Cobra's Market View

What happened to the 3 o'clock push ? It looks like Cobra's trend line is very strong !

Fed will not act yet. John Hilsenrath of the Wall Street Journal and Ben Bernanke's unofficial press secretary says so today.
http://online.wsj.com/article/SB1000142 ... lenews_wsj

For what it is worth, Zero Hedge is making it clear this move is short covering, unless you think homebuilders have finally recovered.

At 11:45 EST US Treasury sold about 30 Billion in 28 day paper at 0.0000% rate with 9 to 1 bid to cover ratio. Thanks ZeroHedge. Tomorrow we have the LTRO and clearly the bet by equity is that Sarkozey's carry trade will be implemented with all that ECB cash. Given the Treasury six sigma bid to cove...

I have to change the set-up on my simple system to ignore the London evening papers ! Every time they repackage an old rumor to sell papers my system gets whipsawed !
Also I promise to stop using !!! like a teenage girl !

Ha ! Cobra you sure are a funny guy. You ask what happened, but here it is, your home planet Mars is going to bail out Europe !
http://www.zerohedge.com/news/ft-releas ... all-rumors

Time for the mid-day visit of the rally fairies. Low volume, OPEX, Friday (plenty of weekend for E.U press conferences) we have seen this story line before.

I have the P-Bar on I.B.

Well ZeroHedge authors pretty well called this Fed meeting well in advance. Big thing is this will continue to put pressure on bank interest rate spreads, shrinking profits. Next step is for Obama to declare the refinance your government mortgage which, it is estimated, will put 85 billion a year in...

Do phantom bars after the cash close count ? Or are they too common ?

Ha ! Zero Hedge predicted the half life of the Chinese rumor at 15 minutes.

Elliot Wave is like economists. They always agree after the fact but too many possibles for the future. If you put all the economists end to end around the world they would all point in different directions. EW counters are the same way.

from ZeroHedge Goldman dropped their NFP estimate from 50,000 to 25,000. A reminder that last year it was confirmed that senior staff members of the house and senate finance committees receive the NFP number this afternoon. OF course it is confidential and they would never pass that on to Goldman, w...

BAC largest depot base in the country. You bet Bernanke loosing sleep over that question !

Merkel Sarkozy meeting presser at 12:15 eastern. Bulls hoping for Euro bond deal hint.