06/08/2012 Live Update

[snakehead]

Cobra, what is your view on gold? The breakout several days ago is real or not? Thanks!!!

I realized you asked Cobra, but here is my 2 cents on gold and related:

GDX and $HUI recently started displaying P&F patterns indicating turn-around (breakout).
Not only that but the "Aroon" indicator has confirmed a change in trend to up. I had been building
up a GDX position near the bottom (actaully NUGT) and was hedging it with DUST, taking daily profits
depending upon which one was up or down that day .... Now have switched into a core GDX postion (less volatile ...

plus you get to collect the dividend!) with a 5-6 month time horizon. Adding to it on dips.

[TraderGirl]

spx trading in a price channel...

[snakehead]

USO has a nice rally as if there were news

Are there any CL contracts expiring today?

[Cobra]

Cobra, what is your view on gold? The breakout several days ago is real or not? Thanks!!!

in wait and see mode, still a little bullish biased.

http://stockcharts.com/public/1684859/c ... /124844123;

[Mr. T]

Pat Morita,

Hit the turbo again!!!! It won't blow the engine right??

[Cobra]

C&H target. bullish.

[Petsamo]

USO has a nice rally as if there were news

Are there any CL contracts expiring today?

I dunno. I just learned a few weeks ago that CL is not Colgate-Palmolive

[Al_Dente]

THAT’S INTERESTING
Spy is ahead of xiv
spy new hi
xiv not
not

[Mr. T]

USO has a nice rally as if there were news

Are there any CL contracts expiring today?

I dunno. I just learned a few weeks ago that CL is not Colgate-Palmolive

Well of course silly...... everyone knows CL is Cobra-LuLuLemon

[MrMiyagi]

Pat Morita,

Hit the turbo again!!!! It won't blow the engine right??

[gappy]

USO has a nice rally as if there were news

Are there any CL contracts expiring today?

Opec meeting?

[rola]

Vix allmost green

[uempel]

Last update...

[Mr. BachNut]

As long as the long bond and $ continue tracking down, equities can keep climbing.

I imagine there are buy orders and buy stops right above yesterday's high.
May need to clear those out before a corrective move.
I suspect the elliott wavers can come up with a count that makes yesterday's high a 3, this morning's low a 4 and a new high a 5 coming up from the bottom.

[TraderGirl]

EWZ and FXI look like they need another leg down as well....

EWZ is very oversold relative to FXI & IWM. It may turn strong at anytime.

It could break out and invalidate this pattern of course...

TG: I realize that we recently had a full moon, so very bullish phase now based strictly on lunar but I was
wondering if you are seeing any possible astrological turns coming up soon?

Sorry, my little girl wanted me to throw her on the bed...

There could be a turn around 13-15th most likely down into Greek vote.. then up into 24-26th, lower high is a possibility here, because after that could have a good sell-off...???

[Cobra]

well, at least one target met. you don't want to see a little bit bigger pullback here though.

[Richarab]

Cobra, what is your view on gold? The breakout several days ago is real or not? Thanks!!!

in wait and see mode, still a little bullish biased.

http://stockcharts.com/public/1684859/c ... /124844123;

immediate term watch smack down at 1600 ish

Near term flying for easing and Spanish sentiment this weekend is the lever now

Near to long term 1250 is my target
No easing - legs from this crater - even with printing press and currency completely disentangled from gold (no reality ) gold is not debt and debt rules the world


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I am here: http://tapatalk.com/map.php?e414uc

[uempel]

Did you guys hear the crazy story about UBS trying to buy FB on day one, and not getting any confirmation from Nasdaq?.

So they kept on pressing the buy button - 1 million shares each time. But they only wanted 1 million shares, and suddenly they had confirmation for xx million shares. Apparently UBS losses so far are 350 million. So they must have pressed the buy button about 20 times

Ouch! Here's a link to a story about UBS and Citigroup's losses on FB.

http://www.marketwatch.com/story/ubs-ci ... 2012-05-25

The Zuckerberg jokes are pretty funny....FB buyers are zuckers. Internet stocks got zucked.

Michelle, Marketwatch says 30, but CNBC says 350

http://www.cnbc.com/id/47739332

[TraderJoe]

I purchased the domain name - zuckeroff.com - I thought it may come in handy some day...

[tradilus]

well, at least one target met. you don't want to see a little bit bigger pullback here though.

Great calls today, thanks. I was with you all the way on the upside move... I follow your calls on SPY but trading mostly ES - are there any important issues you would recommend to follow?

BTW - I can see the update came just in time for me to exit before the pullback...