Cobra's Market View

Huge gap up above yesterday's high so chances are the gap won't be filled and very likely a trend day today. The Global ES looks promising, double bottom, back test with higher low then strong breakout, so there're some chances the rebound would go much further but we'll have to wait and see of course. A reminder, SPY dividend today so I'll use SSO to comment.

Good Morning!

Cobra wrote:Huge gap up above yesterday's high so chances are the gap won't be filled and very likely a trend day today. The Global ES looks promising, double bottom, back test with higher low then strong breakout, so there're some chances the rebound would go much further but we'll have to wait and see of course. A reminder, SPY dividend today so I'll use SSO to comment.

Yes, we are almost there, the trend is ready to turn and we are going higher!!!!!

bull market is back and alive!!!!!!!

Headlines:

* Today's cycle turns are at 10:45 EST and 1:30 EST
* Positive seasonality today and Monday Reminder that we have embarked on a "secondary" swing higher in the beginning of a multi-week "primary" swing higher. This first swing will terminate on June 20th at 10 EST.
* Chart of the day, PALL. If head & shoulders continuation works, could be a big buy

bull market...??? Better hope the dollar tanks or Dr. Ben announces QE3. The entire move was due to a dollar plunge from 76.25 (double top) to 75.6 (68 fib retrace).

Good Morning.

TGIF. Bears may not need to go the Hamptons today...
EURUSD http://99ercharts.blogspot.com/2011/06/eurusd_8121.html
With a 1. a 2 and a 1, 2, 3... Enjoy your Long Island Iced Tea at the Bull & Bear.

ES
Make that Long Island Iced Tea a double.
http://99ercharts.blogspot.com/2011/06/es_5527.html

"likely a trend day today":
U mean up trend day with no 3nd leg down push?

Good Morning Cobra & Gang,
My last comment of yesterday was:
"Re: 06/16/2011 Intraday Watering
by BBFinance » Thu Jun 16, 2011 4:04 pm

To prove my theory of manipulation, tomorrow they will push the market way high up. May be SPY near $ 129/$ 130 range. "

And it seems we are going to get one. But as Phil would love to say ( possibly) its a fake fake fake rally.

I think we would see a lower low and there would be lots of blood and pain in the market.
Everyone will pile on the long side today and next week they will tank the market.

I think the bottom would be in only by the end of the month.

It will be really interesting. USD down, OIL down, what's up? Not too confident about an up trend day today. Watch out for 2 news releases, 9.55 and 10.00. I wanna see the leading indicators figure. It could be a tricky day...

DX
Nice effort, Boyz.
http://99ercharts.blogspot.com/2011/06/dx_17.html
Game over.

BBFinance wrote:Good Morning Cobra & Gang,
My last comment of yesterday was:
"Re: 06/16/2011 Intraday Watering
by BBFinance » Thu Jun 16, 2011 4:04 pm

To prove my theory of manipulation, tomorrow they will push the market way high up. May be SPY near $ 129/$ 130 range. "

And it seems we are going to get one. But as Phil would love to say ( possibly) its a fake fake fake rally.

I think we would see a lower low and there would be lots of blood and pain in the market.
Everyone will pile on the long side today and next week they will tank the market.

I think the bottom would be in only by the end of the month.

"I think the bottom would be in only by the end of the month."

No

On the way to business seminar in a hotel this past Wednesday, While approaching the elevator I couldn't help but notice its designation,"P3". Naturally, I was going down.

Cobra,

Great call today on the open! What is the target range for the third wave down given the big open?

Also, I am very impressed with what you're doing. I would definately pay for a subscription service.

GM, I hope everyone making a killing as always. somehow 123.88 is poped in my head???

All the NYSEBP data still turned dn again yesterday.The nysi turned negitive,This data not good for the mkt.I do think the mkt will head lower.Big gap up today.Seems the mkt has to gap up/dn to shake out bull/bears.Have good trading today. Lets see.

the open. a question though, RSP has dividend today too?

IWM: in pre-market was in the MM 6/8 area, a level to watch.

How do options handle the changes in the dividend/price rebalance on the SPY. The SPY was trading 11 points above the ES futures at the close and are now only 4-5 points above them. Basically they moved the price in the SPY down, how do the options re-evalueate this. Thanks. I have SPY 130 Jul Call options from yesterday near the close and was wondering how this worked.

oldpigwang wrote:"likely a trend day today":
U mean up trend day with no 3nd leg down push?

either trend up or trend down, we'll have to wait and see. we'll have the 3rd push down, may or may not today. trade what you see, personally i'm very glad to trade against my forecast because that's usually the right direction. I don't mean i'm often wrong which obviously i don't, i just mean be ready to change your plan according to the market, after all the only one always right is the market. for now i still think there'll be a 3rd leg down, but i'm ready to change my view at any time.