Cobra's Market View

Huge gap, as I said in the comment area of the last night report, I wouldn't be surprised to see 20 points gap up, well, here we go. Normally, such a huge gap means a strong trend day either up or down, more likely up, so bears better not hope a reversal today. Let's see how the open unfolds.

Hi Cobra,

Shold we fade the gap ? Do you think we will at least see some weakness once the gap is open (SEEMS SOOOOOOOOOO STRETCHED!! ) but then eventually rise higher into the day ?

Do you have an evil plan for today with all your amazing arrows ?

Also, that was another just amazing read last night on ur report!

Im almost 80 % hedged on my Nov puts with Oct Calls so thinking Im going to close them at the open and then maybe buy them back later in the day depending on whats happening!

inverted h&s target met on /cl @ 83, i sold longs and am short 83, stop even.

i am also short /es 1180, stop 1181.25. i would be amazed if we open and some trapped longs do no sell into this strength. we shall see.

Good Morning.

So honey...what are we doing for vacation?
EURUSD http://99ercharts.blogspot.com/2011/09/eurusd_27.html

April in Paris! Book now, pay later.

A whole month?
ES http://99ercharts.blogspot.com/2011/09/es_27.html

How about a short?

my own feeling, which is just a feeling... I wouldn't step in front of this, don't anticipate

Also Cobra since big gap up today , first pullback is a buy correct?

I know in your report yday u said first pullback should be a sell but this is a HUGEEEEEEE gap up .

I think it has something to do with end of quarter window dressing.

AK84 wrote:Also Cobra since big gap up today , first pullback is a buy correct?

you mean intraday? not really.

can someone explain to me how we are just magically getting through all of these strong resistance areas like they don't exist? this smells to me like end of quarter/month window dressing.

Cobra wrote:

AK84 wrote:Also Cobra since big gap up today , first pullback is a buy correct?

you mean intraday? not really.

Yes i meant intraday ....ok i got it but why would u say its not a buy ? Chiosc and other factors? just curious

AK84 wrote:Hi Cobra,

Shold we fade the gap ? Do you think we will at least see some weakness once the gap is open (SEEMS SOOOOOOOOOO STRETCHED!! ) but then eventually rise higher into the day ?

Do you have an evil plan for today with all your amazing arrows ?

Also, that was another just amazing read last night on ur report!

Im almost 80 % hedged on my Nov puts with Oct Calls so thinking Im going to close them at the open and then maybe buy them back later in the day depending on whats happening!

should see some dip at open, then we'll see.

ES midpoint resistance at 1163 has been broken decisively overnight. This means that the ES is headed for 1252. Today's day session range estimate is 1163-1193. Once the move to 1252 is complete I expect the drop to 950 to resume.... Month end window dressing par excellance...

AK84 wrote:

Cobra wrote:

AK84 wrote:Also Cobra since big gap up today , first pullback is a buy correct?

you mean intraday? not really.

Yes i meant intraday ....ok i got it but why would u say its not a buy ? Chiosc and other factors? just curious

I mean intraday hard to say, because it could be strong down trend day. if you look at a few more days time frame, most likely it's buy.

Ang, I believe End Of quarter will be selling to cover there butts for the reports. They see what everyone else does and 1060 area might be next. EOQ dressing might be inverse this time. Just my thoughts...

Thanks cobra! U are the best !!

I love u more than Al Dente does...

Good morning!
Here is PALL (palladium) with a technical support and probably a good bounce today...
PALL 130 min, with Fork and Gann Fan:

Spy P/C ratio is over 2:1

edit: actually worse .36

Hey Ben...
ZB http://99ercharts.blogspot.com/2011/09/30y_27.html

No comment.

Lets not forget pre month end rally