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double top or not, wait and see.

members only update starts here: http://www.cobrasmarketview.com/2018/12 ... ay-update/

Find excuse to buy this Santa

2740ish is in the card

ES signals are quite bullish so far. So, trading plan for today is to LONG only.

8:30 AM 12/7/2018
Dri = -1 (me)
Dir =1 (model)
Mid Chg =0
Range est= 50.25,63.00
---
8:48 AM 12/7/2018
H/L est 2709.75, 2660.00
diff= 49.75

NTA

7:36 AM 12/7/2018

Yesterday was curious in that it was down (LHLL) to Y o/n, had a breakdown and then made a V and ran up to a very high

close (90%). As someone posted "looks like a buy prg". Given the US govt wants to keep this Ponzi scheme going and the

arrest of the CFO hitting politically, one can easily imagine it was a "govt" buy prg.

If so then Thursday's hail Mary close could prove a suckers rally.

My understanding so far. Monthly job report was bad, below all Wall Street estimates so market moved up on the news. OPEC has agreed to production cuts so oil will not drop as far thus reducing consumer spending so the market moved up. Finally Larry Kudlow said "China" in front of a camera so the market moved up. Defiantly a big bull day ahead.

With new HOD, we should get another trend day, CPCE is above .8 yesterday.

Wishful thinking.

Yesterday was pure chance. Just because the market bottomed to the minute at the London Frankfurt close doesn't necessarily mean the machines were running the show. Of course that news release by the Wall Street Journal that the Fed was backing off of rate increases that sparked a second leg up just came out when it came out, no one could have managed that right!

Sarcasm aside, the Fed admitting that they have gone too far at this point shows how thin skinned they are. But the big deal is the 50 Billion dollars a month they are throwing in the incinerator and nothing has been said about that part of the program. Experts say it effectively doubles the rate increases so the reality is that this has been one of the most aggressive overall tightening programs since WW II.

BullBear52x wrote:Wishful thinking.

There are major resistances ~2710 on ES charts, which are not easy to break...

Long 1 ES@2688.50 Stop loss @2680.

luckystar2006 wrote:

BullBear52x wrote:Wishful thinking.

There are major resistances ~2710 on ES charts, which are not easy to break...

entering buy the dip intraday right now. until this buy fail the swing setup may have a chance of sell rip. let see this dip buying first.

Hit stop loss @2680... I'm out

9:15 AM 12/7/2018
First sell was unattended (unintentional) so I sold a second at 2705.75 and then entered the second at 2698.50 for $200 and back to intended short 1.

It's good that the swing sell triggered, if it fails it will only make things better for bulls, also if this buy intraday failed, bulls are in trouble.

Strong move down. Finding some support.

Bigger view with the triple Keltner showing how extreme the moves have been.