Cobra's Market View

soku wrote:

soku wrote:grab some long. technically it is highly low. if go above 1126.75, a 123 could formed. my target is 1131-1132 for the 123 setup

so far so good. target reached already. 1135 area strong res. will see how es drive toward that area to determine my exit order.

interestingly, all my indicators made a turn, except price itself.
at this moment i still decide to respect the break out. put a stop order and let it run.

**Maybe** a head and shoulders with TZA - daily

Honey! What are you doing alone in there!?
SPX http://99ercharts.blogspot.com/2011/08/spx_3215.html

Drawing charts.

99er wrote:Honey! What are you doing alone in there!?
SPX http://99ercharts.blogspot.com/2011/08/spx_3215.html

Drawing charts.

Wee Wee.

my first (and last pix) for today. it is too long for me to do that

So, we know Friday's phantom target bars were hit today. I'm betting this one, to around 112.64 on the SPY will too (esp. since most everyone expects the pop)

I see a completed A-B-C-D in the bigger blue triangle. My wild guess is a breakdown will lead us to a lower low.

Could a bad Durable Orders report on Wednesday make for the lower low? News driven markets stink.

Cobra wrote:bear flag indeed, tinted area as textbook target.

Silly question, after you pointed out it was a bear flag, it looks like a bear flag. I would not be able to identify it myself. When can I find more examples of these kinds of charts so that I will be able to study them and recongnize them when they occur?

Thanks,

PRC Banks

"These things aren't banks."

http://www.nakedcapitalism.com/2011/08/ ... banks.html

q2model

http://thepatternsite.com/index.html

You may want to bookmark this.

UTIL is laging the mkt..TRANS are draging ..Watch them esp.the UTIL..With out them the mkt will go dn.

could draw a trend line here. still not much to say, the bigger picture may be a Descending Triangle is in the forming.

here's the Descending Triangle I'm talking about. Just a possibility.

q2model wrote:

Cobra wrote:bear flag indeed, tinted area as textbook target.

Silly question, after you pointed out it was a bear flag, it looks like a bear flag. I would not be able to identify it myself. When can I find more examples of these kinds of charts so that I will be able to study them and recongnize them when they occur?

Thanks,

you need read thousands of charts then you'll have the feeling.

99er wrote:q2model

http://thepatternsite.com/index.html

You may want to bookmark this.

many thanks for that link

So honey...still planning that European vacation?

How about trailer parks!

http://www.huffingtonpost.com/2011/08/2 ... Airstream_

[Way off topic.]

Cobra,
Based on Mar's rule, a gap up like this morning can be seen as strong momentum?
If so, can we say that this morning's high should be revisited near term? Feel bad I did not set stops for my long or exit them then.
Thanks

99er wrote:q2model

http://thepatternsite.com/index.html

You may want to bookmark this.

Thanks a lot

SPY

SPDR Gold Trust’s market capitalization rose to $76.7 billion on Aug. 19, according to the most recent data compiled by Bloomberg, as the metal topped $1,881 an ounce for the first time. SPDR S&P 500 ETF Trust (SPY), which has been the industry’s largest exchange-traded fund since 1993, stood at $74.4 billion, now 3.1 percent smaller. At the start of the year, the Standard & Poor’s 500 Index-tracking ETF was 56 percent larger.

http://www.bloomberg.com/news/2011-08-2 ... rmoil.html

Something smells and it's coming to light very soon.

From ZeroHedge site:

We take this moment from your busy schedules to update you that the CDS of Bank of America has reached escape velocity and has now entered suborbital traffic. At 370 bps, which is where the CDS is trading as of this moment, it is only 30 away from the 400 it hit in March of 2009 when the world had to be bailed out by the Fed: a ploy which this time will not work since every central bank has already doubled down to the hilt. In other news, expect bashing of evil bloggers who indicate BofA default risk spikes to commence momentarily as obviously it is only they who are to blame for BAC's upcoming bailout.