Cobra's Market View

Hello Cobra (and others). I've been gone a while. Not really trading the Spoos all that much. But, I just can't stay away for too long.

Anyhow---does anyone have any comments on the divergence between the Spoos and dr. copper?

Petsamo wrote:Anyone have a high dividend (income) stock (ETF) they like ?

DVY isn't bad.

Close above 1452ish SPX will signal a triangle breakout IMHO.

Something has to give here though with the big sell off in energy. Either energy has a pop tomorrow with equity or equity drops to catch up to energy.

OR we all buy AAPL.

Looks like someone is leaning rather heavily on that buy button in front of the debate tonight. Lookie me --- oil is down, market is up? Who's the man?

Long equity short crude. Twilight zone?

CL and HG are both green. CL holding support at 91.60 and challenging resi at 92.00. HG broke out of bull flag yesterday and made successful retest of broken flag overnight. Both CL and HG did not confirm the second low on the SPX/ES. Furthermore, they are both holding very stubborn choosing to fig...

ClarkW wrote:Kena and Dr. Al: Thoughts on CORN. Did it break your dome this morning?

Bounced off of 100 sma. Take a look at Fibs for a potential short.

Cobra, you always say the DOW leads...it is the 1st to break the Wednesday low...look out below??? :o but indu didn't drop below its 09/13 low yet while SPX already did, so it might not mean anything here. Market trying to setup a double bottom here, though I think it will fail. copper and crude sa...

Cobra, you always say the DOW leads...it is the 1st to break the Wednesday low...look out below??? :o but indu didn't drop below its 09/13 low yet while SPX already did, so it might not mean anything here. Market trying to setup a double bottom here, though I think it will fail. copper and crude sa...

stucap wrote:Copper refuses to go red --- perhaps SPX leads today?

didn't think so. BTFD.

Copper refuses to go red --- perhaps SPX leads today?

fehro wrote:pause here?

nah, dip bought, 1500 soon

Cobra wrote:hopefully it's an ascending triangle. I'm still neutral waiting for the market to show the direction.

Crude futures are in a similar formation. Would think that the first daily rip on crude/spoos would be sold. But it appears traders are content to buy the dip today.

my money is on a close at/near highs. this dip was so the pros could buy the next leg up at a little discount.

Al_Dente wrote:12:40 ET fail high spy
12:55 ET fail high spy
1:55 ET fail high spy
3:00 fail (exact doub top)

Al, remember bulls get as many tries at resistance as they want. Bears are lucky if they get one crack at support during open market hours.

Chart by Schaeffer's showing short int. is boosting the mkt up on short term..Also the buying climaxes on individual stocks is showing some slowing dn which will be putting some downward pressure on the mkt.. 120828SPX_SI_Chart.gif Thanks kena Here is the latest si report from the NYSE Note folks r...

spoos are working a channel -- bull flag most likely.

decent risk/reward for a short at 1410ish (stop 1411.25). but i might be chicken in front of the 10am consumer conf data.

Looks like a bull flag breakout to me. I'd bank on a retest of the high.

Then again, I had a short on over the weekend and got stopped out at 1415, so this thing might just tank to spite me

took one little dip to awake the honey badger. brace yourself.

Cobra wrote:

stucap wrote:

Cobra wrote:the open.

consolidation favor bears?

wait, cannot say it's consolidation yet.

thanks.