Cobra's Market View

FYI,
This was on regular local bussiness TV news in my hometown. I heard today that major decision will be set by IMF in coming week. Possible replace of USD currency as the world's reserve currency. Current SDR is 41.9% based on USD, 37.4% based on Euro and 9.4% Japanese Yen and 11.3% Pound sterling. Markel and Sarkozy want to kick Greece out of EURO zone. Has anyone heard anything like this? is this a rumor?
Why regular is TV announcing possible SDR changes? I don't recall they ever talked before. I heard G7 and G8 summit that they wanted to get rid of US currency as the world reserve currency. I even heard an economist spoke about using Amero as currency in North America in 1991 which was rejected in past.

If I loss money going long here, I know uncle Ben is doing his best to help me out

Updates

Gold http://99ercharts.blogspot.com/2011/08/gold_15.html
Silver http://99ercharts.blogspot.com/2011/08/silver_15.html

Updates

Copper http://99ercharts.blogspot.com/2011/08/copper_15.html
Crude http://99ercharts.blogspot.com/2011/08/crude_15.html

Hey honey...
30Y http://99ercharts.blogspot.com/2011/08/30y_15.html
Does Ben surf?

Sold my Spy short this morn. Kept my protective call and now long Spy.Soooo lets See. Not doing much else.Things do look brighter.

a quick chart. check the volume and you will know why i still think it is just w4 in a down trend

brownstein00 wrote:cobra...If the diamond pattern fails....do you have a sense of the target to the downside?

will have to find another pattern before knowing the next target.

soku wrote:a quick chart. check the volume and you will know why i still think it is just w4 in a down trend

I agreed, since I trade what is I will have to sail along.

Edit: w4 should end Friday and start w5 but now things take a different approach, so will have to take it on a face value.

Cobra wrote:

brownstein00 wrote:cobra...If the diamond pattern fails....do you have a sense of the target to the downside?

will have to find another pattern before knowing the next target.

Hi Cobra & everyone,
It's my first day here, just like to say hello and thanks for sharing your knowledge.

Cheers!!

cowboy wrote:

Cobra wrote:

brownstein00 wrote:cobra...If the diamond pattern fails....do you have a sense of the target to the downside?

will have to find another pattern before knowing the next target.

Hi Cobra & everyone,
It's my first day here, just like to say hello and thanks for sharing your knowledge.

Cheers!!

welcome aboard!

nothing to say, 2 bar reversal, but bears need a follow through, generally, the pullback should be at least 2 legged, so the current rebound should fail somewhere, could be now, or later, we'll have to wait and see.

BullBear52x wrote:

soku wrote:a quick chart. check the volume and you will know why i still think it is just w4 in a down trend

I agreed, since I trade what is I will have to sail along.

I'm with both of you.But I do think we are going up to the 1220/25 (maybe higher) befor we test lower areas.I'm starting to look for some good shorts.Have a couple but have to wait and see.They need to go a little higher.

99er wrote:StrikePrice: "Wipeout."

Look now, dude.

SPX http://99ercharts.blogspot.com/2011/08/spx_5878.html

Yup. On the 5-minute had RSI(5) 90+ and neg divergence, now looks to be doing a H&S. I'm out of my Long from Friday and waiting for a clearer picture.

today is the birthday of gold. i mean the new life of gold after bretton woods system.
what's the return of gold as an investment? 35 to 1800 in 40 years. only 10.4%.

so boring. i am going to read that book that right guy recommended. also a while ago, somebody posted credit suisse fear barometer. any updates on it? what's the id? occasional somebody. (sorry. me bad at names)

gold is looking to go up, in the last 2 weeks that has spy down.

Hanging out at the 50% retrace of the move down from 1199 and 38.2% retrace of the move from 1347. I wouldn't expect much action until later in afternoon.

Second (third) attempt to breakout at VWAP resistance 119.63. With advancing issues strong at 2601 ish and vix weak, gotta hold for bull breakout. I wonder if my memory is correct: cobra says third try at breakoout, odds favor higher.

http://stockcharts.com/h-sc/ui?s=SPY&p= ... listNum=15

PS: how to embed a chart inside this box instead of a link?

So honey...what's for lunch?
RUT http://99ercharts.blogspot.com/2011/08/rut.html
Something slow roasted?

Al_Dente wrote:Second (third) attempt to breakout at VWAP resistance 119.63. With advancing issues strong at 2601 ish and vix weak, gotta hold for bull breakout. I wonder if my memory is correct: cobra says third try at breakoout, odds favor higher.

http://stockcharts.com/h-sc/ui?s=SPY&p= ... listNum=15

PS: how to embed a chart inside this box instead of a link?

Create image and upload it with attachment link.