Cobra's Market View

Big gap down below yesterday's range so chances are good that the gap won't be filled. The bad news is EURUSD and AUDJPY dropped sharply which should put heavy pressure on commodities.
Institutional actions from stocktiming.

good morning cobra

hey cobra.. there's gap support on the /es at 1331.25 plus the 20 day sma at 1331... i took a long at 1332.25 stop 1331. lots of overhead supply on the DOM.

Good Morning.

ES update: http://99ercharts.blogspot.com/2011/05/es_05.html

Hoping for a fun day.

top of morning, everyone

a little more pain and qe3 is a lock

EURUSD
"Merde."
http://99ercharts.blogspot.com/2011/05/eurusd_05.html
Ben, you speak French?

Crude
WTF?
http://99ercharts.blogspot.com/2011/05/crude_05.html
The "Osama Effect"?

..such a long time as a bear, and yesterday i got out a bit (??) too early....

nevermind, today i feel on the bull camp and got in 1.333.... is bern suprstar going to do something, doesn't he?

i can't post my chart, but i see a HHUUUGGEEEE support at 1338 area on the daily.... don't think it'll blow so easily...

ride for a nice bounce, and the reverse... depends on the speed.... good luck everyone...

me proud of being a perma bear
well, me no greedy. i covered es and will sold spy puts. will wait to get on the train again.

juding by the open, I won't be surprised that we'll see a sharp reversal today. we'll see. just a wild guess but bold.

OK, I take back what I said. What I saw was wrong, so take back what I said.

Cobra wrote:OK, I take back what I said. What I saw was wrong, so take back what I said.

my long survived first bear attack....

some imagination, bulls need just some imagination

Cobra wrote:OK, I take back what I said. What I saw was wrong, so take back what I said.

lol i think it is reversing. expecting es 1343-1345 for a good short entry

Yoku - I told ya to stop sucking face and kiss the dancing bear yesterday......

Uncle Ben is almost done turning the crank on his musical monkey-box.

I think today will be a hollow red reversal bar. Still want to see 1366.

Cobra,

If you see a low in the first 5-10 minutes of the day that isn't broken in the first half hour...does that typically mean we have seen the low for the day. Or do you wait until the first hour is over.

After multiple days of selling, many times I have seen a spike or semi-spike low in the first 5-10 minutes and that is the low of the day. Just wondering if you had anything to quantify this.

Thanks

Ahhh the permabears never learn, the market is overbought is dropping a little then will go back up. Meanwhile the bears get all excited to get back a little bit of their losses while the bulls make the real money.

Crude
Longer-term view.
http://99ercharts.blogspot.com/2011/05/crude_4388.html

DX
Me XMan...remember this from yesterday?
http://99ercharts.blogspot.com/2011/05/dx_04.html

Today:
http://99ercharts.blogspot.com/2011/05/dx_05.html