Cobra's Market View

MA is now pointing down on IWM, only TRAN is still strong here. it is what it is....

Bye guys, this is boring and I'm going to the gym.

Boy UNG shook out the weak then soared back today.

ISEE Index only > 100. Highly unusual today, must be an error on ISEE Equities only because the ISEE total value makes no sense. Must be huge call buying in equities only. Looks bad, though still projecting a slight new high of 1333.

I am still holding my yesturday's shorts at 1326 for bigger target and I will hold overnight if we close her or higher

cletus wrote:ISEE Index only > 100. Highly unusual today, must be an error on ISEE Equities only because the ISEE total value makes no sense. Must be huge call buying in equities only. Looks bad, though still projecting a slight new high of 1333.

That's because ISEE Indices & ETFs Only Index is very high now, lot's of calls being bought.

Jobs report might cause a blow off temp top tomorrow for a new high in the indices.

stocksage wrote:Boy UNG shook out the weak then soared back today.

Yes sir it is.

a boring day.

WIth all this "IFs" stick to your charts, as a technician, I can only blame myself for not getting it right the first place. leave the news out, the Bias what's killed....

This kind of consolidation means more on the upside.

Indeed, now the target is today's high, I think should be more after that.

Cobra wrote:

zombiebraingoo wrote:bears get flattened again...really, if a NUKE meltdown, multiple endless wars, massive debt money expansion, enslavement of the planet by the austerity fat cat banking elite can't tank this market, what do you think will?

So bet ready to retire earlier, all of us.

retire before the JUNE GLOOM

Look at the move into bonds. Doesn't look like everyone is buying this rally.

I was just about to leave and then I saw this chart. To pierce the red line or not to pierce the red line, is that the question?

No buy signals on my system, Cobra I follow you closely but I still think this is sellable rally, my MA is still poinkt down. unless they can run it higher, but it will fall back to my 200ma later, by then I can determine if BUY is back on. not yet here.

BullBear52x wrote:No buy signals on my system, Cobra I follow you closely but I still think this is sellable rally, my MA is still poinkt down. unless they can run it higher, but it will fall back to my 200ma later, by then I can determine if BUY is back on. not yet here.

Yes, I still believe this is a sellable bounce, but whatever I believe doesn't matter, market is always right, so let's wait and see.

ISEE index only revised to 87, suddenly 40,000 calls disappeared, must have been a feed error earlier

I sold my spy short near the low at about 11:40. I agree with Cobra we may go higher. I will buy spy long a little later on a pull back. The point and figure charts are slowly rising toward "X" for the Bullish %.When it goes to X's it will stay there for a few weeks.(usually) It still has a couple of points to go so any thing can happen.

Gonna see if QQQ hits the line around 58.10 and see how it reacts to go short.