Cobra's Market View

Still a sucky day for the TSX for any of us Canadians out there.

side ways it is, now we are grinding into a boring phase
I am done today, Thanks Cobra may the power that be bless your account. I just know this week that the snake is wearing glasses.

People get ready...
SPX http://99ercharts.blogspot.com/2011/08/spx_7390.html

There's a train a comin'.

http://www.youtube.com/watch?v=T43m6dcMk6U

(It's Friday.)

Cobra wrote:well, as I said yesterday, the 4th leg down and unfortunately it's still strong, so need more evidences before calling a possible reversal. this market really is sick.

Hi Cobra,
Do you watch TRIN to determine if a trade-able bottom is in? I notice TRIN today is not as high as the last 2 days and the reason is that the up volume to down volume ratio is about 10x better than yesterday. Is this a sign that the selling this morning was panic orders issued last night that were executed this morning and that the big boys were buying here?
Appreciate your views.
TIA,

edwin

99er wrote:People get ready...
SPX http://99ercharts.blogspot.com/2011/08/spx_7390.html

There's a train a comin'.

http://www.youtube.com/watch?v=T43m6dcMk6U

(It's Friday.)

Are we talkin' "peace train"? Or "Midnight Train (SOUTH) to Georgia"?
I think the Pips are in need of a visit. What say you?

99er wrote:People get ready...
SPX http://99ercharts.blogspot.com/2011/08/spx_7390.html

There's a train a comin'.

http://www.youtube.com/watch?v=T43m6dcMk6U

(It's Friday.)

Yeah, but it is the Bennie Express - or the Hogwarts Express?
"All aboard" - or "I think I hear something coming" [with head on the tracks, listening])?

Sorry, 99er, i loose 1/2 of the meaning of your charts and 2/3 of the meaning of your comments... anyone else? or i'm too newbie and/or too st*pid? ;,(

market is sideways to down guys. Breadth after the morning session are horrific. Ticks has no +1000 ticks even though we recovered quite a bit. The NFP day trend that cobra posted seems to be working.

A couple of bad ticks (phantom bars) on X yesterday on the 1 min chart. X is on my watch list, but it wasn't on my charts yesterday.

BullBear52x wrote:This is so 3 of 3 of 3 of 3......here is my fibo combo

Maybe BullBear, but it could be a C wave within an E as well,C's are like 3's in terms of wave personality

thanks for your charts btw....been following for several weeks now but just enrolled here recently

Thoughts :

how dangerous is it to hold over the weekend? the media will be crazy over the weekend with stories about possible crashes and black monday, retail could get real scared, and what big macro fund would dare buy today ? ahead of possible worse news from euro zone over the weekend and bears rumor mongering
( it takes REAL big money to move the market and they arent around other than to SELL as volume confirms this ) ahead of possible worse news from euro

...why not wait...its not like prices are anywhere near highs now...no one is around, as well, summer vacations, look at the chart of the summer of 2007..I have been following this as a template for 7 months now and it has been crazy accurate...( NDX puts last tuesday 2400s were 35 and now they are 210+ ..that's outrageous...this is NOT a normal correction...

Cobra is right, 99er is right, ( his charts for weeks ,all along were saying lwr bravo ! ) we are going to go lower eventually, can you imagine the trapped retail longs at higher prices?? redemption selling and forced selling has hardly started....sell/hedge all bounces until the macro news gets better

the only big question is, do you believe this is the END of the bull that started march 09 ??

super strong support at 1187 as we all know. Monthly intersection of 20dma and 50dma. better count for some bounce in the short term!!

Cobra,
Low in for today??

daily charts useless here ! go to WEEKLY....best sources I have are saying SPX support at 1158 to 1178...still that' s a point range...with even 1110 to 1117 possible...small size right here no big bets yet

Crosstown Traffic
SPX http://99ercharts.blogspot.com/2011/08/spx_6709.html

Or as Jimi would have it...
http://www.youtube.com/watch?v=YUCNsZXCd58

nothing to say.

dmid wrote:Cobra,
Low in for today??

probably not.

trust_yr_instinct wrote:Thoughts :

how dangerous is it to hold over the weekend? the media will be crazy over the weekend with stories about possible crashes and black monday, retail could get real scared, and what big macro fund would dare buy today ? ahead of possible worse news from euro zone over the weekend and bears rumor mongering
( it takes REAL big money to move the market and they arent around other than to SELL as volume confirms this ) ahead of possible worse news from euro

...why not wait...its not like prices are anywhere near highs now...no one is around, as well, summer vacations, look at the chart of the summer of 2007..I have been following this as a template for 7 months now and it has been crazy accurate...( NDX puts last tuesday 2400s were 35 and now they are 210+ ..that's outrageous...this is NOT a normal correction...

Cobra is right, 99er is right, ( his charts for weeks ,all along were saying lwr bravo ! ) we are going to go lower eventually, can you imagine the trapped retail longs at higher prices?? redemption selling and forced selling has hardly started....sell/hedge all bounces until the macro news gets better

the only big question is, do you believe this is the END of the bull that started march 09 ??

LOL i know there will be NO black monday since many ppl are expecting it.

Check out green Andrews Fork, should hold. I'm still long (bought yesterday at 1209) and have not covered yet.

99er wrote:BB52X: "This is so 3 of 3 of 3 of 3"

As cougar's expresso machine said...in Italian.

Si…la machina dice: “Andiamo con il 3...mai basso, un poco piu tarde..“.