Cobra's Market View

Huge gap up open above yesterday's high so chances are very good that the gap won't be filled today. Bear's hope is the usual NFP intraday pattern - open high go lower, but personally I won't hope this much because the gap is simply too large. For so many times we see bears push hard while the next day bulls simply gaps up 16 points burying all the bears. This is just not a fair battle for bears.

Today no time to be short.

Cobra lao da morning? it is time to sell or long? for 1 weeK?
thanks

Good Morning.
Looking at ES, I would say an "up and (then) down day."
http://99ercharts.blogspot.com/2011/05/es_06.html

99er wrote:Good Morning.
Looking at ES, I would say an "up and (then) down day."
http://99ercharts.blogspot.com/2011/05/es_06.html

?

So the market can only move down?

Well shorts caught again. Will they ever learn. AAPL ready to launch now that nasdaq % adjustment done.

EURUSD
Not looking too chipper.
http://99ercharts.blogspot.com/2011/05/eurusd_06.html

Hi Cobra,

What is seasonality for Monday ? Do you think this is just a rebound and then we will have second leg down as according to u there are normally 2 legs down . watchyyaaa sayyy ??

also whats ur take on GLD. it seems to be bouncing off the lower support of the rising channel . good entry point ?

cletus: "So the market can only move down?"

Of course not but the technical damage done yesterday will make it difficult for various asset classes to resume a strong up trend.

Cletus, do you have any charts to share with us? I'm sure they would be well appreciated.

Will you exit your short position at the opening?
Thanks,

Cobra wrote:Huge gap up open above yesterday's high so chances are very good that the gap won't be filled today. Bear's hope is the usual NFP intraday pattern - open high go lower, but personally I won't hope this much because the gap is simply too large. For so many times we see bears push hard while the next day bulls simply gaps up 16 points burying all the bears. This is just not a fair battle for bears.

Hi Cobra,

You mentioned few TradingMarkets's trade setups triggered buy signals. Last time you mentioned also these signals were profitable. How to get these signals before close of the trading day? Could you pl. mention in this blog before market close?

Thanks.

Sold DTO long for a nice 20% gain.

GM,
gap right up to 5dma resistance, it will be sold.

the open.

AK84 wrote:Hi Cobra,

What is seasonality for Monday ? Do you think this is just a rebound and then we will have second leg down as according to u there are normally 2 legs down . watchyyaaa sayyy ??

also whats ur take on GLD. it seems to be bouncing off the lower support of the rising channel . good entry point ?

We had mostly bearish Monday recently but according to stock trader's almanac, Monday after Monther's day, Dow up 12 of last 15. Pretty bullish.

GM all. cobra, what is your lower indicator on the monthly chart? it went down below 1 recently and looking at history markets usually move sideways at best for months after such a move, although at times they move higher creating a negative divergence on the indicator followed by a notable decline.

alwzopn wrote:Hi Cobra,

You mentioned few TradingMarkets's trade setups triggered buy signals. Last time you mentioned also these signals were profitable. How to get these signals before close of the trading day? Could you pl. mention in this blog before market close?

Thanks.

the purpose I post "trading signals" before 6pm ET is to allow you to adjust your position in AH so you should have up to 2 hours to adjust.
It's very hard to give you intraday signals before the close as the setup is based on close price.
The rule is always there in my public chart list so as long as you remember the rule, you should figure out yourself intraday.

ocassional observer wrote:GM all. cobra, what is your lower indicator on the monthly chart? it went down below 1 recently and looking at history markets usually move sideways at best for months after such a move, although at times they move higher creating a negative divergence on the indicator followed by a notable decline.

%B

lostlamb98 wrote:Will you exit your short position at the opening?
Thanks,

Cobra wrote:Huge gap up open above yesterday's high so chances are very good that the gap won't be filled today. Bear's hope is the usual NFP intraday pattern - open high go lower, but personally I won't hope this much because the gap is simply too large. For so many times we see bears push hard while the next day bulls simply gaps up 16 points burying all the bears. This is just not a fair battle for bears.

the model is hold until the stop loss triggered. so no.

Then, would you long today?