Cobra's Market View

Dow Trader wrote:just shorted Dow for at least 100 points evn if takes to hold overnight

/ES 1h RSI is over 80 (84 now) give it 5 hours to come back on earth, 5dma, that's 10 es points. you should get your 100 dow point no problem.

99er wrote:Morning.
/ES target of 1220.
http://99ercharts.blogspot.com/2011/03/es_1758.html
Good luck.

Hi 99er....You sure have been holding firm on that 1220 area.I guess wait and see

Well we hit my 130 spy target and I sold. Have a great day folks, taking a little spring break trip with my son.

]Not sure how serious the bounce is, I'm checking these levels:[attachment=0]SPX.png[/attachment

my guess is we close on the bearish 20/50SMA daily cross and will shockingly have an overnight gap that will force bears to cover and then we are off to the races again... no stopping this bernak bull!

Watch these fear indices for true trend buyable dip, until these long date MACD change direction, sell the rally is still on.

30 min looks overbought, went short the Q's.

Strange here, a strong up day like this, how come TRIN is larger than 3?

1- News from ME(Alalam) : Saudi troop heading to the border in Yamen.
2- News from ME (Aljazeera): the Yamen army leaders clearly devided and it is highly possiple the tanks may enter the capital soon

watch Gold, EUR, Dow, and Oil closely this week

I shouldn't say this during a strong up day as normally I won't think of shorting on such a day but this really gets ridiculous, for A/D ratio > 6, we have any U/D ratio 1.98? No wonder TRIN is larger than 3 now.

One thing for sure today, EW guys are getting back on the drawing board. with more question marks on the count If UP is Bullish, Down is Bearish,then going Sideways must be Foolish fools both Bulls and Bears.

hey cobra - trin is not a great indicator anymore since most of the volume comes from the top 10 stocks which happen to be financials. if u take a look at c and bac there is heavy institutional selling and they make up a big part of TRIN

agnosia wrote:hey cobra - trin is not a great indicator anymore since most of the volume comes from the top 10 stocks which happen to be financials. if u take a look at c and bac there is heavy institutional selling and they make up a big part of TRIN

Make sense, thanks, I won't read much into trin but I won't ignore it either.

I agree with Cobra. Trin has been a good indicator.Right now it has dropped below 3 but is still very bearish.

SPX
Gridlock. Let's turn around, eh?
http://99ercharts.blogspot.com/2011/03/spx_21.html

Copper is getting cheaper

Neg diverg on the 5 min stochastic and RSI on the Q's, 30 min still overbought.

KENA: "Hi 99er....You sure have been holding firm on that 1220 area.I guess wait and see."

You betcha.

Cobra wrote:I shouldn't say this during a strong up day as normally I won't think of shorting on such a day but this really gets ridiculous, for A/D ratio > 6, we have any U/D ratio 1.98? No wonder TRIN is larger than 3 now.

Hi Cobra,

Also on your 5-min SPY chart the green and pink lines are moving opposite of the market direction. I still don't know what each of these lines mean, but from your previous observations they seem to be in exactly the opposite of what they should be for such a strong up market.