Cobra's Market View

Flat open, any gap will be filled. No idea what the market is doing, will have to wait and see.
Institutional actions from stocktiming.

Cobra,

I'm new to the board, but love what you do here. I've been "lurking" for some weeks and have decided to "out" myself. Please excuse the name, but I figure, as snakes go, I'm probably more of the slow sort...but one that makes large, decisive moves when convinced of an opportunity. Thanks again for hosting this blog.

Good Morning.

Well, the technical damage was done last week and I'm expecting the follow through this week. Check out /ES: prices are below a critical level and appear set to start a series of right shoulders on our way down. Why? The Euro; EURUSD has back tested the long-standing rising channel and is unlikely to rise back up. Have fun!

ES: http://99ercharts.blogspot.com/2011/05/es_09.html
EURUSD: http://99ercharts.blogspot.com/2011/05/eurusd_09.html

Hi Everybody!

I am new here, this is just a test post.

hey cobra, i think today we need to watch the /dx.. right now it is just about breaking its down sloping trendline. we are back to the algo dollar up/equities+pm's down..

Anaconda wrote:Cobra,

I'm new to the board, but love what you do here. I've been "lurking" for some weeks and have decided to "out" myself. Please excuse the name, but I figure, as snakes go, I'm probably more of the slow sort...but one that makes large, decisive moves when convinced of an opportunity. Thanks again for hosting this blog.

Goodmorning ..Not to much to say today except the NYSI is still in dn trend .It closed at 641.85 on Fri. and still has a ways to go befor maybe to start turning up.I have not said anything about what Stocktiming has to say lately because Cobra has been posting some of there charts and that tells storey better. Have good trading this week.

agnosia wrote:hey cobra, i think today we need to watch the /dx.. right now it is just about breaking its down sloping trendline. we are back to the algo dollar up/equities+pm's down..

Frankly, I was prepared for another 16 points gap up, so now pretty surprised that bulls didn't show strength.

My SLV calls are up 30% this morning and they were already up 5% on Friday afternoon alone. Follow the professional volume and never lose. As for the objective of the trade, I might take profits this morning, but alternatively a stop loss to protect profits would be around 36 on the silver contract with the hopes of getting to 40 rather quickly on an ascending triangle breakout. I'm not overly optimistic about 40 but I might let it ride since so I'm up so much on it.

As I was also bullish on crude oil, it is up 2.3% today as well, but silver is the big winner today.

People will try to DENY me but I WILL NOT be denied. LOL

the open. well, if this is the open then the bear flag formed last Friday is still valid, be careful. bulls need show strength here.

cletus wrote:My SLV calls are up 30% this morning and they were already up 5% on Friday afternoon alone. Follow the professional volume and never lose. As for the objective of the trade, I might take profits this morning, but alternatively a stop loss to protect profits would be around 36 on the silver contract with the hopes of getting to 40 rather quickly on an ascending triangle breakout. I'm not overly optimistic about 40 but I might let it ride since so I'm up so much on it.

As I was also bullish on crude oil, it is up 2.3% today as well, but silver is the big winner today.

People will try to DENY me but I WILL NOT be denied. LOL

Thanks, cletus. pls let us know when u close the position.

99er wrote:Good Morning.

Well, the technical damage was done last week and I'm expecting the follow through this week. Check out /ES: prices are below a critical level and appear set to start a series of right shoulders on our way down. Why? The Euro; EURUSD has back tested the long-standing rising channel and is unlikely to rise back up. Have fun!

ES: http://99ercharts.blogspot.com/2011/05/es_09.html
EURUSD: http://99ercharts.blogspot.com/2011/05/eurusd_09.html

for EURUSD, it's purely news driven recently, I don't know if we might see a small support here.

As just now, Germany's import/export data looks smoking good.

Cobra wrote:

agnosia wrote:hey cobra, i think today we need to watch the /dx.. right now it is just about breaking its down sloping trendline. we are back to the algo dollar up/equities+pm's down..

Frankly, I was prepared for another 16 points gap up, so now pretty surprised that bulls didn't show strength.

10pts last night, not sure about the reason, might be good news from N225 or Shanghai

MOBI posted a fair fin.Report but I guess the mkt says it was not good enough.It was a good sell on Fri. I will wait to trade it to see how it settles down.Who knows It may be a good mover again Watch it.

cletus wrote:My SLV calls are up 30% this morning and they were already up 5% on Friday afternoon alone. Follow the professional volume and never lose. As for the objective of the trade, I might take profits this morning, but alternatively a stop loss to protect profits would be around 36 on the silver contract with the hopes of getting to 40 rather quickly on an ascending triangle breakout. I'm not overly optimistic about 40 but I might let it ride since so I'm up so much on it.

As I was also bullish on crude oil, it is up 2.3% today as well, but silver is the big winner today.

People will try to DENY me but I WILL NOT be denied. LOL

for CL, I am modestly bullish, GS says time to load, some other funds said $90 might be attractive. I suspect it will be in the range of 95 to 105 for sometime, but I traded CL futures for some time. The volatility.... news, weekly report from
DOE, or rumors could easily bright a +/- 5 gap.

for silver, I traded futures only once, reward is so high, but so is risk. I traded when margin has only be increased for the
first time, leverage was still very high.

From the view of COT report, managed money are mildly bullish, majority OI are still commercial side, and majority volumes are still from high frequency trading which never hold.

For ETF part, I have less idea, I could imagine it's bullish, as 35 is a middle term support. But historically, silver dropped
another 20% or so after first post-crash-rebounce. May need extra caution:D

hmm, fall out of flag?

Cobra wrote:hmm, fall out of flag?

Same for EUR.USD

(Reuters) - Standard and Poor's cut Greece's rating to B from BB-, dragging it further into junk territory over concerns that a debt restructuring is increasingly likely.

99er wrote:(Reuters) - Standard and Poor's cut Greece's rating to B from BB-, dragging it further into junk territory over concerns that a debt restructuring is increasingly likely.

saw it this morning, in this case, 1.40 is on its way even this *news* was cooked over and over again.

dollar breaking out... i am short gold 1507. i imagine /es should fall here soon as well.