Cobra's Market View

Flat open, any gap should be filled. Usually the day after a Major Distribution day is a small range day. The Global ES had a breakdown overnight and now jump back to test the previous support now resistance, for now it looks like a Bear Flag, so I suspect that the overnight low will be revisited eventually, may or may not be today though.
Institutional actions from stocktiming.

thanks. and learning

Good Morning.

Coffee, honey?
EURUSD http://99ercharts.blogspot.com/2011/07/eurusd_147.html
With ouzo?

So what's for lunch?
ES http://99ercharts.blogspot.com/2011/07/es_2720.html
Carpaccio?

We need to see 60 min ChiOsc turn negative before there's any bottom, they can't keep buying dips forever.

Now bulls may witness a "POMO free" market and get a glimpse of what the future bear market will look like (probably a year or two off)

man on man, last nights /es was the most volatile i've ever seen.... very thin markets, crazy moves... i covered my short in /cl and my model is about to give a buy signal...

cheech wrote:Now bulls may witness a "POMO free" market and get a glimpse of what the future bear market will look like (probably a year or two off)

...but not Fed-fre...

long /es 1310 for gap fill. long /cl 94.50 for gap fill.

cougar wrote:

cheech wrote:Now bulls may witness a "POMO free" market and get a glimpse of what the future bear market will look like (probably a year or two off)

...but not Fed-fre...

also remember all those pomo injections were not all used so the banks are flush with cash to keep the market a float.. for a while anyway.... then i'm 99% sure there will be QE3.

Although essentially bearish, NDX (daily internals) did not confirm a downturn.
A down-trending bowtie (on sub-graph 1) seems imminent, but a failed attempt would be very bullish.

the open.

all indicators point to 130, one critical level here. beware of this bulls

gap filled on /es out for +4... /cl acting weak i'm but staying long for 95.15 gap fill. i'm pretty sure they are just taking shares from trapped longs at lower prices

agnosia wrote:gap filled on /es out for +4... /cl acting weak i'm but staying long for 95.15 gap fill. i'm pretty sure they are just taking shares from trapped longs at lower prices

You're a braver man than I on oil. I'm holding tight on my shorts. Dollar will continue to cave under current European conditions, I think. This can't help oil in any way... Demand down. Futures contract prices are laughably high, given demand and current inventories. Beware, friend. Going long could be deadly here. GL, regardless.
A

the selling is intensified.

Good morning Cobra, can you take a look SOX? is it bear flag broke down? and what do you expect the target is? thanks a lot

Market is ready for a quick rebounce or in a trading range. I don't see much edge for market to drop much further at this moment.

Some support here for SPX

financial especially strong, interesting.