Cobra's Market View

Gap down but within the Friday's range, so there're some chances the gap will be filled. Global ES, however, it's a different story. It's another test of the recent low, another rebound, unbelievable. As I said before many times, the more test the weaker the support, so theoretically it shouldn't stand anymore. Let's see if after open any further test, I see clear Descending Triangle in the forming...

Good morning Cobra. What's the potential measured move for the descending triangle?

Good Morning.

So honey...should we visit Switzerland?
EURCHF http://99ercharts.blogspot.com/2011/07/eurchf.html
No.

Hi Cobra!

I hope you had a nice weekend! Any thoughts on AGQ (ultra silver etf ? ) I am looking to get into it today as it seems to have negated the bear flag. Buy point is 215 and it seems like it will open slightly higher than that . Gap fill to 232. Thoughts?

samw wrote:Good morning Cobra. What's the potential measured move for the descending triangle?

http://thepatternsite.com/dt.html

Okay, then where should we go?
EURUSD http://99ercharts.blogspot.com/2011/07/eurusd_18.html
Anywhere but Switzerland.

But we can sell our gold!
GC http://99ercharts.blogspot.com/2011/07/gold_18.html

AK84 wrote:Hi Cobra!

I hope you had a nice weekend! Any thoughts on AGQ (ultra silver etf ? ) I am looking to get into it today as it seems to have negated the bear flag. Buy point is 215 and it seems like it will open slightly higher than that . Gap fill to 232. Thoughts?

still a little tough call here, so 50 to 50 I'll say.

morning cobra... still feel this is going to be one hell of a bear trap. IBM reports after the bell, maybe this will kick start the gap higher from this descending triangle. leaders are showing strength, appl made new highs, XLF positive rsi divergence... we shall see.

Or short the market.
ES http://99ercharts.blogspot.com/2011/07/es_18.html

here's closing prices for silver, horse has really bolted!

FAS looks rather interesting here

the open.

agnosia wrote:morning cobra... still feel this is going to be one hell of a bear trap. IBM reports after the bell, maybe this will kick start the gap higher from this descending triangle. leaders are showing strength, appl made new highs, XLF positive rsi divergence... we shall see.

I see clear 3 push up on IBM. The ER better be very good to negate the pattern, otherwise we're doomed because reaction on IBM ER will predict the SPX direction in 8 weeks.

99er wrote:Okay, then where should we go?
EURUSD http://99ercharts.blogspot.com/2011/07/eurusd_18.html
Anywhere but Switzerland.

EUR update

Can we surf in Switzerland?
SPX http://99ercharts.blogspot.com/2011/07/spx_18.html
We can surf anywhere.

more zoom in the prevouse EUR chart

inverted h&s on /es 15min. decisive break above the neckline @ 1308 is bullish and would bring us to gap close @ 1314.25.

Silver's still posting a bear flag in dollar terms (and, let's face it, these days it's all about the dollar):

GM,
there will be new LOD, bears need to take out recent low.