Cobra's Market View

Cobra wrote:Guys, I'm really sick today, can barely move, so will have no comments. You have a great day. Will have the daily report as scheduled, no matter what though.

Gap up above last Friday's range, so chances are the gap won't be filled.

Take care Cobra!

Happy New Year everyone!

I promised to update my first experimental ellipse.
It was on REGN (Regeneron). We are now in the gap which was not filled yet. Dropping from this level and in this way, getting out of the ellipse would initiate the next wave down (C, magenta).

Happy New Year!

Primary count remains on track in a Wave 3. I have the S&P currently in wave 5 of wave 3 but we really won't know when wave 3 is done until we get a stronger 2 legged correction.

So honey...what's for lunch?

RUT http://99ercharts.blogspot.com/2012/01/rut_03.html

I'd like some toast please.

30 min
http://stockcharts.com/h-sc/ui?s=SPY&p= ... =244841848

I am going back to bed. can not buy or sell here, let see two hours nap might change thing a bit

Paging BullBear!
Ok…here is my tentative plan:
1. - buy more QQQ and SPY puts targeting the putative indices tops of today and tomorrow.
2. - on Thursday morning, sell (to open) weekly puts, expiring on Fri., Jan 13, as soon as they become available…Their strike will be established opportunistically.
I’ll let you know how it works…
=============
I count on the fact that the market will have a good drop before or on "Fiday the 13th"!!! LOL!

Honey?

EURUSD http://99ercharts.blogspot.com/2012/01/eurusd_03.html

Care for some red sauce?

cougar wrote:Paging BullBear!
Ok…here is my tentative plan:
1. - buy more QQQ and SPY puts targeting the putative indices tops of today and tomorrow.
2. - on Thursday morning, sell (to open) weekly puts, expiring on Fri., Jan 13, as soon as they become available…Their strike will be established opportunistically.
I’ll let you know how it works…
=============
I count on the fact that the market will have a good drop before or on "Fiday the 13th"!!! LOL!

IWM is sinking back in the Ribbons deeper than the others, weakest link today. I'll be BAAAK

Gone short on SPY $128.30 and waiting. Stop-loss $129.

HAPPY NEW YEAR TO COBRA AND EVERYONE HERE!

Get more rest my friend. You've out partied way too much!!!

Cobra wrote:Guys, I'm really sick today, can barely move, so will have no comments. You have a great day. Will have the daily report as scheduled, no matter what though.

Gap up above last Friday's range, so chances are the gap won't be filled.

BullBear52x wrote:

cougar wrote:Paging BullBear!
Ok…here is my tentative plan:
1. - buy more QQQ and SPY puts targeting the putative indices tops of today and tomorrow.
2. - on Thursday morning, sell (to open) weekly puts, expiring on Fri., Jan 13, as soon as they become available…Their strike will be established opportunistically.
I’ll let you know how it works…
=============
I count on the fact that the market will have a good drop before or on "Fiday the 13th"!!! LOL!

IWM is sinking back in the Ribbons deeper than the others, weakest link today. I'll be BAAAK

Yes...big time puts buying on IWM going on...I might join them too..
Also: to give you a complete information on the posted potential trade: I am now long QQQ Jan21, 57 P and SPY Jan21, 125 P and those are the positions I plan to expand slowly, during these 2 days.

Internals intraday
http://stockcharts.com/h-sc/ui?s=SPY&p= ... =250028427

cougar wrote:

BullBear52x wrote:

cougar wrote:Paging BullBear!
Ok…here is my tentative plan:
1. - buy more QQQ and SPY puts targeting the putative indices tops of today and tomorrow.
2. - on Thursday morning, sell (to open) weekly puts, expiring on Fri., Jan 13, as soon as they become available…Their strike will be established opportunistically.
I’ll let you know how it works…
=============
I count on the fact that the market will have a good drop before or on "Fiday the 13th"!!! LOL!

IWM is sinking back in the Ribbons deeper than the others, weakest link today. I'll be BAAAK

Yes...big time puts buying on IWM going on...I might join them too..
Also: to give you a complete information on the posted potential trade: I am now long QQQ Jan21, 57 P and SPY Jan21, 125 P and those are the positions I plan to expand slowly, during these 2 days.

sold 70% of my long at the open today. i like the idea of going a little short here, as, at the very least we should get some digestion of the big move, but EUR/USD has clearly broken a downtrend line. if eur gets pumped, the equity market should follow.

big warning sign is that VIX is currently down only 3%. market is up 250 points and the VIX is down only 3%??? hmmmm...something seems to be going on here.

I expect 127 on SPY today before rallying higher tomorrow.

Well, McClellan Oscillator is just shy of overbought territory intra day. A strong close or another up day tomorrow would put it into thin air. Also, some of the internals I look at are not nearly as robust as the price action implies.

Price rules, but I am having trouble getting bulled up here.

Not good, spy just broke below vwap on BIG 1 min selling tick
But NYADV still 2473 ish
http://stockcharts.com/h-sc/ui?s=SPY&p= ... listNum=15

Silver is bumping up against (failed at) gap resistance from 12/13 to 12/14 (slv and agq)

http://www.youtube.com/watch?v=60vZ__-u ... re=related

SB73 wrote:I expect 127 on SPY today before rallying higher tomorrow.

Can you explain your reasoning please? Still looks like a trading range to me.

this isn't a trading strategy, just an impression...a lot of people are looking for a reversal around here. i wouldn't be surprised to see the market take this up a notch before appeasing those shorts that can hang on that long.

as i think cobra would say...this looks like consolidation, so good for bulls.

waverider wrote:

SB73 wrote:I expect 127 on SPY today before rallying higher tomorrow.

Can you explain your reasoning please? Still looks like a trading range to me.

I see 127 as important support also