Cobra's Market View

Small gap down right at yesterday's low so not sure if the gap will be filled or not, let's wait and see. Global ES had a head fake last night so there're chances it'd breakdown the consolidation area today or sometimes there's another attempt to breakout the overnight high before rollover. Either way, we'll have to wait and see.

Good morning, Cobra! Great commentary on the “bullish July”!

I will be cautious with the next move, fearing the beginning a potential sideway zigzag, which would correspond to a w4 (green). That would be hard to swing-trade.
However, I rather think that the latest leg up should be regaining strength here, after a brief consolidation, which would rather fit to a “bullish July”…

We continue to track the triangle in SPY ChiOsc which would net nearly 40 million in outflows if the target is reached. The question is whether it's a valid triangle. Regardless, bears can rest easy. Bulls must pray.

Remember that a close beneath 1296 in the next few weeks is guaranteed.

why you so sure about this? how come you can guarantee something that is not guaranteed?

Good Morning.

Honey...Portugal looks great! Should we go?
EURUSD http://99ercharts.blogspot.com/2011/07/eurusd_06.html
Why not?

They don't have bears do they?
ES http://99ercharts.blogspot.com/2011/07/es_06.html

market seems fair valued, your guess is as good as mine
60 minute with pre-market

the open.

alvian33 wrote:why you so sure about this? how come you can guarantee something that is not guaranteed?

Alvian33: in reality, it’s not a guarantee…it’s a bet! And a bet is, by definition, an instrument of gambling, Either part has a chance of winning… with a different P.

FYI..The NYSEBP has to only go up another .30% to confirm the trend to up.Lets see if it makes it to day.

From marketwatch.com
6:52a China lifts deposit, lending rates quarter-point

They don't have cliffs do they?
SPX http://99ercharts.blogspot.com/2011/07/spx_06.html

nothing to say, still it's rectangle so not bearish, even eventually breakdown as long as it's not sharp it still could be bull flag case.

futures still hold, but looks like it'd breakdown.

Hey cobra. Do you see here a good spot to close shorts or you think we can go more down?

GM,
My sell is on.

Update retracement SPX:

Eyeing 132-ish

CRUDE is back to green ...

custom chart with pre-market now shows today's second bar....
bars start at the top of the hour.