06/02/2011 Intraday Watering

[Cobra]

nothing to say, could be back test of the previous low which is very common.

[AK84]

Those who don't follow Da Cobra shall be graced with the wrath of his venom!

The antidote is veryyyyyy veryyy (insert very x ....) hard to find!

[Cobra]

Thank you Cobra. I bought some SPY calls at the low of the day, want bet if the mkt is "Usually after a Major Distribution Day, the next day tends to be a small consolidation bar" as u said, or like
other analyist's predict: today should be a reversal day or some others say today should be a bull's fighting back day.
Now, Cobra is the best one. I escape my calls with $9 profit only. This is a small consolidation bar as Cobra said at the openning.
Thanks Cobra.

thanks, but too early to say today won't be a bulls fighting back day.

[oldpigwang]

Will you think the previous low could be an entry point for swing trade?

[Tabby]

Those who don't follow Da Cobra shall be graced with the wrath of his venom!

The antidote is veryyyyyy veryyy (insert very x ....) hard to find!

The only antidote to Cobra's venom is QE3 to the power of infinity.

[Cobra]

next bar is critical, lower volume would mean the back test of the previous low was over, we shall see a rebound that finally could last for hours.

[cougar]

Started accumulation of $VIX July 25 calls.
VIX performed a significant cross-over and has the early + signals of MacdBB and Emp. Mode:

[Cobra]

Those who don't follow Da Cobra shall be graced with the wrath of his venom!

The antidote is veryyyyyy veryyy (insert very x ....) hard to find!

The only antidote to Cobra's venom is QE3 to the power of infinity.

if indeed qe3 and the market responds positively, my blog as well my forums including this would be dead. The visits to my forum dropped 45% for the past 2 years because nobody would be interested in stock market analysis anymore.

[Cobra]

well, the next bar doesn't say anything so let's wait for the current bar to finish.

[Cobra]

Will you think the previous low could be an entry point for swing trade?

cannot answer the question like this, too much pressure for me.

[Cobra]

big red bar with volume surge, hopefully this is an exhaustion bar, let's wait for the current bar to finish. too bad, this market is so weak.

[cougar]

Those who don't follow Da Cobra shall be graced with the wrath of his venom!

The antidote is veryyyyyy veryyy (insert very x ....) hard to find!

The only antidote to Cobra's venom is QE3 to the power of infinity.

if indeed qe3 and the market responds positively, my blog as well my forums including this would be dead. The visits to my forum dropped 45% for the past 2 years because nobody would be interested in stock market analysis anymore.

Well Cobra…The herds are always wrong…They don’t want to consider that “something else” might be happen soon…

[Cobra]

too bad, the more drop, the less look like a back test of the previous low. the market is too weak to find a base.

[soku]

es is testing my line in sand 1306-1307. if break, ...
even as a perma bear, i don't want to expect too much

[HK88]

too bad, the more drop, the less look like a back test of the previous low. the market is too weak to find a base.

Previous low? Was not it in April? 1300ish?

[Cobra]

need at least H1 for the next bar before some rebound is possible. this down leg was just too strong, so now i'm not optimistic about this rebound if so, looks like at least need a H2 for a little stronger rebound.

[BullBear52x]

Ouch! never catch a falling knife, never catch a falling knife, never catch a falling knife..........1000 times

[Cobra]

not even a H1, boy, this market is weak.

[oldpigwang]

Will you think the previous low could be an entry point for swing trade?

cannot answer the question like this, too much pressure for me.

I bought back my SPY calls anyway. Now 'v already lost the $9 I earned this morning. But this bounce shoul last hours, just a bet. Thanks. No pressure.

[Cobra]

too bad, the more drop, the less look like a back test of the previous low. the market is too weak to find a base.

Previous low? Was not it in April? 1300ish?

I mean the morning low. it's the normal pattern to back test the morning low then reverse. that's why I'm commenting bar by bar now. just the more the drop below the morning low the less likely there's a reversal. for now, a reversal is still possible but chances are becoming lower and low.