Cobra's Market View

Small gap down, within the Friday's range so the gap might be filled.

Not much to say on Global ES, the feeling is the overnight high at 1230 might get revisited. I'd pay close attention if the pullback this time is larger than the last time to gauge whether the up momentum is weakening.

morning guys.. i was up at 4:30 am today... saw we were at major resistance and shorted /es 1230. i am looking to cover near 1210. good luck today ....

i got some sds friday.

Overall, this looks like a possible doji day. Good morning to all and Happy Trading!

analyst tidbit (copyright schwab)
“…Sam Stovall is chief equity strategist at Standard & Poor's. He notes that expectations for corporate earnings have come down significantly in recent months… the consensus Q3 earnings estimate for S&P 500 companies has been pared from 16.9% in July to 13.1% as earnings season began. Energy names are likely to show the strongest improvement with a double digit increase. Towards the low end are the financials which have seen their quarterly earnings growth rate slashed from 14.9% in the summer to 0.9% now. Looking ahead, the analyst community anticipates Q4 earnings to grow by 13.8% as tracked by Thomson Reuters…”

“… Mr. Stovall provides … technical tidbit ... the quarter just ended marked the tenth time since World War II that the major averages experienced a drop of more than 10% in the third quarter. Stovall's research found that stocks rose in eight of the nine subsequent fourth quarters by an average of 7.2%.... While Stovall is optimistic about the present quarter, he remains cautious overall. He warns that a Q4 stock market rally could be followed in the first part of 2012 by a slide back to the recent bear market levels under S&P 1100….”

Good Morning.

Updates

EURUSD http://99ercharts.blogspot.com/2011/10/eurusd_17.html
ES http://99ercharts.blogspot.com/2011/10/es_17.html

GLTA.

Precious metals Bulls:

Gold http://99ercharts.blogspot.com/2011/10/gold_17.html
Silver http://99ercharts.blogspot.com/2011/10/silver_17.html

Heads up.

Good morning Cobra!
In spite of the engineered “rampo” on close, Adv/Decl ratio of NDX did not move drastically…and NDX stayed in a “cycling mode”. This is compatible with a lame market today…

Ditto.

Copper http://99ercharts.blogspot.com/2011/10/copper_17.html
Crude http://99ercharts.blogspot.com/2011/10/crude_17.html

Fun.

the open. very nice, stockcharts shows no charts. will have to use ninjiatrader instead.

Cobra wrote:the open. very nice, stockcharts shows no charts. will have to use ninjiatrader instead.

Strange, it's working for me. Try re-updating.

So honey...shall we go to the beach today?
SPX http://99ercharts.blogspot.com/2011/10/spx_17.html

What for? Watch the cliff divers?

PAGING JARBO
1min internals to watch the open, rearranged again, this time I swear is easier 2 read
Looks cocked up: stockcharts not even yet showing spy/sh open!!… so much for live…BUT NYADV/NYDEC ARE LIVE
http://stockcharts.com/h-sc/ui?s=SPY&p= ... =246007758
u still looking for more weakenss? lots today
Will GOOG abandon that baby near the close?

Al_Dente wrote:PAGING JARBO
1min internals to watch the open, rearranged again, this time I swear is easier 2 read
Looks cocked up: stockcharts not even yet showing spy/sh open!!… so much for live…BUT NYADV/NYDEC ARE LIVE
http://stockcharts.com/h-sc/ui?s=SPY&p= ... =246007758
u still looking for more weakenss? lots today
Will GOOG abandon that baby near the close?

i want to see even more decliners!

waverider wrote:

Cobra wrote:the open. very nice, stockcharts shows no charts. will have to use ninjiatrader instead.

Strange, it's working for me. Try re-updating.

No I changed another machine, still don't work.

cobra do you see the p-bar on spy at 123.5? thanks

I have the P-Bar on I.B.

Momentum is shifting.

http://stockcharts.com/h-sc/ui?s=SPY&p= ... =158422148

Cliff diving?
RUT http://99ercharts.blogspot.com/2011/10/rut_17.html

They may bounce off that ledge.

today's tell is WFC... i covered my shorts at 1210... we should find some support around here. i am am slight long 1210. stop is 1207.75