Cobra's Market View

To start things off this weekend, take a look at the bank index, BKX. Prices appear prepared to fall off a cliff back into the lower half of the channel down.

BKX: http://99ercharts.blogspot.com/2011/04/bkx.html

Have a good one!

Weekend Reading

Matt Taibbi on "The Real Housewives of Wall Street." Or how two rich "Tai-tais" received hundreds of millions of dollars as part of TARP.

http://www.rollingstone.com/politics/ne ... t-20110411

DWCF
Double Top target of 12077.
http://99ercharts.blogspot.com/2011/04/dwcf_16.html

99er wrote:DWCF
Double Top target of 12077.
http://99ercharts.blogspot.com/2011/04/dwcf_16.html

Thanks 99er for supporting this forum. Really appreciate!

Market closed Friday was not as strong as I would like to see. so Bears and Bulls are equally in danger zone, but I am bearish bias still per my technical read on the last 15min or so on Friday. Financial FAZ and technology TYP are still sitting pretty. SRS and TZA are not so pretty. from looking at these four etfs alone we are in a cross road no doubt, they are more so on their bullish consolidation as well. SPY is still can be a buy (Swing) if it can manage to trade above the gap sup/res precisely. looking into $SOX and SMH some more I hope more poeple post here, I know Cobra doesn't mine our none sense Blah blah here. Tomorrow I will post more on etfs stuff. GL and GB

OK, I'm doing what Cobra told us to attach image rather then just using "Img" button, see if it will show the 'whole' image file.

What I am trying to say in this 2-day BKX (that's the time-frame I can show 'all' what needs to show) is that the Fibo based on previous 2nd high has a 50% near as next support, plus a major support line from The Low in green color line. If both of those give up, BKX will then be really in trouble!

Zoom in daily see said supports:

TNX
Diamond Top?
http://99ercharts.blogspot.com/2011/04/tnx_17.html

Cobra: "Thanks 99er for supporting this forum. Really appreciate!"

You're welcome. Thank you for hosting it.

XAU
Bearish Butterfly.
http://99ercharts.blogspot.com/2011/04/xau.html

ES
Update.
http://99ercharts.blogspot.com/2011/04/es_17.html

SPX
Update.
http://99ercharts.blogspot.com/2011/04/spx_17.html

How to profit from Hourly charting, good for intermediate term look and not so agressive traders. see the combination of RSI (cross 50), MACD cross, and 35 dma.

FAZ/FASers, here a little more agressive trade, Faz trades close to its short term support and FAS is close to resistance.

TYP Ascending triangle???? good support at 5dma area.

It seems my 'best route' designed for bulls two weeks ago has so far unfolded lock-steps.

Apr 3 2011, 06:45 PM FF Topic Posted : http://www.traders-talk.com/mb2/index.p ... t&p=570756

I'd think the best way for this bull to move up from here would be to pull back first and retest my 1308 and two Pink 'Turn' lines; then down deeper to retest 'the Last Down Yellow Line' and 'Cat1' before a solid rebound taking us back up above present level- a last neckline of the last I-H&S - to project up to 1440 and beyond.

Zooning up SPY, I think this is what will play out. I beleive that the phantom will be tested. I got a trivia chart at the bottom, can you name these two famous stocks.