Cobra's Market View

sold 1146 and 81.5 longs for small profit.. market looks sick.. that's enough for me today

The bear trap is being laid out again... this is not an impulsive sell-off by any means. More likely just a correction as we continue to head up in this counter-trend rally. We need to keep on rallying until we reach a bullish sentiment level where most people finally flip sides and become bulls.

We are still far from that point.

Until then, we're in JBTFD mode unfortunately for stubborn bears.

Many bears will be confounded and angry at why the market continues to go up (or not come crashing down) in spite of bad or not so great news.

Bear setups will continue to fail and patterns will break to the upside. That is the job of wave 2. The key is to always understand that we will come crashing down hard and not to get mesmerized by the run up thinking that this is like the bottom of the flash crash or the bottom in March 2009.

Because it's not. Remember, we have a 10/80 weekly SMA crossover. We will eventually go down. Hard. Once we clear up overly bearish sentiment in this wave 2 counter-trend cycle up.

Be careful out there people.

bulls just created a defense line at 1147-1148, which is the last one b4 1133.
best case scenario, reb to 1154 then get rejected

Michelle wrote:

uempel wrote:Michelle, your weekly A/D cumulative chart gave an intraday sell yesterday, now it's back up.

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What is the ma it's closest to on your chart?

Weekly 55, works better than 50.

As to your link to the comparison 2008/2011: Credit Suisse publishes this comparison daily, shows the FTSE 2008 (dotted black verticals) versus 2011. Apparently they chose to show the FTSE and not SPX or INDU because it follows the 2008 pattern more closely. Note that worldwide all indices are entering a bullish phase - in the US this is confirmed by bullish percentages. Looks as though the market is heading north for a few weeks

Ahh, I forgot to mention: US citizens ain't allowed to look at this chart, some kind of law

Just covered 1/2 of 1/2 short position for profit. So, I have 1/4 short position remaining.
Don't feel great about it as I think there will be some more favorable pricing ahead, but the plan is the plan and that is to move toward neutral.
So, this dip seemed like an OK place to ring the register.

a little fib info here. normally, there's one more push up missing. I think wave guys would agree as well, could be just a little wave 4 down.

BullTart wrote:The bear trap is being laid out again... this is not an impulsive sell-off by any means. More likely just a correction as we continue to head up in this counter-trend rally. We need to keep on rallying until we reach a bullish sentiment level where most people finally flip sides and become bulls.

We are still far from that point.

Until then, we're in JBTFD mode unfortunately for stubborn bears.

Many bears will be confounded and angry at why the market continues to go up (or not come crashing down) in spite of bad or not so great news.

Bear setups will continue to fail and patterns will break to the upside. That is the job of wave 2. The key is to always understand that we will come crashing down hard and not to get mesmerized by the run up thinking that this is like the bottom of the flash crash or the bottom in March 2009.

Because it's not. Remember, we have a 10/80 weekly SMA crossover. We will eventually go down. Hard. Once we clear up overly bearish sentiment in this wave 2 counter-trend cycle up.

Be careful out there people.

i agree with this overall plan. i think ultimately, today's small red day breakdown is actually quite bullish. but i'll have to see where we end today to be sure.

bushwaffle wrote:

Al_Dente wrote:Internals update, not annotated, just with BIG THICK red lines
Salute the flag and let’s get on with it?
http://stockcharts.com/h-sc/ui?s=SPY&p= ... =245336889

Ha, I just understood the visual of your chart. What was throwing me was the fact that points were always evenly spaced...but seeing as how there are a fixed amount of underlying....duh...gotta give the old subconscious a little time....

Hi Bushie: “…. fact that points were always evenly spaced...but seeing as how there are a fixed amount of underlying…”
Not sure what u mean
Happy to answer if I could figure out question?

new fresh Arc, for those who need crystal ball.

Al_Dente wrote:

bushwaffle wrote:

Al_Dente wrote:Internals update, not annotated, just with BIG THICK red lines
Salute the flag and let’s get on with it?
http://stockcharts.com/h-sc/ui?s=SPY&p= ... =245336889

Ha, I just understood the visual of your chart. What was throwing me was the fact that points were always evenly spaced...but seeing as how there are a fixed amount of underlying....duh...gotta give the old subconscious a little time....

Hi Bushie: “…. fact that points were always evenly spaced...but seeing as how there are a fixed amount of underlying…”
Not sure what u mean
Happy to answer if I could figure out question?

Not a question, just my cryptic way of saying: "I get it now", lol.

NDX : same chart...as time goes by...

i have my own objections to ZH, but i do read his stuff pretty religiously everyday.

i have to put this up for being pretty poignant and funny, for those that don't get a chance to go over there and read his entries...

http://www.zerohedge.com/news/epic-grot ... iday-humor

jarbo456 wrote:i have my own objections to ZH, but i do read his stuff pretty religiously everyday.

i have to put this up for being pretty poignant and funny, for those that don't get a chance to go over there and read his entries...

http://www.zerohedge.com/news/epic-grot ... iday-humor

lol , i defended zh couple weeks ago. r u the guy made me did that?

Cobra wrote:a little fib info here. normally, there's one more push up missing. I think wave guys would agree as well, could be just a little wave 4 down.

I see a/b/c correction on 5m spx. Hence, I set my stop loss at 1166 for my shorts. Do you see the same Cobra?

uempel wrote:. Note that the index is entering a bullish phase - this is confirmed by bullish percentages in the US. Looks as though the market is heading north for a few weeks
Ahh, I forgot to mention: US citizens ain't allowed to look at this chart, some kind of law

Agree with you that the market is going higher. Amazing laws some countries have. You're not going to get us all arrested for looking at it, are you?

AUDJPY
Up channel.
http://99ercharts.blogspot.com/2011/10/audjpy_9439.html

99er wrote:AUDJPY
Up channel.
http://99ercharts.blogspot.com/2011/10/audjpy_9439.html

99er is bullish lately

soku wrote:

jarbo456 wrote:i have my own objections to ZH, but i do read his stuff pretty religiously everyday.

i have to put this up for being pretty poignant and funny, for those that don't get a chance to go over there and read his entries...

http://www.zerohedge.com/news/epic-grot ... iday-humor

lol , i defended zh couple weeks ago. r u the guy made me did that?

haha no. i haven't made my feelings about ZH known here. it's a fine thing to ready everyday...just another tool in the shed. nothing more, nothing less.

BB52x

You betcha!

But only for this wave.

99er wrote:ES
IH&S.
http://99ercharts.blogspot.com/2011/10/es_5703.html

So ....... resistance = bear?
Or butterfly trumps all = bull?
THANK U VERY MUCH 4 yr Steve Jobs post yest