05/14/2012 Live Update

[Cobra]

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Big gap down so the gap might not be filled. We had too many huge gap down then sharp reversal, I don't remember how many times this is now. The question is, well, will this time be different?

Global ES broke the Symmetrical Triangle, for target, please refer to my weekend report. Since this down leg touched the dashed trend line below indicating the down press is still high therefore chances are more selling ahead. The chart below shows the normal pattern (what I mean more selling), I don't mean it'd go exactly like it.

[CarlosDK]

Hi Cobra

The symmetrial triangle points down yes - but we already broke it on this morning ,, but on the report this weekend you made the breakdown coming a bit later ? So its hard to see exactly what the target is as it brokedown early today ?

[CarlosDK]

From what I target I get ES 1330 or so - could that be pretty correct ?

[johnnywa]

Looking for a one day bounce once we hit 1337,could do it first 15 minutes

[Cobra]

I said you really don't want to see DAX hanging around the H&S Top neckline which if break down happens it'd make the H&S Top as real as it gets. Since now Europe is the focus of the story, I moved DAX to the top of my public list, I don't normally comment on DAX in the daily Market Outlook, but you can always find the update in my public chart list: viewtopic.php?f=2&t=544#p75262

[Cobra]

Hi Cobra

The symmetrial triangle points down yes - but we already broke it on this morning ,, but on the report this weekend you made the breakdown coming a bit later ? So its hard to see exactly what the target is as it brokedown early today ?

The report shows you how to calculate the target, not telling you when to break down. So use the method it shows you to calculate the target. I usually don't rely on those targets though.

[TradingJackal]

Open below the lower bollinger band has the potential for Oct repeat.

[ronrico]

We are 1/2 way back on the year today. Rallies have been kicking in after europe closes lately,
after all they have had their fun with us so far today.

[alvian33]

Cobra, it's funny now I see BPT live alerts, use your kind of judgement on measure targets , actually in the past they used to copy your charts a lot, I am not subscribed to them now, but I took a look yesterday and I see they sometimes use your analogy on targets etc, funny

[KeiZai]

Channel break would be very bearish IMHO

[Cobra]

the open. a little too stretched, so might be a rebound first then will see.

[Cobra]

Cobra, it's funny now I see BPT live alerts, use your kind of judgement on measure targets , actually in the past they used to copy your charts a lot, I am not subscribed to them now, but I took a look yesterday and I see they sometimes use your analogy on targets etc, funny

Thanks for letting me know. I know their story, I've been told about them many times.

[Mr. BachNut]

Short.
Got second sell signal Friday but did not stack on another short layer given prospects for bounce this week. Perhaps a mistake.
Anticipating bounce for three reasons:
1) OPEX pain trade on put holders
2) Facebook IPO looks to price this week (note it appears the underwriters have been rushing to get it priced which is concerning)
3) Bulls have to make a stand here or else
Or else may be on deck as overnight action was bad, which lifts prospects for SPY gap at 133 to get closed in short order.
Let's see though if we get more of those intraday face ripper short squeezes like we were getting last week.
Inclined to hold short through any bounce (maybe even stack at levels above Friday's close) but have to let data dictate.

[CarlosDK]

Markets looks weak ,, on SPX 1340 support

[PLUNGE]

Does anyone have a free website for Max Pain? My sources have all started to charge for calculations. Thanks in advance!

[KeiZai]

One more bounce into opex week or is the show starting soon?

[MrMiyagi]

Zuckerberg and his cronies better start manipulating the market or else no one is going to buy their Facebook ponzi stock.

IWM ghost bar to 78.94$

[uempel]

I've got a signal on the 10 min ellipse, sets the move for 14.40 pm

[Cobra]

is it possible a small triangle in the forming?

[Major]

Does anyone have a free website for Max Pain? My sources have all started to charge for calculations. Thanks in advance!

You might look at <http://www.option-calc.com/optioncalc/> and <http://maxpa.in/>