Cobra's Market View

Huge huge gap up, so chances are high that the gap won't be filled.
Institutional actions from StockTiming. Well, guess today's data doesn't matter anymore, it's the tomorrow that is important.

Bulls run... hehe

Morning.
A bearish Butterfly on the weekly EURUSD chart tells me that despite last night's huge ramp up, the EUR will soon be toast.
EURUSD: http://99ercharts.blogspot.com/2011/04/eurusd_20.html
"It's topped."

It don't pay to be a bear with QE2 money to spare.

morning Cobra, what do you think of gold? do you think there is much left to the upsied? I went short last night

ES
Looking for a huge drop here.
http://99ercharts.blogspot.com/2011/04/es_20.html
First target, 1283.

Cobra wrote:Huge huge gap up, so chances are high that the gap won't be filled.

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Institutional actions from StockTiming. Well, guess today's data doesn't matter anymore, it's the tomorrow that is important.

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Chi Osc on SPY will be at a super extreme this morning, but like you've said, won't matter if that was the bottom.

ES and ZB
Good day to be a bond trader.
http://99ercharts.blogspot.com/2011/04/es-zb_20.html
"The smarter guys in the room."

Good morning,

The early bird got shafted today.

Stay focus all, money doesn't grow from the trees but from time to time it falls from the sky. grab as much as you can.

here another look at ES.

alvian33 wrote:morning Cobra, what do you think of gold? do you think there is much left to the upsied? I went short last night

gold is bullish.

the open, since the gap is too sharp, so I expect some consolidation at open here.

VIX new low, welcome to the new era.

EURUSD
Hourly chart with a down channel.
http://99ercharts.blogspot.com/2011/04/eurusd_358.html
Not good for equities.

99er wrote:EURUSD
Hourly chart with a down channel.
http://99ercharts.blogspot.com/2011/04/eurusd_358.html
Not good for equities.

your comments are always bearish...........

Cobra wrote:VIX new low, welcome to the new era.

One interesting thing on VIX is that it formed a kind of head and shoulders pattern the last few weeks and now it has broken down. Clearly the target can't be met, it measures 15 pts or more which would make VIX negative LOL. But, one thing about h&s is that sometimes when they break down it turns out to be a headfake and the instrument reverses from there, just like the S&P formed a little head and shoulders the last few weeks, it broke and turned out to be a headfake. However, the alignment is bullish for now, no question.

IYR and XLF reversing quite hard here. Be careful.

jungle wrote:

99er wrote:EURUSD
Hourly chart with a down channel.
http://99ercharts.blogspot.com/2011/04/eurusd_358.html
Not good for equities.

your comments are always bearish...........

By looking at the chart I will have to agree with 99er. But sometimes charts are not always right.

ES
Hourly chart.
http://99ercharts.blogspot.com/2011/04/es_2914.html

well i called it yesterday guys.. what a surprise we gapped over a resistance on an overnight low volume ramp. lol. anyway, i'm cashing in my swing for the week and taking the rest off. we're back in coil land an i expect some choppiness. have a good one.

jungle: "your comments are always bearish..........."

Well, I simply draw what I see. It's a bear market after all. Unless of course you've been drinking the Kool Aid.