Cobra's Market View

Gap down but within yesterday's range, plus the day after a Major Accumulation Day usually is a narrow range day (that said, nowadays, narrow range day means up or down 1%, ) and almost all gaps right after such a day were filled the same day, so I think the gap will be filled today, the morning dip shall be bought.

Global ES looks forming a small Double Top, but with such a strong push up we had in the past couple of days, chances are very low that we fall right here, so my guess is again, the morning dip will be bought.

All above are merely guess, being an intraday trader, you should be able to change at any time.

Today's Economic Calendar
7.45 ECB Interest Rate Announcement (est. 1.50%)

8.30 Trade Balance (est. -$52bn)
Initial jobless claims (est. 405k, 412k 4wma)
10.30 EIA Natural Gas Storage Change (est. 63, last week 55)
11.00 DOE Inventory Data
Crude Oil - est -2,000k, last week 5,281k

Gasoline - est -1400k, last week -2795k

Distillate - est 500k, last week 363k
Refinery Utilization - est -1.00%, last week -1.10%
1.30 Fed’s Chairman Bernanke speaks to economics club in Minnesota
3.00 Consumer credit ($9.0bn)
7.00 President Obama’s Job Speech

hey cobra you mentioned you would not talk about the GAPS . PLEASE PLEASE DO !! you are great !!! !!!! this is a great comment !! your genius !!!!

Good Morning.

So honey...what about Munich in October?
EURUSD http://99ercharts.blogspot.com/2011/09/eurusd_08.html

What...and drink beer with angry Germans?

Morning economic numbers are not that bad. The rally should continue.

Let's stay at home...
ES http://99ercharts.blogspot.com/2011/09/es_08.html

And surf.

Go surfing?
BKX http://99ercharts.blogspot.com/2011/09/bkx_08.html

Yeah. The financials look good.

hey guys there was a contract switch on TOS today, so i am trading dec /es. i bought the dip to 1180.5 which is the 60ema. target unsure since gap is 1197 for previous contract.

also crude is dealing with confluence 90 area.. made a new intermediate swing high overnight at 90.48. strength over 90 today and i am buying.

Am heading to Miami to look at investment property, but will be monitoring this board and watching today. Hoping for gap fillage as well. Good trading.

My roadmap for today. I might cover yesterday's shorts after the first dip down to 1186ish and go long there.

the open.

Yes, we will be stronger. The rally will keep going up.

Here are some interesting tidbits on Gold.
Invert the yield curve on the 20 and 10 year TIPS and it has an interesting correlation to Gold.
http://krugman.blogs.nytimes.com/2011/0 ... sh/?src=tp

"how gold is created"
http://www.usagold.com/reference/creation-of-gold.html

Strangely enough a Supernova just occurred
http://www.usatoday.com/tech/science/sp ... 50303380/1
http://www.youtube.com/watch?v=0XxEF6VS ... r_embedded

(with all this new gold flooding the market - in about 21 million years, time to short Gold).

sept contract filled the gap so i am selling my /es dec @ 1190 for +10. now it's time to concentrate on the /cl report coming out at 11am.

Honey...it's gonna be 106 today.
SPX http://99ercharts.blogspot.com/2011/09/spx_08.html

Beach?

well, that's true, any dip will be bought. I hope Helicopter and YES WE CAN's speech are really good...

Good news:
WASHINGTON -- American manufacturers sold more cars, airplanes and industrial machinery in foreign markets in July, sending exports to an all-time high and pushing the trade deficit down to its lowest level in three months.

The trade deficit narrowed to $44.8 billion in July, down 13.1 percent from June, the Commerce Department reported Thursday.

The improvement reflected a 3.6 percent rise in exports to a record level of $178 billion, reflecting strong sales of a variety of manufactured goods. Imports dipped 0.2 percent to $126.9 billion as the bill for imported oil dropped 6 percent to $35.5 billion as crude oil prices fell...http://seekingalpha.com/news-article/17 ... on-in-july

....And price action for first 15" seems favour Bulls

GM,
/ES warning sign of a turn, side ways to down is expected.

Cobra wrote:well, that's true, any dip will be bought. I hope Helicopter and YES WE CAN's speech are really good...

carry trade (DBV) crazy strong. Bulls got lots of bullets.

Honey...
SPX http://99ercharts.blogspot.com/2011/09/spx_9359.html

Call Tabby.