Cobra's Market View

99er wrote:Silver
Update.
http://99ercharts.blogspot.com/2011/06/silver_13.html
Expanded channel.

I t looks like SLV is headed lower as it is breaking down out of LT uptrend lines.

I am watching Friday's closed, a trade above and closed above that today will give us positive D on the daily and most likely a V shape, if not intraday double bottom is no where to be found just yet.

lunch time. not sure where about the market is going now. my bias is still on the downside.

SPY: Here is an update of the “Bullish Bat Targets”.
They are now 126.90 and 124.95, for “the bottom of the right wing”.
I called them “Sarah Palin targets”…

I said there was a pivot around 12:45-1PM, why were people getting bearish at the lows?

Cobra wrote:lunch time. not sure where about the market is going now. my bias is still on the downside.

already lower low. going to bounce and close green this week?

cougar wrote:SPY: Here is an update of the “Bullish Bat Targets”.
They are now 126.90 and 124.95, for “the bottom of the right wing”.
I called them “Sarah Palin targets”…

Had to sign in to acknowledge the Palin joke. Very witty!

On another note, since I know you trade oil, too...How 'bout them short contracts!? Great couple of days. Oil, gold, silver all down and my long $ bet is on track. Sometimes...so rarely, I know....a plan comes together.

GL

Looking like a nice reversal candle on the 60 min with some good volume coming in. Out of USO puts and now in some SPY calls. Looking for gap fill at 129.3

hammers and nice positive divergence building on the 60 min charts

Thanks Anaconda! Yes, oil was very good. However, I exited the trade too early. I have to get better organized to trade commodities, indices and individual stocks at the same time.
Indeed. I also trade stocks, but did not post anything here, except when they are strong enough, to drag markets after them, like AAPLin the US or SI in Europe. I thought that stocks picks might not be in line with the interests of this blog-site.

I am still bearish and so's Cobra. I think this is premature to jump in now, I know every technician are looking for this support level to play out, if it's too obvious what is the posibility of that? this could be just a back test unless we close higher than Friday's closed I will not be too sure on the bulls side.

ok, the rebound is strong, so I see 2 legged up from here as 15 min chart I can see 3 push down already.

I commented last week that I thought the financials, being far more oversold than the rest would lead the next leg up. Look at the comparison of the major indexes, all bullish patterns, but the XLF a bull flag, the others a bullish falling wedge. Remember this is only a 5 min chart, so how big a bounce we're talking about here, will have to wait and see

Cobra wrote:ok, the rebound is strong, so I see 2 legged up from here as 15 min chart I can see 3 push down already.

Is this the rebound or start of the rebound you talked about on Sunday?

alphahorn wrote:I commented last week that I thought the financials, being far more oversold than the rest would lead the next leg up. Look at the comparison of the major indexes, all bullish patterns, but the XLF a bull flag, the others a bullish falling wedge. Remember this is only a 5 min chart, so how big a bounce we're talking about here, will have to wait and see

agreed I see strength in financial, mentioned on my weekend rant too.

initial rebound target reached. there's a chance the current bar is an exhaustion bar...

the next few bars will be important to judge whether we'll have a pullback here or not.

Couple of things here. Tag of VIX bollinger band and a reversal there (although I was hoping for a close outside it), 60 min MACD on buy now with strong volume and hammer candle, 15 minute on buy. Gap fill should serve as a target from here. Thats where the market will decide its direction.

A wild ass guess as to the next few days would look something like the chart attached. But as alphahorn stated it does worry me that everyone is looking for rverersal at 1245-1250. The market will often get to its expected destination... just never in the way you think. We shall see.

bears need a L1 to confirm a small pullback or consolidation. generally, the rebound shouldn't be over.

First sign of bear exhaustion, banksters should bounce to channel top tl.

One line at a time.