Cobra's Market View

Out of Bounds wrote:

Out of Bounds wrote:

jarbo456 wrote:

Out of Bounds wrote:

Out of Bounds wrote:My guess is that the SPY will be bound by S1 and Pivot.
115.63 - 111.96

Those numbers are completely wrong! Please ignore. They should be:
112.98 - 114.81.

hit your pivot. we getting out?

1/3rd short - kind of iffy. I need to see if peace and bluebirds on everyone's shoulders breaks out. Below 114, I go more short.

Uh Oh. Wrong move - close short

Just wondering how you calculated your S1 line? What is S1?

yen broke support. Should be good for bulls. But VXX broke out yesterday of 2 year range and might find support.
If eur/usd breaks, also should be favorable to sp500

XME is overextended. If anyone wants to short, short XME.

Out of Bounds wrote:

Out of Bounds wrote:

jarbo456 wrote:

Out of Bounds wrote:

Out of Bounds wrote:My guess is that the SPY will be bound by S1 and Pivot.
115.63 - 111.96

Those numbers are completely wrong! Please ignore. They should be:
112.98 - 114.81.

hit your pivot. we getting out?

1/3rd short - kind of iffy. I need to see if peace and bluebirds on everyone's shoulders breaks out. Below 114, I go more short.

Uh Oh. Wrong move - close short

Consider shorting the close today, if you feel the need. We still haven't breached 110 on the SPY. And, if the EW count is right - and I think it is - we'll see lower lows very soon.
GL.
A

a strong up day will be today.

Looking for the break here. Pivot could go either way.

Remember, option expiry is usually a choppy day. What the market gain/loss right now is likely to reverse. Tighten ur stops.

trader0303 wrote: Just wondering how you calculated your S1 line? What is S1?

Pivot points are not my invention and there are several variations. My charts calculate them for me but you can do it the hard way here:

http://www.investopedia.com/articles/te ... z1VU83q0IC
or easier:
http://www.mypivots.com/calculators/piv ... lator.aspx

Out of Bounds wrote:

trader0303 wrote: Just wondering how you calculated your S1 line? What is S1?

Pivot points are not my invention and there are several variations. My charts calculate them for me but you can do it the hard way here:

http://www.investopedia.com/articles/te ... z1VU83q0IC
or easier:
http://www.mypivots.com/calculators/piv ... lator.aspx

One more website,
http://www.livecharts.co.uk/pivot_point ... symbol=spy

my upside target remains at 1155-1160 area, but my confidence level for my numbers are dropping

So do we hit 1500 today on thee S&P at this pace today...unbelievable.

Out of Bounds wrote:

trader0303 wrote: Just wondering how you calculated your S1 line? What is S1?

Pivot points are not my invention and there are several variations. My charts calculate them for me but you can do it the hard way here:

http://www.investopedia.com/articles/te ... z1VU83q0IC
or easier:
http://www.mypivots.com/calculators/piv ... lator.aspx

Thank you

Breakout makes we think we will get that decent rebound as Cobra said. Still really early but here's retrace levels of all 5 Waves down.

23.6% ~ 114.90
38.2% ~ 116.10
50.0% ~ 117.05
61.8% ~ 118.0

Oops...forgot to click submit...looks like we almost hit the 38.2%

soku wrote:my upside target remains at 1155-1160 area, but my confidence level for my numbers are dropping

Hang in there..The mkt was poised to go higher..We will revisit the lows and maybe 1100 next. I just don't like to chase the mkt.When I do it never turnes out.Lets see.

Updates

Copper http://99ercharts.blogspot.com/2011/08/copper_19.html
Crude http://99ercharts.blogspot.com/2011/08/crude_19.html

soku wrote:my upside target remains at 1155-1160 area, but my confidence level for my numbers are dropping

Where's the conviction? Where's the discipline?
I had same range. Temporary bounce on expiry day to let off some of the selling pressure...before more down.

NOW?

Cobra wrote:gap filled but I think there's more on the upside.

Cobra:

With your posting, I have learned a lot over the past few months. However, sometimes, I still do not understand your logic. Would u mind explainng ur reasoning on the upside? Thanks

cnbc: a survey shows 46% believe there will be more qe in next weeks' jackson hole, as compare to 19% july survey.
furthermore, in gs's new gdp forecast, new qe is factored in.

Updates

Gold http://99ercharts.blogspot.com/2011/08/gold_19.html
Silver http://99ercharts.blogspot.com/2011/08/silver_19.html