10/10/2012 Live Update

[Cobra]

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Flat open, so any gap will be filled. Usually after a wide range day, the next day tends to be a narrow range day either green or red.

Global ES is simple, it's a Bear Flag, may or may not continue up today but chances are the rebound would fail eventually. The only event needs a little attention today is Fed Beige Book at 2pm ET.

[Cobra]

members only update starts here: http://www.cobrasmarketview.com/2012/10 ... ay-update/

[TradingJackal]

We may be in a triangle (a wave 4) after the Sept peak. ABC done. DE left. Market is buying time not equities!

[Cobra]

DAX key time, must decisively break below the blue line to confirm 1-2-3 trend change.

[Cobra]

oil surprisingly strong yesterday, so may be more rebound?

[Harapa]

Momentum Block Update:
Momentum indicators for equities around the globe are in sell mode, however, momentum in currencies market has improved overnight; three best players in this category (AUDJPY, AUDUSD, and USDCAD) are now in buy zone. Since these tend to lead the change in trend in equities, current correction may be near its end.
**Caution/Warning: These signals can/do change quickly and this is not a recommendation to buy or sell anything**

[Cobra]

I don't read gold pattern as bad yet.

[gappy]

Posted by Cullen Roche in Pragmatic Capitalism.

sg.png

Not so worried now, but later a whistle past the graveyard. Prag Cap always a fun read, just lacks the genious possessed by such as the Maestro Cobra and his faithful. GLTA.

[Cobra]

the open.

[ClarkW]

Posted by Cullen Roche in Pragmatic Capitalism.

sg.png

Not so worried now, but later a whistle past the graveyard. Prag Cap always a fun read, just lacks the genious possessed by such as the Maestro Cobra and his faithful. GLTA.

Do you interpret this as bullish or bearish? Or just a fyi?

[ClarkW]

Lots of comments in last nights posts, Cobra. Great stuff as always!

[uempel]

My favorite charts for today:

[gappy]

Posted by Cullen Roche in Pragmatic Capitalism.

sg.png

Not so worried now, but later a whistle past the graveyard. Prag Cap always a fun read, just lacks the genious possessed by such as the Maestro Cobra and his faithful. GLTA.

Do you interpret this as bullish or bearish? Or just a fyi?

Bullish, market price must be competitive to other investment opportunities. Buying time is a strategic manipulation prior to delivering the product.

[Cobra]

rebound from support.

[grachu]

COBRA I LOVE THE NEW MEMEBER UPDATES !!!! GREAT IDEA !

[Cobra]

my wild-est-est-est guess for today.

[Cobra]

COBRA I LOVE THE NEW MEMEBER UPDATES !!!! GREAT IDEA !

thanks.

[Cobra]

if we can rebound from here, that'd be prefect setup as the morning dip could be seen as the 2nd test of the overnight low and succeed.

[uempel]

Update:

[Mr. BachNut]

Still short.
Tightened stop but reduced it by half.
Will stay discretionary with the other half for awhile (probably a bad idea that eats up my profits ).
Enough technical damage has been done, where it makes sense to keep a few chips on the table, at least for awhile.

My composite technical trend signal is still long but could turn with another bad day.
My summation index signal is still short.
With treasury auctions ahead and OPEX next week, potential for a bounce is there in coming days (not to mention the P Bar).
The questions are how high does it go and does it get sold?

VIX is still pretty calm. So, no signs of panic or anxiety.
Bears will know the main event has arrived if VIX breaks 19.
Until then, the regularly scheduled squeezings should continue.
That said we are in a neighborhood where a break could occur.