double bottom here, the pattern is too small, won't go far.

bought 500 shares of EDC @ 70.30 for fun

cougar wrote:SPY 121.88 (bottom of the octave) should be a strong support:

I have that as my line in the sand as well. Key area right now, bulls need the price to get above both the 20 and 50 day. It's also on channel support from what looks to be a bull flag.

On my chart SPY just trades below mid BB, based on my BB read we won't have a good support until we hit 120.

/ES is having hard time to floor out .

Cobra wrote:key here, any time revisit the previous extreme, it's the key. but even it's a double bottom here, the pattern is too small, won't go far.

No dice for bulls

PAGING COUGAR
Requesting u post VIX when u have a moment. Am curious if/how it pierced your yellow-thingie yesterday, and how u see its trajectory today.
PS: did u see cobra’s brilliant (as usual) analysis of $VIX on his subscription board last night?

PS cougie: when pre-market Bloomberg reports on “Breeding Pigeons” (seriously!), my alternative is George’s aunt
http://www.youtube.com/watch?v=tKA0jcN8Mew

PS: thanks pidge66

Reading Material, December 14, 2011

http://www.atruecontrarian.com/2011/12/ ... -2011.html

Technical Analysis - WTIC (I think we pull back to 89-90) and Natural Gas

http://www.atruecontrarian.com/2011/12/ ... -2011.html

Still riding out yesterday's short...anybody see Silver...wow it has rolled over in a major way.

chocobee wrote:bought 500 shares of EDC @ 70.30 for fun

Oy, my sell order at 71 got filled while I was taking a shower

Update

SPX http://99ercharts.blogspot.com/2011/12/spx_14.html

Possible bounce here (WW in blue) not too likely due to Bear Flag (in gold) which leads me to believe we soon head straight down the AB=CD line (in purple).

not good looking. we don't even have our very first rebound yet, so this is still pretty much the 1st leg down.

Line in the sand.

SPX : Mabe the last chance for an immediate bullish resolution is an ED here

gap target of around 120.58...confluence of S2 and some decent volume.