Cobra's Market View

Big gap down below yesterday's range so odds are the gap won't be filled. The next immediate support should be very clear especially on the Global ES, the question is will the 3rd touch hold? The next Monday, by the way seasonality is bullish, as according to Stock Trader's Almanac, Monday before July expiration, Dow up 6 of last 7.

I covered already. Will wait for the open to see what happens. I am very lucky with the undesirable unemployment #s

Cobra, now we have a beautiful star for the daily chart and also a double negative divergence on the weekly RSI.

Good Morning.

Green Shoots!
ES http://99ercharts.blogspot.com/2011/07/es_08.html

TGIF.

This will be helpful today:

Belgian beer and fries!
EURUSD http://99ercharts.blogspot.com/2011/07/eurusd_08.html

Mussels too.

NO ONE DEFIES ME. NO ONE QUESTIONS ME. NOT COBRA. NOT ANYONE. IS THAT UNDERSTOOD?

http://youtu.be/XzPBUGUM7KQ

My Rubicon is the 1310 area, Any trough which dips below this level is an indication that the September 2010 bull is over.

dumb luck i guess i covered my e-mini ES shorts ...
if my wife only knew what a loss i had exposed us to, she would have killed me.
i was down 2.5k on this stupid stupid counter trend short.
made it all back in a few minutes and a little extra...
i trade futures for income and try to average $200. to $400. per day of trading...
i was down a weeks worth a trading....
thank-you job's report

TexasGordon wrote:Cobra, now we have a beautiful star for the daily chart and also a double negative divergence on the weekly RSI.

Yes, but it's very rare for a strong up like we had recently to fail, so I still expect a higher high soon.

uempel wrote:This will be helpful today:

SPX1.png

I am looking at the same level of support around your fib 38.2%, coincides with 5dma and previous strong support of 133.5 area, I think there will be a big fight there, if bulls failed there, swing down trend will be confirmed for me and sell the rally will kick in.

Been waiting for global ES to reach that Purple target line of the Broadening Top (2nd chart taken 9PM some PST); it reached and puked minutes before the number released (1st chart). Check the time stamp on charts. Good weekend!

I will play USO options and oil stocks today:

The last 4-5 trys for the S&P Mid caps has been stopped at 1000 the all time high.Can it go higher..Not to day but something to keep watch on.

the open.

line in the sand, good luck everyone, got to make some money

Island reversal day.

in support area, QQQ and IWM are stronger.

the bigger picture, we finally have our very 1st dip, but not enough for bears.

MajorEasy wrote:dumb luck i guess i covered my e-mini ES shorts ...
if my wife only knew what a loss i had exposed us to, she would have killed me.
i was down 2.5k on this stupid stupid counter trend short.
made it all back in a few minutes and a little extra...
i trade futures for income and try to average $200. to $400. per day of trading...
i was down a weeks worth a trading....
thank-you job's report

Yesterday at the close odds were on the short side, SPX might also have declined with good job numbers. As to your wife: I tell my wife that I always win, and she never questions me