Cobra's Market View

Right at the door step to Dow all-time highs. I am long until close. May buy SPXU at the close.

Hello weekenders, Evening star confirmed on DIA any one? DOW leads? 1.JPG all the rest are not so healthy looking either here. 2.JPG and my silly MO reads sell first ask question later. 3.JPG I have a SPY DEC put spread, and would love to see a trend reversal down here. But, wouldn't an evening sta...

Gap up tomorrow and fade.....

AAPL

60 minute looks good. That tail on Daily is getting longer and longer. Pos div and ST low might be in place. A lot of resistance ahead though.

AAPL - I bought 1/4 position at $526 and will add 1/4 more if it gets to $517 (May lows). I am debating where to put my stops, though. 14M shares in 3 hours of trading. I know it's opex week, but we're on pace for a heavy volume day. Washout? Who knows...

TraderGirl wrote:That same 61% retrace takes Apple to $320 eventually....

Waiting for that right shoulder to happen....

Al_Dente wrote:AAPL tests low and then flags up to 50ema resistance

1113aapl.png

If it can break up $552-555, I may consider going long. But there is signficant resistance at starting $570, $585..won't be easy.

I am looking to start a position (plan on buying some Feb calls) in AAPL, but waiting my turn for a reversal.

Having said that, we're over the average daily volume in less than 3 hours of trading. Have to consider all options, but this could be the flush out.

Cobra wrote:ascending triangle or pennant, so the bias is up.

What's the evil plan now?

How about 1500?

Despite this selling, bulls are defending 1400 fairly well. Most likely a gap down tomorrow or subsequent is needed.

AAPL came out strong..curious to see thoughts on AAPL. Bear Trap and new highs?

I am looking at 1425-1430 before any pullback. The market is simply consolidating and shaking out people before next leg up. When T rates are this low, where else do you put your money...equities.

Russell is going strong. 1420 seems a given.

If we actually get to 1420 today, I may have to think this is an exhaustion bar and buy some Sept puts at the end of the day or tomorrow.

As bullish as I am, I am getting a little nervous if this gets past 1420. I truly believe we are in a state of "irrational exuberance" with no sellers and the melt up. I agree with some of the other posters. It feels like Jan-Feb when the market just drifted up defying TA

usctrojan99 wrote:This looks like a move to 1410 right now....

Well didn't expect that..probably should have said 1400

This looks like a move to 1410 right now....

Likely consolidation for weekly highs

There she goes...

I wouldn't short this market. This is going to be a slow and steady opex week with a very tight range. I am writing options the past 2 weeks and collecting premium.