Cobra's Market View

No idea about where the market is heading as even though big gap down but still pretty much above support.Generally speaking, gap down below Friday's low, so there're some chances the gap won't be filled though.

hey guys, /cl is trading between two gaps @ 98.4 and 99.87.. 50% is 99.17, trade accordingly. i imagine lower gap at 99.4 will get filled first but to be honest it is too choppy for me and i am not gonna trade it.

/es buy all dips, market is going higher. maybe we get a pullback to 1313 or even 1307.

Good Morning.

So honey...want something else to go with your coffee?
ES http://99ercharts.blogspot.com/2011/07/es_25.html
More Kabuki please.

I would NOT buy this dip.

the open.

continuous ES last 5 days including yesterday's trading

Out of Bounds wrote:I would NOT buy this dip.

more fuel for the squeeze i will leave you with this point -

"corporates are the new sovereigns" - cds spreads higher for us gov debt over corporations.

agnosia wrote:

Out of Bounds wrote:I would NOT buy this dip.

more fuel for the squeeze i will leave you with this point -

"corporates are the new sovereigns" - cds spreads higher for us gov debt over corporations.

As for "more fuel for the squeeze" -- I'd expect this selling will add more fuel to the rally once they hammer out the eventual debt ceiling increase? No worry about the upcoming S&P Downgrade as it doesn't appear our governing bodies can cut anything?

text book target of Double Top, but I really doubt that. Bears were warned many times, so they dare not attack today while I'm not sure bulls are willing to buy here, everyone is tired, so my guess is pretty much another boring day?

Double top will be confirmed on the S&P if market just stays arounld this level. Apple is surprisingly strong though.

cjb98 wrote:

agnosia wrote:

Out of Bounds wrote:I would NOT buy this dip.

more fuel for the squeeze i will leave you with this point -

"corporates are the new sovereigns" - cds spreads higher for us gov debt over corporations.

As for "more fuel for the squeeze" -- I'd expect this selling will add more fuel to the rally once they hammer out the eventual debt ceiling increase? No worry about the upcoming S&P Downgrade as it doesn't appear our governing bodies can cut anything?

Yeah that's what i was referring to - short sellers adding fuel to the rally once the debt deal passes. Since the us govt can't get it together i think people will continue to buy the s+p 500.

Good Morning Cobra,

Hope you had a relaxing weekend, I am glad the heat wave is over in Toronto and gone south to our fellow Americans!! . With the current market action I feel that this correction is the big boys way of implementing fear in the broader market....I am thinking of buying the dip but wanted to get your view of what would be a good entry point...or should I "wait and see"

My time frame is longer term in nature (not a day trader), any input from the experienced folks in this forum would be appreciated. Looking forward to your feedback. Thanks.

Hi Cobra,

how do you see AAPL..... too much is too much, or not??

i wonder whether it's ever possible to short AAPL... i know, i know, i'm crazy

... but you know, just for fun and with mu spare money!!!

nothing to say, boring. NQ very strong, seems like a dip buying setup, everybody is buying AAPL...

Unless you are a day trader, it is not a good time to buy the dip yet.

Alpha_M wrote:Good Morning Cobra,

Hope you had a relaxing weekend, I am glad the heat wave is over in Toronto and gone south to our fellow Americans!! . With the current market action I feel that this correction is the big boys way of implementing fear in the broader market....I am thinking of buying the dip but wanted to get your view of what would be a good entry point...or should I "wait and see"

My time frame is longer term in nature (not a day trader), any input from the experienced folks in this forum would be appreciated. Looking forward to your feedback. Thanks.

I have no idea for now.

long /cl 99.33 for gap fill @ 99.87

Cobra somebody mentioned RIMM the other day and you said if you're not a trader just forget it, which I fully understand, it's better for people to buy things going up!

But just wondering about that huge volume day recently, would that count as 'exhaustion selling'?

ES

Did you say something about Greece?
EURUSD http://99ercharts.blogspot.com/2011/07/eurusd_25.html
I'm thinking France.