Cobra's Market View

Small gap down within the Friday's range, plus most gaps after Major Accumulation Day got filled, so chances are the gap will be filled. Well, it's just past odds, nowadays, I really don't know. Need see how the first hour unfolds.

The Global ES is on the support now. No failure allowed here especially blue line at 1230 below, breakout below would confirm a top, then chances are the 11/25 lows got revisited before Santa Rally... I'll explain why if indeed. For now let's just worry about how today unfolds, after all this is Day Traders Lounge, not swing trader's haven.

Good Morning.

So honey...how do things look today?

http://99ercharts.blogspot.com/2011/12/sos.html

Rough surf.

GM Cobra!
SPX will drop back inside the MAW ribbon determined range.
Support is still 1231 (MAW233)

Shall we hit the beach?

EURUSD http://99ercharts.blogspot.com/2011/12/eurusd_12.html

Let's have breakfast first.

So what's for breakfast?

ES http://99ercharts.blogspot.com/2011/12/es_12.html

Toast.

Shall we dine on the roof?

DX http://99ercharts.blogspot.com/2011/12/dollar_12.html
Gold http://99ercharts.blogspot.com/2011/12/gold_12.html
Silver http://99ercharts.blogspot.com/2011/12/silver_12.html

Elevator up.

Cobra wrote:Small gap down within the Friday's range, plus most gaps after Major Accumulation Day got filled, so chances are the gap will be filled. Well, it's just past odds, nowadays, I really don't know. Need see how the first hour unfolds.

The Global ES is on the support now. No failure allowed here especially blue line at 1230 below, breakout below that would confirm a top, then chances are the 11/25 lows got revisited before Santa Rally... I'll explain why if indeed. For now let's just worry about how today unfolds, after all this is Day Traders Lounge, not swing trader's haven.

Thanks Cobra, following with attention and interest your every post!

Here comes GLD…It will open under MAE(13) and close to the MAE(34) support - all on weekly.
Probably some conspiratorial false rumors… as explained to us by Al Dente and “Le Penseur“ during the weekend.

GLD weekly: a chart discussed by me too many times:

SCO: line in the sand = 40 = MAW(34)

the open.

once again, a huge divergence in the equity markets compared to other asset classes. /DX trading at 80...level not seen since /ES was a clear 100 points lower than the 1237 it's trading at right now.

SCO:

a little too stretched now.

721.86 on the Russell should break.

good morning all,
is 1230 our next traget?

Sold TZA from Friday close and added back some TNA that I took off table @ 43.15-20ish.

Fri afternoon we had a P bar at 123.97 looks like we may reach that today. Lets see.

stall here, bounce?... or continue to the lower channel? 1225ish

BEARS: Long term food for thought
The Long Term “Disparity Index” chart is based on the old Fosback theory that when you compare a narrow-based index or “glamour” index like the Dow 30 with a more broad-based index of stocks, any disparity or divergence that appears will eventually be resolved in favor of the broad based index.

In this chart I used $INDU (30 stocks) compared with $NYAD (which Fosback originally used) and compared to the $WLSH our broadest based index (5,000 stocks). Then I added the Hang Seng Index on the notion that China has been our global leader over the last decade.

When Fosback tested his theory all the way back to 1928 he found disparities can persist for 7-14 months before resolving in favor of the broad based index.
Please note on this chart that we are in approximately month 11-12 of a bearish disparity.
http://stockcharts.com/h-sc/ui?s=$INDU& ... =250791110
Challenges from the board are welcomed.
[Source material: “Stock Market Logic” by Norman G. Fosback]

SPX : So it was a DT + corrective rally on Friday = This down leg must be a wave (C)

Will it be enough just a fiver or will it extend down seeking the 1x1 extension at 1223 ?????