Cobra's Market View

First of all, pay attention to the sticky post in this forum (the other one, not this post, of course), you may need reply it to prevent from being filtered out later together with spammers, thanks.

Small gap up above yesterday's high so not sure if the gap will be filled or not. The trading day before the long weekend, so volume should be very low. And everyone knows that the next week will be very bullish. According to Stock Trader's Almanac:

1. Day after Memorial Day, Dow up 8 of last 11.
2. First trading day in June, Dow up 10 of last 12.
3. Memorial day week, Dow down 7 of last 14, up 12 straight 1984-1995.

Thanks Cobra! How is the weather today in canada?

alvian33 wrote:Thanks Cobra! How is the weather today in canada?

a little rain in great Toronto area but I like rainy day - at least no need to do anything about my lawn.

Silver is not cooperating! But it is at a lower high compared to yesterday's overnight high, and could be a bear flag. Because silver could fall today, so could the market reverse into the close, so I will probably sell some profitable SPY calls I have I bought a few days ago just in case all "risk" assets fall together. However, I'm still holding longs for the longer-term and also planning to add more AT THE CLOSE but not at the open.

Hi all,

A bullish combination below. Only caution: a small window of geomagnetism forecast 27-30 May. But I'm long and watching the space weather...

DXY overnight: SELL signals weree followed by impulsive steep down slopes, when compared with the very timid up-moves. This suggests "resolve" in keeping the US$ low today.

hey guys.. i couldn't sleep last night so i traded crude all night.... currently short from 101.20, the 20 sma on the daily. hoping for a gap fill to 100.23... then maybe pass out ???

Hi all,
I expect US market will be in harmony with Asia and Europe markets. I expect SPX to win 1333.06 to fill the May 23 gap down. Other way if SPX remains within the mini uptrend channel formed by 2 violet lines, bulls remain healthy.

the open.

Good Morning.

Well, a long weekend in the Hamptons should make the Big Boyz happy. To celebrate, today may well be a day to remember. I'm more bearish than usual today for two reasons. Despite the driving down of DX overnight, the EURUSD pair remains in a down channel, albeit wider. And Russell futures appear to be starting a "3 of 3" today.

ES: http://99ercharts.blogspot.com/2011/05/es_2303.html
EURUSD: http://99ercharts.blogspot.com/2011/05/eurusd_3178.html
TF: http://99ercharts.blogspot.com/2011/05/tf_27.html

TGIF.

Added some ZSL here. I'm in that position as much as I care to be and won't add more. The outlook is for a few days trade at minimum, and I'd like to see silver trade down in the 35 range.

I'm also short GLD via puts as I feel it has made a larger top, should see a substantial decline in the coming days.

Because these risk assets could fall, I took profits on SPY calls this morning at the open. Probably didn't catch the exact top there but I'm not comfortable in them. I still have longs though.

amalgamator wrote:Hi all,

A bullish combination below. Only caution: a small window of geomagnetism forecast 27-30 May. But I'm long and watching the space weather...

27may1.gif

27may2.gif

Great post.

Sometimes I think market movement is nothing more than an exercise in filling gaps. We just filled the 4/19 to 4/20 gap. Basicallay, reversed off of that. I might speculate that we are on path to fill the 5/20 to 5/23 gap. I would not be surprised to see another reversal at this point.

(Stock cycle already pointed the gap fill idea out !!! Excuse my comment if you find it redundant)

Not a buy market for me, so short on here.

little overshot here, not sure if it will pullback...

I posted this for my subscribers yesterday, some of whom were wondering why I had them go all in long on Wednesday morning with a bias toward the RUT. Here's a 60 min SPX chart. would you rather be long or short here?

the image didn't load, here's the link
http://screencast.com/t/nMXLWOe7v
here's the bottom half:
http://screencast.com/t/BysXBumfwQdL

Good spot bears?

fade the open didn't work today.
stopped out of 2 trades YUCK YUCK!
i hate to be wrong and loose on a trade

first real resistance for bears is at 1333... but you do not short a thin market on bernak crack

little fib info here.