Cobra's Market View

Update on Index, Oil, Gold, Silver, and Dollar charts:

http://stks.co/2ZbP

Yawn...still short per an intermediate setup based on McClellan Summation Index.
A little trapped but still aways away from stop and summation index continues to trend down (divergent from price).
Usually if this setup is going to work, it starts working within a few days, but I have been in this trade for two weeks now.
So, at this point it could go either way.
Seeing some trading today down and out of the ascending wedge is helpful IMO.

Got long $136.25

Me XMan wrote:Got my poison $136.19

still cannot say bears failed because it might be a back test of the broken wedge. let's at least see how this hourly bar closes first.

I guess SPY gets a 2 legged up? Da banks are awefully strong. My UNG is awefully weak.

feel like today is another btfd day. we may see 1360 area

I am short BRCD right here as a short of the NDX. I am still short 1/2 position BAC from Friday and looking for more down because the dollar ( /DX ) is at or close to support. Good luck to all and carry on. jimme

Cobra wrote:still cannot say bears failed because it might be a back test of the broken wedge. let's at least see how this hourly bar closes first.

Your giving the Bears more slack today, Whats diff about today?

soku wrote:feel like today is another btfd day. we may see 1360 area

need a dip now. if 1355 holds, then i will btfd

Can someone tell me how to include/embed a chart from stockcharts? When I copy the linkable version, all I get is the link.
TIA

I have a quick question..Why are there so many on this site that always trade "UNG".I don't see that it does much and there are a lot better trades out there that moves,either day or swing.??? Just woundering.

SWalsh wrote:A reminder that the mkt really can't stay here when this happens. It hits or misses. If it misses we march higher. If not, a significant top will be anywhere from last week to the next 2 weeks under T-Theory (see Terry Laundy).

Love your chart. That's one of the most beautiful irregular flat I've ever seen from 2000 to 2009. I think we can label that wave 4 since the inception of S&P 500 from the 50'.

dr659 wrote:

Cobra wrote:still cannot say bears failed because it might be a back test of the broken wedge. let's at least see how this hourly bar closes first.

Your giving the Bears more slack today, Whats diff about today?

I just honestly report whatever I see from the chart. nothing more.

This is the best market ever. Dropped almost 1% then going green the same day. Bears got no chance, hehe...

That is an impulse move up not corrective from 1354.92

wow. this market is nuts.

KENA- I have been wondering the same thing. I suspect it's because if you look at the historical range UNG appears to be at a bottom. I am with you. Would not trade this or any NG stock for that matter. It's at an all time low because there are huge inventories that continue growing. I really don't see UNG getting any traction for the foreseeable future. Way better trades out there.

ABC running flat since 02/21/2012.

Oh my god. I see it now. Wave 3 is finally going up from freaking 1354.92

Did we get good news ?

AMAZING market - in the old days - Cobra - you used to post about month end weakness....

In January, the Monday of month end we gapped down and stayed down for 44 minutes - today, we gapped down and hit the lows after 14 minutes....

Your call about 1353 in the ES was VERY good - well done!

Thanks,

-D

Wave 3 up from 1354.92. I am so sure. Wave 3 should have very little dips if any.