Cobra's Market View

SPY support at 129.71. if not trading below here, Bears will leave with blood again today.

Shorted SPY for lunch money.

BullBear52x wrote:SPY support at 129.71. if not trading below here, Bears will leave with blood again today.

putting in stops on those shorts, won't take a loss today since it's still not a clear downtrend

May have to go long since QE3 gonna be real with all these problems.

cletus wrote:putting in stops on those shorts, won't take a loss today since it's still not a clear downtrend

Heres a look at how im playing the es...

Me XMan wrote:May have to go long since QE3 gonna be real with all these problems.

cletus wrote:putting in stops on those shorts, won't take a loss today since it's still not a clear downtrend

Look at Japan, QE 20 already? as a trader it just make it harder to hold over night with the ramp jobs. it is what it is just go with it, FED has no way out but to kick the can down the road for the benefit of many I guess????

Holding long overnight has worked fine for traders to get these gaps. You don't have to sell and be flat everyday. too much money lost that way.

oh man what a little bear trap this morning! long /es 1296...

so far not bad, we had a double bottom reversal than H2 long, this should be 2 legged up.

good call cobra. i am holding this long to infinity...

Again as I said, bull needs a huge up. It does not always work but mostly works.

maybe tmrw's GDP could be the catalyst for a big up day

agnosia wrote:maybe tmrw's GDP could be the catalyst for a big up day

tmr GDP is 3rd estimate (2nd revision) of Q4, a non-event.

Today's range estimate is 1294-1311. I now think it is likely that the cash S&P close above 1305 within the next few days. Such a close would mean that the cash low of 1249 will hold and that the market is headed for new bull market highs.

Now, the next resistance.

Simsonic wrote:Today's range estimate is 1294-1311. I now think it is likely that the cash S&P close above 1305 within the next few days. Such a close would mean that the cash low of 1249 will hold and that the market is headed for new bull market highs.

129.71 FIB 100% this morning proven short term trading is heading higher, Tech support that view too, now wait for GS to move the financial, BAC seems lagging behind still.

stopped out at breakeven, not the bears time yet unless there's a huge end of day reversal, but not willing to be short anymore unless key levels (1284 currently) are broken. Will not go long yet.

we are bumping into the 50sma on the daily of the current /es contract @ 1301.75 and we just broke it.

agnosia wrote:good call cobra. i am holding this long to infinity...

yup - 1400 here we come - downtrend may have bottomed

I love my Precious Metals - so precious! USD reverted to its shy shrinking self...

The daily chart is showing someresistance just below 1310, so we have to clear this to confirm downtrend as over but everything looks good as long as the california doesnt drop into the sea by Saturday!

Simsonic wrote:Today's range estimate is 1294-1311. I now think it is likely that the cash S&P close above 1305 within the next few days. Such a close would mean that the cash low of 1249 will hold and that the market is headed for new bull market highs.

Carl Futia?