Cobra's Market View

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A little dip below the Double Bottom neckline but I consider the Double Bottom still is valid, targeting 1657 or 1664.75.

Weekly stock picks are here: viewtopic.php?f=10&t=1046&p=140941#p140941

members only update starts here: http://www.cobrasmarketview.com/2013/09 ... ay-update/

SPX 15m, 5m

Trading DAX has been a rollercoaster this week. When Americans (or Israelis?) fired some test missiles/Patriots in the early morning (5:00 a.m. EST) DAX lost 90 points in about 90 seconds... Nerve wracking because I get the info 5 minutes later than traders who have real-time hook-ups with thomson-reuters or bloomberg. So I have to buy the dip blind which isn't much fun

SPX 15m, 5m

Checking out this SPX 5 min which has been very reliable lately:

SPY hovering just above daily pivot S2 here (165.15), has been a support level thus far this AM.

As of ca. 10:10 IWM, IYT, EEM, FXI, ILF/EWZ all down slitely from the open.

NYSE A/D has been declining all morning; initial tick high has not yet been surpassed, likewise with Nasdaq advancers.

Short. No change.

My summation index signal is neutral. It could turn up this week, perhaps tomorrow.
My composite trend signal is down. Today may be the first day in awhile it shows some improvement.

This rally could travel quite a ways without upsetting the current down trend.
Then again, it could also be the start of a change in trend.
Thus, it looks like it may satisfy the "no easy for bears" principle,
which means the move will be a turn or it will look like a turn even if it isn't.
Fun stuff.

I guess it is possible that the rally could fizzle and flop. I imagine that would be quite bearish.

My stop is still a ways off.
I still have capacity to add short at higher prices.
I need to see how trade moves my signals over the course of the week to figure out next steps.
Current position could be a loser.

I posted some charts in weekend forum with possible targets and stuff.

SPX 5m

H2 long. let's see.

I guess this is going to be a boring day, bye guys, i'm off

BachNut, you sure have guts to short here. On the very short term the SPX-W looks bullish, and the two SPX gaps higher up look bullish too. Of course, the internals are lousy, but I'd like to see a strong countermove/a few more days of upside before I consider the short side

Mr. BachNut wrote:Short. No change.

My summation index signal is neutral. It could turn up this week, perhaps tomorrow.
My composite trend signal is down. Today may be the first day in awhile it shows some improvement.

This rally could travel quite a ways without upsetting the current down trend.
Then again, it could also be the start of a change in trend.
Thus, it looks like it may satisfy the "no easy for bears" principle,
which means the move will be a turn or it will look like a turn even if it isn't.
Fun stuff.

I guess it is possible that the rally could fizzle and flop. I imagine that would be quite bearish.

My stop is still a ways off.
I still have capacity to add short at higher prices.
I need to see how trade moves my signals over the course of the week to figure out next steps.
Current position could be a loser.

I posted some charts in weekend forum with possible targets and stuff.

SPY still dancing around S2 support level

JNK:LQD fresh short term BUY signal today. XLY:XLP at multi-month HI.

Both very bullish underpinnings (for domestic equities) on the short-interm timeframe.

Calling Uempel. Before you disappear. Have you checked the DAX charts on investing.com? I think they're realtime not 5mins delayed.

RedKite wrote:Calling Uempel. Before you disappear. Have you checked the DAX charts on investing.com? I think they're realtime not 5mins delayed.

i think he meant that the news is delayed.

UUP (dollar etf) above its 50day MA, first time since mid July!

However, most of the strength today is coming from a yen collapse, esp. versus the dollar and the Aussie dollar, so it's not nec'ly a "risk off" signal. However, materials sectors denominated in dollars may suffer RS weakness today as a result.