06/06/2014 Live Update

[Cobra]

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I see nothing wrong. The usual Non Farm Payroll day pattern is open high go lower or open low go higher, but it stopped working this way recently.

[Cobra]

members only update starts here: http://www.cobrasmarketview.com/2014/06 ... ay-update/

[gappy]

Vote Cobra, glta.

Capture.PNG

[uempel]

What happened in early April must not necessarily happen in early June - but running into red resistance might result in weakness

[uempel]

Looks as though SPX is in the range which led to weakness in the past few years. But one characteristic of technical analysis is that as soon as we see a "system" it often tends to become obsolete. So whoever wants to play the short side today or Monday should place tight stops.

[FlowerGirl]

Yesterday’s postings by some reminded me of movie “Margin Call”. In this movie many “smart people” had difficulty delivering a sentence without F*** word. (I saw the same here on this board). Other thing that struck me was that not even a signal character in the movie had a significant other. Are these prerequisites or consequences of being in this line of work to make living?… I continue to wonder!
(If you haven’t watched the movie I suggest you do this as it may help you.)

My analysis is presented “as is”. If you find it useful-good, else don’t bother with it. These posts are not intended to prove that I am smarter than you but your comments suggest they appear so. Are you disturbed by their accuracy or it is just the envy…?

You may be disturbed by the tile of these posts-“Kid’s Play”, my response to Uempel and his validation should help you calm down.
viewtopic.php?f=2&t=1322&start=140#p164032
Nobody is taunting at you and no one is declaring trading is kid’s play. Trading is a hard endeavor; very few survive over the long time. There are lots of bold traders and there are lots of old traders but there are very few bold and old traders.

Don’t try to be a lone ranger; you will be depriving access to those who may find this information useful.

I respond to any reasonable question and ignore what I consider useless rants (which I find distasteful).

If you’re disturbed by my presentations make use of ignore button to have peace…I do the same whenever demanded.

Thank you to those who had kind words (posted here and via PMs) for my work. For all others, here is a proverb,
You can lead a horse to water, but you can't make him drink …

Happy trading,

FG
Educated people settle their differences in a civil manner, not by yelling, cursing, and name calling;this is how less educated people make their point

[johnnywa]

Amen flowergirl

[L_T]

Sorry bears the only even-slightly bearish chart I can find is the 1 minute.

[gappy]

Sorry bears the only even-slightly bearish chart I can find is the 1 minute.

leo.PNG

http://www.youtube.com/watch?v=MOu_PsgaRJ8

[L_T]

Sorry bears the only even-slightly bearish chart I can find is the 1 minute.

That was short lived!

[uempel]

Whoever is pushing the markets up is really doing a great job, impressive

[Cobra]

members only update at 10:04 am
http://www.cobrasmarketview.com/2014/06 ... ay-update/

[Cobra]

members only update at 10:13 am
http://www.cobrasmarketview.com/2014/06 ... ay-update/

[FlowerGirl]

Whoever is pushing the markets up is really doing a great job, impressive

I do some worksheet based TA. It has 11 variables analysed on 4 time frames (suited for swing trading). As of close of yesterday 40 of 44 outputs were favoring the bulls (now you, sort of, know the basis off my projection to SPX1980).

[L_T]

Ghetto internals courtesy of Yahoo Finance.

I like Al's better.

[Mr. BachNut]

Partial Long R2K. Tight profit stop.
Day traded yesterday and elected to hold overnight.

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

Apparently, David Tepper said he wasn't nervous anymore yesterday, which triggered the Pavlovian stampede.
VIX contract has crashed to bull market lows this morning. One has to go back to 2005 and 2006 to find comparable trading.
These were bullish periods and generally Vix stayed down for awhile.
That is to say that the initial drop to these levels was not a market peak. Higher highs ahead?

Yesterday offered the possibility of being an exhaustion day, but the volume turned out too low IMO.
In fact, while volume was up, it still seemed kinda low for the move we had. Not sure how to interpret.
I saw some commentary on short squeezing. I can see that for the R2K, but I have trouble imagining that there was a lot of short in the S&P.

We hit my upper Keltner band this morning on the NYMO chart.
Could see resistance here, but bulls could also start pushing it up.
NYMO is a long way from overbought.
The upside target for the inverse head and shoulders is marked a little above.
The megaphone pattern caused some pause but was blown away yesterday.

I pointed out the parabolic shape developing in SPY yesterday.
Odds of a mania may be ticking up here.
The higher it goes, the more underinvested fund managers have to participate.
Janet is probably a ways away from giving an irrational exuberance speech.

I jumped in yesterday but have a tight stop on in case we get an NFP turn.
I would like to see a correction in the days ahead, but given the above I imagine it will be bought.

[gappy]

Capture.PNG

[L_T]

Partial Long R2K. Tight profit stop.

Do you happen to have a smallies chart you wouldn't mind sharing?

[uempel]

Good ellipse signal on this 120min chart - but so far the bears are not attacking. As it's a 2 hour chart they've still got time, but I doubt they can attack. So far bulls quite determined to push the market higher.

[champix]

European daily charts with channels.
Eurostoxx50 (50 European Big Caps) & Dax daily, higher and higher ...
Seems there is more upside room, as "we are never going down again". Impresssive !