Cobra's Market View

SPX 5m... possible bear wedge.. but take with a grain of salt .... VIX still weak

Long. Tightened stop to profit stop.

My summation signal is up.
My composite trend signal turned up yesterday but is overbought and vulnerable to whipsaw.

When I say I have no idea what is going to happen, I mean it.
Yesterday, I was anticipating some gap fill after the open and then a down move. Instead we had a trend day up.

My trend signal turned up yesterday, but it is not actionable given overbought readings.
The market can keep going up and get more overbought, but the risk return ratio of new longs here is not good.
A mild down day or two or even consolidation for awhile could clear this up and open up long setups.

In the meantime, I have some longs from the summation signal, which are subject to tightening stops due to the overbought readings.
A corrective move would take 'em out and get me neutral.

While my signals are up, I remain open to downside scenarios too.
The technicals driving my trend signal leave a lot to be desired, and a bad day or two could whipsaw it back to down.

That said, we may be in a no sellin Yellen market.
She basically told us she would refill the punch bowl if it ran dry. Party on.
Ultimately, I think Mr. Market will provide her and educational experience for this...

As I have proven that I don't know what will happen, I'll stick to the models and setups.

"We're never going down again!!!!"

The Zweig Breadth Thrust Indicator was triggered
Please verify
(Worden’s T2103 says yes; stockcharts says no. Which one is correct?)

Dailies... little island top on GLD?.. gold tagged it's 200d and then some.

IWM finally made a higher high this morning to possibly have completed v of C...while SPY completed the same wave, so perhaps that is it in terms of the advance for today, or very close to it...

SPX 60m w/closer view... possible channel... mind the higher open gap... almost 100 point move! from last week

covering here on a short from 1832.00

SPX update (I switched from long to short)

Al_Dente wrote:The Zweig Breadth Thrust Indicator was triggered
Please verify
(Worden’s T2103 says yes; stockcharts says no. Which one is correct?)

Al, I guess you know that this is not necessarily a short term signal

"The breadth thrust indicator was developed by investor and analyst Martin Zweig. Since it provides a timing signal with a gap of many years or even decades, its utility lies more in signaling long-term trends than as a short-term trading indicator."

Undervalued opening long options sentiment bullish on All Securities, ETFs and Indices

http://www.ise.com/market-data/isee-index/

Happy Valentine's Day All

uempel wrote:

Al_Dente wrote:The Zweig Breadth Thrust Indicator was triggered
Please verify
(Worden’s T2103 says yes; stockcharts says no. Which one is correct?)

Al, I guess you know that this is not necessarily a short term signal
"The breadth thrust indicator was developed by investor and analyst Martin Zweig. Since it provides a timing signal with a gap of many years or even decades, its utility lies more in signaling long-term trends than as a short-term trading indicator."

Neg divergences on all time bases (weekly - 15 min), I swear this thing looks like it's running out of gas, but we all know that ND's don't always play out Who's going to sell first?

VIX 60m.

Index dailies

Al_Dente wrote:The Zweig Breadth Thrust Indicator was triggered
Please verify
(Worden’s T2103 says yes; stockcharts says no. Which one is correct?)

Hey Al - whats the ticker for the Zweig Breadth Thrust on Stockcharts? Is it a custom chart? Thanks

Update:

Tutti wrote:

Al_Dente wrote:The Zweig Breadth Thrust Indicator was triggered
Please verify
(Worden’s T2103 says yes; stockcharts says no. Which one is correct?)

Hey Al - whats the ticker for the Zweig Breadth Thrust on Stockcharts? Is it a custom chart? Thanks

$NYADV:$NYTOT smoothed with a 10 ema

$SPX: From the Feb 5 low it could be a Zig Zag