Cobra's Market View

on this right shoulder if little neg divergence fail, bears need to pack up and take time off, it ain't worth the wait. I will see here if I need to take the weekend off start today.

Possible short, but I'm not participating.

BullBear52x wrote:onr this right shoulder if little neg divergence fail, bears need to pack up and take time off, it an't worth the wait. I will see here if I need to take the weekend off start today.

Don't sweat it .. it is starting to turn dn again.. Wait and see.

FYI... The NYSI is a laging indicator. Yesterday the mkt up but NYSI still went dn.This does not point to a healthy mkt so bulls be careful.These indicators are there but the mkt. will do what it wants.

No

ok, I was wrong, there's a slightly chances though this is a back test of the broken channel. I don't hope too much on bear case though.

Yeah, I don't think traders decided to come back from lunch early, looks like just a backtest.

Bulls want to reach 1345:

Looking at the SPX the 1350 area may be the new top for awhile.Wait and see.

From 2007 to 2009 we had a 16-18 weekly cycle from low to low.

Now that cycle has shortened on the upside to about 15 weeks.

Counting 15 weeks from the 2009 low, we are topping roughly every 15 weeks (Intra-week top).

6/12/09 + 15 weeks =
9/25/09 + 16 weeks =
1/15/10 + 15 weeks =
4/30/10 + 15 weeks =
8/13/10 + 12 weeks =
11/05/10 + 15 weeks =
2/18/11 + 15 weeks =

6/3/11

There was 1 short cycle in there...so the cycles suggest a top in a few weeks. May not happen, but I wouldn't ignore the possibility for more upside the next few weeks. Just something to keep in mind.

Cobra wrote:ok, I was wrong, there's a slightly chances though this is a back test of the broken channel. I don't hope too much on bear case though.

Me either, unless 134 is breached. from here another hour or so will be so boring. I really want to go fishing.

BB52X - what about H&S on 15min??

Mr. T wrote:BB52X - what about H&S on 15min??

We have neg diverrgence as I am writing here, this one got to trade back below 200ma 1min. H&S still intact.

I am not sure what to make of this, but the VIX is back down to where it was when the S&P made its May 2 high.

my range bot pivot is 1340... i believe this is where we will hang for a while

DWCF
Gap from this morning has now been filled.
http://99ercharts.blogspot.com/2011/05/dwcf_19.html

Don't quite understand what's going on, it's either options expiry tomorrow Friday - or that the market has turned to the downside:

Good luck trading all, I'll be Baaaccck, may be not if fishing is good. net shorts still.

The terminator got extra kids, this is so funny and and the IMF chief is a raper, lots of surprises this week that's why market moving up.

Cobra wrote:ok, I was wrong, there's a slightly chances though this is a back test of the broken channel. I don't hope too much on bear case though.

What if it fails to move back ito the channel

(Reuters) - Investors betting on a rise in stocks, bonds and commodities should prepare for a loud sucking sound in their portfolios next month when the Federal Reserve pulls the plug on its $600 billion stimulus program.

http://www.reuters.com/article/2011/05/ ... S220110519