Cobra's Market View

I listened to the business radio a few days ago, and ALL programs are saying 1. the debt ceiling deal is going through regardless, and 2. when it does, the markets are gonna shoot up to the moon. Phil G. Said put a advanced buy of iwm at 80.80 (sure it hit Monday).

Well, they got #1 right, but #2 is not. I bet they are getting a lot of emails from listeners and members saying what should we do now... The markets is always right.

BullBear52x wrote:Looking at RSI 5 on the daily chart, boys, it's way over sold one would think, but I got to see at least a trade back above 200 ma on 1 min. chart before the Fat lady came out to sing.

You're on a roll, brother!

Anaconda wrote:

BullBear52x wrote:Looking at RSI 5 on the daily chart, boys, it's way over sold one would think, but I got to see at least a trade back above 200 ma on 1 min. chart before the Fat lady came out to sing.

You're on a roll, brother!

lumeipro wrote:I listened to the business radio a few days ago, and ALL programs are saying 1. the debt ceiling deal is going through regardless, and 2. when it does, the markets are gonna shoot up to the moon. Phil G. Said put a advanced buy of iwm at 80.80 (sure it hit Monday).

Well, they got #1 right, but #2 is not. I bet they are getting a lot of emails from listeners and members saying what should we do now... The markets is always right.

we will rally eventually but first we need to scare some bulls and load the bear traps... bought more at 1262, avg price is 1265... 1/2 in now.

Yesterday reversal was a bad omen for stocks. Next stop around 1250. If that fails brace for 1215 the level where I am pretty sure this bull market will turn in a bear market for good.

http://babaro22.blogspot.com/

agnosia wrote:

lumeipro wrote:I listened to the business radio a few days ago, and ALL programs are saying 1. the debt ceiling deal is going through regardless, and 2. when it does, the markets are gonna shoot up to the moon. Phil G. Said put a advanced buy of iwm at 80.80 (sure it hit Monday).

Well, they got #1 right, but #2 is not. I bet they are getting a lot of emails from listeners and members saying what should we do now... The markets is always right.

we will rally eventually but first we need to scare some bulls and load the bear traps... bought more at 1262, avg price is 1265... 1/2 in now.

Yup. closed all my shorts and went long @1266. first target is gap fill this morning, and 2nd is 1300. stop is 1255. Seeing a bit more flavor on risk/reward on the long side at this moment. It's a range bound and bull-bear trapping game out there, so targets are not aggressive. However, if targets hit, it's pretty sweet with my option play.

127.5 is now a resistance

BullBear52x wrote:Looking at RSI 5 on the daily chart, boys, it's way over sold one would think, but I got to see at least a trade back above 200 ma on 1 min. chart before the Fat lady came out to sing.

I agree and the mkt being close to the lows of 1260 +/- it may go to test the lows.(BB52x.notice I did not think) Ha..Lets see.

KENA wrote:

BullBear52x wrote:Looking at RSI 5 on the daily chart, boys, it's way over sold one would think, but I got to see at least a trade back above 200 ma on 1 min. chart before the Fat lady came out to sing.

I agree and the mkt being close to the lows of 1260 +/- it may go to test the lows.(BB52x.notice I did not think) Ha..Lets see.

Yeap, mapping out the road map is good thing like EW theory, but if you stick to your first count all the way you will be toasted, been there done that. I pay attention to what it is now and what is in front of me that's how I survive this market.

ES
Update.
http://99ercharts.blogspot.com/2011/08/es_7487.html

OK here's another Pos D. let see what the bulls can do this time.

lumeipro wrote:
Yup. closed all my shorts and went long @1266. first target is gap fill this morning, and 2nd is 1300. stop is 1255. Seeing a bit more flavor on risk/reward on the long side at this moment. It's a range bound and bull-bear trapping game out there, so targets are not aggressive. However, if targets hit, it's pretty sweet with my option play.

.

nice. good luck to you. my stops are near 1250.. range bound until proven otherwise ..

one thing not going well for the bull case is treasuries making new highs.. we shall see.. gotta run for a bit, see u guy tmrw.

I am fading the tick right now, tick registered -1188

Honey...
SPX http://99ercharts.blogspot.com/2011/08/spx_7717.html
Where's the Sambuca?

Does anyone know any projected release dates of US Credits ratings from any of the top 3 Agencies?

Thanks in advance!

Black channel is significant - but I'm not sure how strong the bounce will be. Could be very important, could be negligible:

guys, I'm back. doesn't look good, but hopefully some rebound here as I see overshot on Global ES plus some support on regular hour ES.

NQ
Update.
http://99ercharts.blogspot.com/2011/08/nq_02.html

another try on EMA20 and trend line, let's see this time...