Cobra's Market View

Huge gap up above yesterday's range so chances are that the gap won't be filled and hopefully we could see a trend day again today.
Retailers are still very very bullish.
I don't see much institutional accumulation here but today may change everything since it's gapped up. Stocktiming's institutional charts are actually very predictable, on a huge up day you will see accumulation rise while if the day opens low then closes even very high, you don't see institutional actions much, so I don't know what's their source for institutional actions.

morning :D

good morning

Cobra- are there stats to say that larger gaps usually do not get filled?

Cobra,
BKX has been dismal. Could today be a rally day for FAS?
TIA Ek

All I saw a couple of weeks ago were posts about how we were going to at least 1220. Proves how it pays to ignore the predictions and follow the market. Bears are getting killed. Gap, gap, gap, gap, gap. We are getting overbought, but pullbacks will most likely be shallow.

biotrader wrote:Cobra- are there stats to say that larger gaps usually do not get filled?

Yes, large gap above last day range usually don't get filled.

stocksage wrote:All I saw a couple of weeks ago were posts about how we were going to at least 1220. Proves how it pays to ignore the predictions and follow the market. Bears are getting killed. Gap, gap, gap, gap, gap. We are getting overbought, but pullbacks will most likely be shallow.

Look at QQQQ. Since when you see the market was led by SPY? Bears are not over yet.

The open.

6 pts is a huge gap?

Big picture, still pretty much my evil plan goes on, but keep going higher and higher my plan would be dead.

Well, my prorealtime chart just filled the gap in a matter of seconds and then bounced straight up again.

/ES
Wave extensions have WW targets too. 1301.
http://99ercharts.blogspot.com/2011/03/es_30.html
Good luck.

Cobra wrote:

stocksage wrote:All I saw a couple of weeks ago were posts about how we were going to at least 1220. Proves how it pays to ignore the predictions and follow the market. Bears are getting killed. Gap, gap, gap, gap, gap. We are getting overbought, but pullbacks will most likely be shallow.

Look at QQQQ. Since when you see the market was led by SPY? Bears are not over yet.

Bears will have a couple of good days probably as we get overbought, but doubt we revisit the lows of a few days ago. Distribute as we go up and buy the 3 wave pullbacks..qqq is weak because aapl has been weak the last couple of days. That won't last for many more days. Appl still up 20 something pts. from the low of a few days ago.

APPL selling off. I'm not buying this rally

MN,

some thing doesn't smell right, so many poeple got it right lately, both bulls and bears seem to make money. I am out of my SSO, nice coffee.

I'm still working with this chart:

First of all I'm not bear, let's make this very clear, I'm a snake. But before bulls yelling "told you so", be careful of who's leading the market.

here is what I am going with today as far as lines and targets.

Total runaway gap days in this rally (where the market opened high, didn't fill the gap, and closed at the highs of the day): 0