Cobra's Market View

Intraday morning bulls can not lose today, profit taking line.

early warning of top from 15 min and 5 min in place
2550.50 vibration =3
10:11 to 10:13...

EO&NTA

Some very nice leaders on the S&P.

Back later. Gonna check the news. Ha ha

same playbook, dip buying zone.

Out for breakfast money. Probably a little early, but.....

Comments from the current wunderkid are up at the Evil site along with a nice piece from Northman Trading. McElligot's current thesis is that the funds are significantly underweight equities. We saw them get out and go short as the retired baby boomers got their money out of the market at year end. But this would not be a long term commitment by the funds, just renting equities as we retest the failure point around 2600.

Twitter feed is full of predictions for a top to this move around mid week unless something significant happens to change minds.

Teresa May expected to survive vote. No deal. Parliament cannot make up its mind. Chaos. Second referendum might be what happens. Stupid to even have the first one. David Cameron conveniently leaves after the original Brexit vote failed. UK as a financial center losing out.

Should I stay or should I go

https://www.youtube.com/watch?v=BN1WwnEDWAM

Good them song for Pelosi and Trump as well!

Bulls and Bears are battling in a very narrow range right now....

London/Frankfurt closing. Not uncommon for this time zone to be the high or low of the day. Considering the flat line for the last hour I don't have much hope for either. Another 30 minutes like this and I will be looking for a mirror to confirm it is a dead body.

FT 71 said this morning that the composite POC from the Dec 12 high to today's open is ES 2497.50. So if this thing starts rolling over that 'should' be an important level.

I will chase this break out.

There's the break, can the bulls hold it????

from twitter-

2 BIG buy programs hit at 11:36 POSSIBLE CAPPER'S but quote rates were not all that high so watching.... $SPY

another melt up day like Friday. once it gets boring time to take a walk. /es ATR is under 2, very calm market.

So far so good for the bulls....

Moving on up. Back later.

Updates from others-

This weekend Coolbiz showed targets of 2660 based on an inverted head and sholders pattern A couple of minutes ago he was doubling down on that prediction

"As mentioned a brief pullback for [ii] did come to 2524.56 low. Hope many of you got long..For a Wave [iii] of Minor C is near 2584-94,a pullback for [iv] and a [v] after to complete C by Friday or sooner? Will adjust as it progresses.Must not breach 2524 now or ST invalidated."

brokebybernacke2 wrote:

JFR wrote:Big picture. SPY trying to move up. It might take some heavy lifting. Bullish enthusiasm seems to be there. But the markets are kind of schizo. Brexit stuff coming up too.

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i see up to press 2600 level this week , not sure we can crack it without a solid test of the prior break out. jmho.

clearing longs 2580s to be safe expect a pullback, ups and downs, trying to crack that 2600 level , think fail until better long opps around original breakout 2480ish levels.

profit taking line, the fib extensions is in 65ish. easy day for bulls today.