Cobra's Market View

UP 6 weeks in a row, the next week has 50% chances to close up, 70% chances to make a higher high.

SPY daily.

Irrational exuberance.

Company profits are good.

P/E ratios are a bit high, but not crazy.

But are funds and investors ready for sharp downturns?

World events (war, price of oil, inflation) pose serious dangers for stocks.

Ahhh, no worries, Mate.

There are plays to be made, however. Be nimble. Be quick. Don't follow hype.

SPY 15 minutes.

Floating up. On hot air or substantive developments?

Huge end of day activity, for this week, in this atmosphere, a very bullish signal for the next day.

I'm inclined to see a lot of hot air, even though I am generally an optimist.

Best to be an in/out daytrader and short term swing trader.