Cobra's Market View

Buying some calls here on SPY 131

Cobra wrote: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.

My line too, and I entered a small long position...

XLF huge volume patterns at a low could be a trade-able bottom. But, the overall XLF target could be lower and these could be sellers so stops should be used. However, Bear flag target has been met.

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

long to 1312

wait for another positive divergence, just a little dead cat bounce that's all I am asking...where is my uncle Ben?

I think 1306 is very close to the trend line, or say close to the bottom line. That's why I bought the spy call for a bet. Now, made $$ already.

the next common pattern would be like this. again, my comments are info only, nothing to do with trade. to trade, you should try your best not against the trend, even it's day trading. there's difference between beginner and veteran where beginner, say on a big down day keeps thinking about a reversal while veteran would think, oh, good, it's down, then it's down, he won't think about a reversal most of the time.

Cletus: nice and bold move! I sold my QQQ puts, which I accumulated starting 2 days ago!

soku wrote:

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

long to 1312

My answer just below was meant for you, posted it by mistake to Cobra...

I thought you are bullish for the day cobra?

Cobra wrote:the next common pattern would be like this. again, my comments are info only, nothing to do with trade. to trade, you should try your best not against the trend, even it's day trading. there's difference between beginner and veteran where beginner, say on a big down day keeps thinking about a reversal while veteran would think, oh, good, it's down, then it's down, he won't think about a reversal most of the time.

thanks~~ copied down~~ ;)

alvian33 wrote:I thought you are bullish for the day cobra?

neutral now. you know i change fast.

Remember what I have been saying. The NYSEBP is still in dn trend and will continue for a few weeks (starting mid May) When this trend starts dn/up It takes time to change.I have been here befor many times thats why I am a beliver in this chart.We will have mkt ups for daily trading but they will be few up but more dn.Wait and see.

the next new low should be the one.

Support at lower trendline?

Patience everyone, very close now

for a swing play not day trader reminder, all roads pointing south here.

ES
Bear Flag still has room to run...
http://99ercharts.blogspot.com/2011/06/es_897.html
Down.

ISEE number is not accurate today:

Please note: Due to a busted trade, today's displayed ISEE values will not be accurate until volume is adjusted after the close. We apologize for the inconvenience.

Cobra wrote:the next common pattern would be like this. again, my comments are info only, nothing to do with trade. to trade, you should try your best not against the trend, even it's day trading. there's difference between beginner and veteran where beginner, say on a big down day keeps thinking about a reversal while veteran would think, oh, good, it's down, then it's down, he won't think about a reversal most of the time.

Thanks! Love so much these words!