Cobra's Market View

Tabby wrote:Hey Cobra,
Thanks for letting people talk their thoughts, wheather bullish or bearish viewpoint. I am subscribing to a site that you have no RIGHTS to speak being bearish.
The owner site automatically has been banning people from posting or belittling them for having opposite to his viewpoint.
I greatly appricate your freedom in here.

LOL Tabby! I know a site where 90% of the people are bears and they still quote Bob Prechter as if he were a genius…
And I agree: Cobra is a great and open-minded moderator…Thanx Cobra!

According to Vix, there is no panic yet in the market.

Tabby wrote:Hey Cobra,
Thanks for letting people talk their thoughts, wheather bullish or bearish viewpoint. I am subscribing to a site that you have no RIGHTS to speak being bearish.
The owner site automatically has been banning people from posting or belittling them for having opposite to his viewpoint.
I greatly appricate your freedom in here.

FA you can be bias
TA no bias it is what it is, and that is this board is all about, and ....Cobra is master at that.

I am not taking a trade here but this would be a decent odds chance of getting long.

Reasons:

IYR targets met, and reversing

ChiOsc on 15 min extremely low

S&P support level

Oversold

Cycle turn at 11 EST

wave wrote:According to Vix, there is no panic yet in the market.

That's very true. The VIX hasn't spiked yet. But, is that an absolute requirement for a bottom?

What about the fact that the S&P is trading well below where it was a few days ago when the VIX was much higher? Isn't that a divergence that is supportive of the market?

covered my shorts too.

Thank u Cobra for sharing ur evil plan. I like it, Thanks again.

cletus wrote:I am not taking a trade here but this would be a decent odds chance of getting long.

Reasons:

IYR targets met, and reversing

ChiOsc on 15 min extremely low

S&P support level

Oversold

Cycle turn at 11 EST

Hi Cletus,
What is this hourly cycle you keep referring to? Sounds interesting.

Cobra wrote:gosh, i'm nervous, i've set my stop loss to break even. down down down olay olay olay, down down down olay olay olay. :mrgreen:


and here's my evil plan for the next few days. we'll see.

down down down olay olay olay, down down down olay olay olay. :mrgreen:

BBFinance wrote:

cletus wrote:I am not taking a trade here but this would be a decent odds chance of getting long.

Reasons:

IYR targets met, and reversing

ChiOsc on 15 min extremely low

S&P support level

Oversold

Cycle turn at 11 EST

Hi Cletus,
What is this hourly cycle you keep referring to? Sounds interesting.

These are cyclical turns on the 15 min SPY chart. It's been obeying the turns at about a 80% rate so far since I've watched it. Occasionally the market blows through it on a trend move, which is possible that we have it today, but we'll see. We are more or less at a turn right now.

There's no guarantee it reverses hard, but it could form a bear flag and reach a peak later today at the next turn at 14 EST

Scalpers, I see a green shoot here, wait for a leave or two here.

A complete retrace of the wave up and positive divergence.

I'm on the sidelines for the moment.

FYI..Yesterday was green but the technicals and including the NYSEBP & %BP along with others were all adding red.The nysi was down again hitting 249.56.This is getting very low.The dn trend is still strong and I think much more to go.Any up moves is a chance to go short. I am short again for a while.Wait and see.

IMO I would not overstay a position on the long side here. The 15min MACD is pointing straight down... too much momentum. The 60 min is about to cross... and the daily also pointing down with a lot of momentum. Any type of bounce will be short lived in my opinion. Momentum to the downside will take some time to slow. Just a heads up...

Cobra: I see on ur evil plan: ur reversal timing is Jun 20, which is day before FOMC, very logical. what is ur turning point? 127? 125? Thanks.

turns out to be bear flag down she goes again.

Cletus may be right.It does look like maybe an up move. The vol. has dropped off somewhat .If we get a good up,I will add to my shorts.Lets see.

Tabby wrote:Hey Cobra,
Thanks for letting people talk their thoughts, wheather bullish or bearish viewpoint. I am subscribing to a site that you have no RIGHTS to speak being bearish.
The owner site automatically has been banning people from posting or belittling them for having opposite to his viewpoint.
I greatly appricate your freedom in here.

what kind of site is that.

oldpigwang wrote:Cobra: I see on ur evil plan: ur reversal timing is Jun 20, which is day before FOMC, very logical. what is ur turning point? 127? 125? Thanks.

cannot see that far...

RUT
Update.
http://99ercharts.blogspot.com/2011/06/rut_10.html