Huge gap down below yesterday's range so chances are high that the gap won't be filled. The Global ES now is the support area with sudden big red bars implying an exhaustion, where bulls and bears fought hard in the past few days, so I won't be surprised that upon open we'll see some rebound. After that we'll see.
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*Today's cycle turns are at 10 EST, 12:30 EST, 2:30 EST, expect lots of volatility
*Due to the large gap I will likely leg out of SPY puts and possibly GLD puts at the open, will post my exits
*Oil is probably approaching an intermediate term low. I'm not buying yet.
*Natural gas is nearing a possible inflection point (short-term bottom). I'm not buying yet.
*The "secondary" pullback cycle in the S&P terminates tomorrow so expect this negative action into tomorrow's trade, I have no vision about how low it could go but probably not hugely lower from here -- could be choppy trading the next two days
Yes, a bounce is coming.
the stage is set, they gonna trap all the bears, then we are gonna take off.
Going higher sooon!!!!! either today or tomorrow.
the open is a little too stretched, so will see a rebound of some kind first...
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up666 wrote:Good morning, Cobra. Thanks a lot for the forum and effort!
For your short-term play SSO, for days like this, do you exit it when the market bounces some or you let it stop out?
I let it stop out.
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JJS612 wrote:Cobra, Thanks again for all the great work -and allowing 99er a vehicle for his charts.
Based on your open chart above, what are the implications on a possible island reversal, or is the timescale too short?
island reversal target has already been met upon the open.
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Sold SPY July 125 puts at 1.55 for a 2 day gain of +41%
Sold GLD July 147 puts at 1.43 for a 2 day gain of +52%
I guess these gains are not really substantial to many. That is my last post on this forum.
Best of luck trading to everyone!! Long live Cobra!
Thanks Cletus, do come back whenever you have time!
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EIA natural gas weekly report is due @ 1030 today, more bearish information is expected
cletus wrote:Headlines:
*Today's cycle turns are at 10 EST, 12:30 EST, 2:30 EST, expect lots of volatility
*Due to the large gap I will likely leg out of SPY puts and possibly GLD puts at the open, will post my exits
*Oil is probably approaching an intermediate term low. I'm not buying yet.
*Natural gas is nearing a possible inflection point (short-term bottom). I'm not buying yet.
*The "secondary" pullback cycle in the S&P terminates tomorrow so expect this negative action into tomorrow's trade, I have no vision about how low it could go but probably not hugely lower from here -- could be choppy trading the next two days