Cobra's Market View

Cobra,

What is your top target on the ES today for a rebound...if you have one. Thanks.

shumushu-- There is a back test of the IH&S neckline now but should proceed north from there. In fact, there are several IH&S on the way back up.

double bottom for scalp?

KENA wrote:

BullBear52x wrote:Buying FAZ in an anticipation that the Ascending triangle will betested and break out, if not FAS here I come.

The BKX is trying to put in a short term bottom.Could be anytime.

Yes, I see that. watching it like a hawk here. on SPY we got over two hours of postive MACD and RSI is turning up but price getting no where. this is a sign of weakness.

I guess market will bounce up from here. Monday maybe is a green day.

I don't think this action is bullish at all. Big down day yesterday and small retrace today then down again.

FAZ positive stairs step in the making.

FJoe wrote:Cobra,

What is your top target on the ES today for a rebound...if you have one. Thanks.

I'm not sure it's a rebound yet, let's wait.

Not sure where the market is heading, this chart shows the gridlock:

http://stockcharts.com/h-sc/ui?s=SPY&p= ... &listNum=2

USDJPY
Yen getting pounded but that would not change the Wolfe Wave target of 86.4. If this decline continues, then Point 5 would have an overthrow instead of the truncated wave shown on the chart.
http://99ercharts.blogspot.com/2011/03/usdjpy_11.html

Get the nose up Captain! I'm not sure this plane will crash.

Short FAZ and you'll make profits.
Too much time decay in 3X.
I wouldn't trust it for charting.

BullBear52x wrote:FAZ positive stairs step in the making.

Me XMan wrote:Short FAZ and you'll make profits.
Too much time decay in 3X.
I wouldn't trust it for charting.

BullBear52x wrote:FAZ positive stairs step in the making.

If you hold it longer than a week, I am daytrade 2x or 3x etf.

The green curve is selling off, be careful. The good news is the pink curve doesn't rise much, so maybe bulls are OK.

Triangle? Green curve still selling.

Could you imagine if the hourly indicators turn negative, right now somewhat positive we are going no where. I am ready to change the direction but doesn't look like it will but to stay flat all day end up with DOJI candle by the end of day.

/ES
Looks like the back test of the Diamond Top is running out of steam.
http://99ercharts.blogspot.com/2011/03/es_11.html

Cobra wrote:Triangle? Green curve still selling.

Don't know what the market is waiting for....

maldini wrote:

Cobra wrote:Triangle? Green curve still selling.

Don't know what the market is waiting for....

It's not market is waiting it's just the sellers and buyers now are of equal strength, something in the future will break this balance then the market moves again. For now, noone knows what this something is.

[/quote]
Don't know what the market is waiting for....[/quote]

Waiting a) for authorities in the West to switch off the Tsunami alarm and b) SPX to pierce 1297...