Cobra's Market View

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It's in range bounded by blue lines, for now the bias is up.

Vote Cobra. glta. Hightower:

weekly stock picks are here: http://www.cobrasmarketview.com/2014/02 ... ock-picks/

members only update starts here: http://www.cobrasmarketview.com/2014/02 ... ay-update/

Good morning all...

I've been posting this weekly chart for two weeks now. A break to the upside would really be something new ... And if the bullish scenario doesn't work out, it's back down again

This could be the first little cycle bounce.. a while ago i showed how historically, the decline from all time highs would last either 6 or 9 weeks .. We then declined 6 weeks to the 1732.00 low. I dont know if it means anything ,but this is week 9! So if they want to bust out ,this would be a good week to begin,imho. But just a guess , due to seasonals i suspect it might be later in the week,if it happens at all..if it doesnt occur this week, that might be telling us something!...lol

uempel wrote:I've been posting this weekly chart for two weeks now. A break to the upside would really be something new ... And if the bullish scenario doesn't work out, it's back down again

SPX10.png

I was just about to post that I have your chart on my desktop as a reminder to watch this. Thanks for the update!

Thoughts:

The market likes rounded tops and spike bottoms. If this is a top, its most likely one of the rounded variety, which means we stay in this area for a month. Sometimes there are spikes but, wise to bet against it.

Rushing to short here is a poor percentage play imo.

very strong open, this bull might have legs.

Targeting SPX 1854?

L_T

Signal on the 5 min chart ...

So far today DAX is not playing the bullish game, hovering at Friday's high, waiting to see if SPX can gain momentum to the upside

Overvalued opening long Equity options and Undervalued opening long ETF/Indices options suggest lower prices ahead.

(Three times as many undervalued Index puts as calls)

http://www.ise.com/market-data/isee-index/

This is interesting - I'm very curious to see what happens here.

Neutral. No position.

My summation signal is up.
My composite trend signal is up.

I thought Mr. Market was going to run the buy stops to new highs on Friday, but he balked.
Running them this morning is interesting as usually the strength or weakness of OPEX carries into the opening of the following week, and Friday's close was weak.
I had longs closed out last week due to a pullback on an overbought condition. As of Friday, my models were unclear if overbought conditions had cleared.

I don't expect to do anything today. Let's see how things trade once the squeeze has cleared.
If I trade equities this week, I would expect it to be with the trend.

vol surge, biggest bar, so might see pullback here first, then we'll see.

Intraday bullish percentages pointing upwards:

http://stockcharts.com/freecharts/candl ... ,$BPINDU|B