Cobra's Market View

Small gap down below yesterday's range low, not sure if the gap will be filled because statistically the gap after a Major Distribution Day mostly filled the same day. On Global ES we finally have a lower low and before it could close above EMA20, the trend is clear down. Oh, I might be outside from 12:00pm ET to 2:00pm ET so won't be able to comment here during those 2 hours.

Expecting a bounce at gap support at 129.50 SPY or so up to 131.20 SPY while they sweep out some stops from people who got short yesterday and fill a little of yesterday's gap. But still short overall, want to reload on puts a little higher though.

Cobra's new board. Congratulations!

Morning.

An 8.9 tremor in Japan. Markets down on the news in Asia and Europe so it would not be surprising to see US prices go lower today. /NQ levels may reach the lower boundary of a Broadening Top.

http://99ercharts.blogspot.com/2011/03/nq_11.html

Good luck.

morning all,
Thanks Cobra, did you know you got almost 4000 viewers yesterday, congrats!

here I got something to ponder, me think this time is different.

The open.

Resistance area. We got a strong start so far.

Gap filled.

Little trend line here plus EMA20 as resistance. You can always find my chart in my public list by the way.

Still fighting trendline. The open is very strong, so I'd expect more on the upside.

Buying FAZ in an anticipation that the Ascending triangle will betested and break out, if not FAS here I come.

This downturn looks similar to the November 2010 downturn, but in that pattern 3 of the last 4 days ended above the open on the SPY (11/24 to 11/30). In our current pattern we have had 4 of the last 5 days end below the open...so this should be different and further downside in the days and weeks ahead, even though both appear to have stopped around the 50 day MA. I vote for much lower in the days and weeks ahead.

UNG is bottoming, longer term pick for me.

I am very doubtful that we will close below the 50MA for the week. In fact, with today's slightly bullish action in the morning. I am expecting the market to close right at the 50day moving average. 130.30 on the spy. Predictions are just predictions, market will lead us.

shumushu wrote:I am very doubtful that we will close below the 50MA for the week. In fact, with today's slightly bullish action in the morning. I am expecting the market to close right at the 50day moving average. 130.30 on the spy. Predictions are just predictions, market will lead us.

I think the market will go side ways at best. too many people expecting a rebounce including me, therefore it ain't gonna happen, so short on with tight stop.

Dollar
Channel up.
http://99ercharts.blogspot.com/2011/03/dollar_11.html

99er wrote:Dollar
Channel up.
http://99ercharts.blogspot.com/2011/03/dollar_11.html

I just longed the dollar too! Lets hope we bounce here.

BullBear52x wrote:Buying FAZ in an anticipation that the Ascending triangle will betested and break out, if not FAS here I come.

The BKX is trying to put in a short term bottom.Could be anytime.

Another test. Market doesn't want to fall, that's what I feel.

Chopy Chopy this morning but S&P seems strong ...I think we will close up in the green.