Cobra's Market View

Gap up, like I said last night, test the high first, now key time, as every time revisit the previous extremes there's a chance for reversal. Fail to breakout decisively or cannot even make a higher high then the price would normally try the opposite direction. So key time, let's see.

The big picture is clear though, unless we're still in a range, otherwise, the pullback will be shallow cause the push up we had is way too strong to fail at the very first reversal attempt.

This market requires no logic, it's kind like, hey, I know tomorrow would be fine, the day after tomorrow will be ugly, but, who cares about the day after tomorrow, since tomorrow is fine, so we shall up and up and up until galaxy far far away. So let's try not to argue, hey, we are in deep trouble, the only question need to ask is: will tomorrow be fine? If the answer is yes, then you bet, the market is going to galaxy far far away.

Despite my crazy logic about the market which drawn after years of observation, don't worry, I remain cool headed, because I still know, the day after tomorrow we're not fine! Make sure you always remember that.

Good Morning.

So honey...it's the weekend. Shall we go out?
EURUSD http://99ercharts.blogspot.com/2011/10/eurusd_14.html

Let's wait.

TGIF.

Cobra wrote:Gap up, like I said last night, test the high first, now key time, as every time revisit the previous extremes there's a chance for reversal. Fail to breakout decisively or cannot even make a higher high then the price would normally try the opposite direction. So key time, let's see.

The big picture is clear though, unless we're still in a range, otherwise, the pullback will be shallow cause the push up we had is way too strong to fail at the very first reversal attempt.

This market requires no logic, it's kind like, hey, I know tomorrow would be fine, the day after tomorrow will be ugly, but, who cares about the day after tomorrow, since tomorrow is fine, so we shall up and up and up until galaxy far far away. So let's try not to argue, hey, we are in deep trouble, the only question need to ask is: will tomorrow be fine? If the answer is yes, then you bet, the market is going to galaxy far far away.

Despite my crazy logic about the market which drawn after years of observation, don't worry, I remain cool headed, because I still know, the day after tomorrow we're not fine! Make sure you always remember that.

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We'll trust the King Cobra who is correct the majority of the time. Thanks for the awesome report last night! Super site and super insights. As one of the other bloggers so eloquently said, "JBTFD".

Wait?
ES http://99ercharts.blogspot.com/2011/10/es_14.html

Yup. We have the whole weekend!

Good morning Cobra:

I am with about tomorrow is fine, no one is certain about days after tomorrow
By the way have you had a chance to look at SPX monthly chart this month candle bar. It seems too stretched for me. Especially, months prior to that were downward momentum. So, doesnt it need to step on the brake, slow down, then reverse. Because of that I don't think body of this month candle can extend much larger. Besides, so many resistances at 1228ish level. Another thing is that if you look at other times when it tried to overcome this level of resistance, major reversals occurred.

Please share your thought.

great post cobra. makes perfect sense

Yes, Cobra, U r cool

Good morning.

I will follow the crazy logic as long as it works.

GM,
Top or break out? bull flag at the major resistance area. can't fight them join them.

wayne0708 wrote:Good morning Cobra:

I am with about tomorrow is fine, no one is certain about days after tomorrow
By the way have you had a chance to look at SPX monthly chart this month candle bar. It seems too stretched for me. Especially, months prior to that were downward momentum. So, doesnt it need to step on the brake, slow down, then reverse. Because of that I don't think body of this month candle can extend much larger. Besides, so many resistances at 1228ish level. Another thing is that if you look at other times when it tried to overcome this level of resistance, major reversals occurred.

Please share your thought.

I've replied you in Disqus.

The German DAX has a lower low & a lower high. I we rally in the first 2 hours, it'll be to assist the DAX in acquiring a higher high.

so here we go 122 and then to 118

another break out on EurUsd

the open. very stretched so should be at least a consolidation of some kind.

Petsamo wrote:The German DAX has a lower low & a lower high. I we rally in the first 2 hours, it'll be to assist the DAX in acquiring a higher high.

where do you get real time dax index data? thanks.

Buying UNG again.

resistance.

hi bullbear,
how does this impact the equity market?
apologize if this is too obvious question .. but i am new to all this... as you may have noticed

BullBear52x wrote:another break out on EurUsd

the logic is to up like no tomorrow. you get it?

Cobra wrote:the logic is to up like no tomorrow. you get it?

I mentioned the kick save right before close...that was my reminder to close out because tomorrow would be better. Today could be an exhaustion gap...will have to watch the action. Geithner said all is well...