Cobra's Market View

KENA wrote: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.

I don't know. I would prefer to see bigger volume come in on the lows. That's why I'm not trading long here. If you're short, might as well stay short because it looks like a trend day down so far.

IWM: 78.10 zone could be support. Let's see!

Cobra wrote:

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.

I don't want to bad mouth any site. I'll take 5th amendment.
I am just soooooooooooooo disappointment with onwer of the site and his bad tempers (I will subscribe to his site) . I understand TA is unbias, but sometimes you can see a glass half full or half empty. I have not seen everyone gets it right per charts( except the Snake).

Just wanted to share an irony I just saw on Yahoo Finance. Two headlines on top of each other.

OPEC: Demand outstrips OPEC supply
Oil slips below 101in Europe on stronger dollar

I guess it goes w/o saying that market does not operate on fundamentals....

First possible target met in IYR, but the second is also a possibility. XLF still has more to go down it appears.

Dip buyers got OOOPZ

$sox looks like it wants to fill gap at 395 (early next week). Support should be around that point based on trendline off of 2009 and 2010 lows.

remember my rule:

1. gap down, 10:30am ET lower low then 90% chances open > close.
2. a forward accelerating car cannot be reversed without slowing down first.

so no buy dip here, even it looks very stretched and I admit i'm very nervous here but trading is mostly AGAINST YOURSELF!

HK88 wrote:Just wanted to share an irony I just saw on Yahoo Finance. Two headlines on top of each other.

OPEC: Demand outstrips OPEC supply
Oil slips below 101in Europe on stronger dollar

I guess it goes w/o saying that market does not operate on fundamentals....

HK88 - I'm not sure what "demand" OPEC is referring to, since I haven't seen any published numbers. As to what they say to the press, I don't think there's a press release in memory that was ever fully credible. I recommend you refer to U.S. inventory numbers and look at oil futures (for delivery). That's about as fundamental as you can get. Good luck!

"The big, dumb snake."

The turn window is starting to pass here with no positive divergence or volume pattern to suggest any reversal. Today could be the bloodbath bears were waiting for. Maybe today Cobra gets his spike in visitors.

cletus wrote:First possible target met in IYR, but the second is also a possibility. XLF still has more to go down it appears.

If I am not mistaken XLF has strong support around 14.30. I guess that is Sep/Nov low of last year as well

We did not get that up move...I added to my shorts anyway.

(Reuters) - Stocks tumbled on Friday, with the Nasdaq turning negative for the year, as Wall Street resumed its recent downtrend amid fears of an economic slowdown.

Cobra wrote:remember my rule:

1. gap down, 10:30am ET lower low then 90% chances open > close.
2. a forward accelerating car cannot be reversed without slowing down first.

so no buy dip here, even it looks very stretched and I admit i'm very nervous here but trading is mostly AGAINST YOURSELF!

I have not heard anyone saying "The market is Crashed" so more down side to go?

Kind of a breakout here in 10 day MA on CPCE. However, be careful because the further this gets into the "green zone", the better a BUY it is. So in reality, you should be thinking about reversing long to short here in the near future. Only in the case of a true market crash will it not work.

Cobra wrote:remember my rule:

1. gap down, 10:30am ET lower low then 90% chances open > close.
2. a forward accelerating car cannot be reversed without slowing down first.

so no buy dip here, even it looks very stretched and I admit i'm very nervous here but trading is mostly AGAINST YOURSELF!

Got a question on #1. How many points a gap do you consider "big"? (I asked about this and you said this rule of thumb applies to big gaps). Secondly, I guess that 10.30am ET is approximate.

Thx

PS. I am also very nervous and I have an itchy finger as the market approaches 1255-1260 level.

BullBear52x wrote:

Cobra wrote:remember my rule:

1. gap down, 10:30am ET lower low then 90% chances open > close.
2. a forward accelerating car cannot be reversed without slowing down first.

so no buy dip here, even it looks very stretched and I admit i'm very nervous here but trading is mostly AGAINST YOURSELF!

I have not heard anyone saying "The market is Crashed" so more down side to go?

I still don't see spike in visiting my web site. very strange, even down a little bit.

BullBear52x wrote:

Cobra wrote:remember my rule:

1. gap down, 10:30am ET lower low then 90% chances open > close.
2. a forward accelerating car cannot be reversed without slowing down first.

so no buy dip here, even it looks very stretched and I admit i'm very nervous here but trading is mostly AGAINST YOURSELF!

I have not heard anyone saying "The market is Crashed" so more down side to go?

Market crashes are very rare. Things like 1987 and flash crashes don't come along every 6 months. You should assume this is a CORRECTION until proven otherwise.

HK88 wrote:

Cobra wrote:remember my rule:

1. gap down, 10:30am ET lower low then 90% chances open > close.
2. a forward accelerating car cannot be reversed without slowing down first.

so no buy dip here, even it looks very stretched and I admit i'm very nervous here but trading is mostly AGAINST YOURSELF!

Got a question on #1. How many points a gap do you consider "big"? (I asked about this and you said this rule of thumb applies to big gaps). Secondly, I guess that 10.30am ET is approximate.

Thx

PS. I am also very nervous and I have an itchy finger as the market approaches 1255-1260 level.

usually should be more than 5 SPX points and better below yesterday's range. today's not perfect gap down, but guess the rule still applies.

3rd MDD in 8 days if closed here!