Cobra's Market View

Cobra wrote:tinted area as text book target. 80% chances.

why is blue tinted area drawn like that (2nd measured move down starts from 126.34), not ABC down (i.e. 2nd leg down start from 127)?

Cobra wrote:tinted area as text book target. 80% chances.

I see Cobra and I finally agree on something.( i would post some smiles but can't seem to do it) Anyway smile!!!!

BBFinance: "for non TA person"

As recommended here by uempel, John J. Murphy's Technical Analysis of the Financial Markets might be a good read. Buy it at Amazon but use the link at Cobra's.

Yes..What is your time frame..I was thinking I would not be surprised to see 125.75 Later today/ttomorrow[/quote]


I don't know if we will today but most likely tomorrow, the power that be will not let SPX drop 2% in a day.

90ufo wrote:

Cobra wrote:tinted area as text book target. 80% chances.

why is blue tinted area drawn like that (2nd measured move down starts from 126.34), not ABC down (i.e. 2nd leg down start from 127)?

my secret.

i noticed some interesting things: we always made a record near the market close. See, yesterday, 4:00pm again. Let's see how long takes to 1,000+ online. We should have this number according to my calculation, at least above 800 should be not a problem, right now we're far from it.

Cobra wrote:

90ufo wrote:

Cobra wrote:tinted area as text book target. 80% chances.

why is blue tinted area drawn like that (2nd measured move down starts from 126.34), not ABC down (i.e. 2nd leg down start from 127)?

my secret.

you should called it a snaky gauge.

Thank Cobra, see you guy in few hours got to enjoy the sun, working too hard last couple of days

1st touch of EMA20 on a big gap down day, let's how the coming L2 does. Failed L2 would light the fate of bulls as L2 short should have good chances on a strong down day.

RUT
Got your mojo working?
http://99ercharts.blogspot.com/2011/06/rut_23.html
Ben?

Trichet could help in 18 minutes

Da Cobra: What is ur target for L2 up?

He's not done!
You better believe it.

The most important resistance level is 1265. Anything bellow this level will trigger a huge sell-off. Here are the reasons:

http://babaro22.blogspot.com/

Out of Bounds wrote:He's not done!
You better believe it.

OK, L2 short, not a perfect one, but let's see. bears need pray because so far it's SPY leads down not RSP, QQQ or IWM which looks a little little suspicious.

99er wrote:BBFinance: "for non TA person"

As recommended here by uempel, John J. Murphy's Technical Analysis of the Financial Markets might be a good read. Buy it at Amazon but use the link at Cobra's.

99er, in some cases the charts are painfully obvious on direction, and then there is really no need to post the picture. At other times, especially when coming to a juncture of support and resistance lines, it would be interesting to have your comment on what you think will happen. I enjoy a smart-alec one liner more than 99% of the people on this board, but that does not tell us anything of your analysis. Demanding that all post charts is great, but to stimulate a discussion it would be helpful to know your view. Telling somebody to read a charting book does not really do it, especially when we can all look at the same picture and come to different conclusions, and short term to you may be a very long term to me. Thanks in advance for putting your thoughts with the picture. And I do like your pics! People who are on the board all of the time know your current general view on the markets and likely know your thoughts, but a few well chosen words would cement it.

aapl up even though market down a lot, so I think we are in process of testing a bottom, once done we should really rally hard next month. We have seen the worst now time to accumulate positions slowly but surely.

I actually appreciate that 99er's views are somewhat vague. Let's face it you can find bull and bear case posted within 30 seconds of each other here on many days. It is kind of hard for the average retailer to filter. I'm sure if you read back during the last view up days there were plenty who thought we were going to sink right after the open. I like that he lets the charts speak.

kamukak wrote:aapl up even though market down a lot, so I think we are in process of testing a bottom, once done we should really rally hard next month. We have seen the worst now time to accumulate positions slowly but surely.

AAPL has been positive relative to the markets all day, even in pre-market trading. Nothing has changed. It's just iPhone 5 hype.

I guest it will be up and then down at about 2:00pm today.