Cobra's Market View

Lots of positive signs, elder impulse on Daily is still in red. bulls need to do more.

FlowerGirl wrote: LONG NUGT ...
Edit:
Chart...
Exit point fluid...

The attachment NUGT.png is no longer available

Thank you NUGT... A gain of ~ 10%....

fehro wrote:talking island tops yesterday… XLF.. last two weeks.. possible island top? (it's a little gappy overall) are the financials going to start to squawk about shale OIL loans in trouble? .. weekly sitting on a cliff of sorts..

Weekly banking is confirmed down trend start long term.

Junior Buffett wrote:FG,

No wait for below 2000 S & P entry?

R/R favors SVXY ATM....

I mentioned CF yesterday. Blast-off is following through. Lets see how far it can go on this leg. A simple fib extension shows $320 as the next stop. This could take weeks but I don't mind making $$$ slowly.

FlowerGirl wrote: Building a LONG position in SVXY...
Only questions asked here will be answered...if...

be careful… mind the gap…

mini pullback target. exceeds it then bulls are in danger.

Most corrections are ABC in nature. The last one was not. It was a V bottom, which is actually fairly uncommon. Today's rally is an attempt to end wave A down.

This is day 6 of the correction. Almost all corrections run between 2-6 weeks, again except the last one which was short. I tend to discount the last correction completely because of the enormous rally from the bottom.

Furthermore, I won't turn bullish until these hard selloffs in the last 15 mins stop. We've been getting those every single day for I think 2 weeks now....

fehro wrote:

FlowerGirl wrote: Building a LONG position in SVXY...
Only questions asked here will be answered...if...

be careful… mind the gap…

sorry a tad sloppy with my lines.. fwiw… 60m again SVXY

very very disappoint in da bulls today, out of gas?

SPX possible channel support.. as we drift into the lunch hour…

I'd say V bottoms were uncommon up until 2013. It seems as though they have become most common since then.

Edit: http://jlfmi.tumblr.com/post/1014164376 ... in-fashion

DellGriffith wrote:Most corrections are ABC in nature. The last one was not. It was a V bottom, which is actually fairly uncommon. Today's rally is an attempt to end wave A down.

This is day 6 of the correction. Almost all corrections run between 2-6 weeks, again except the last one which was short. I tend to discount the last correction completely because of the enormous rally from the bottom.

Furthermore, I won't turn bullish until these hard selloffs in the last 15 mins stop. We've been getting those every single day for I think 2 weeks now....

V bottoms = bear traps. The market has become very efficient at trapping bears at key technical transitions...

In the bears eye now.

Someone was talking about the banking index this morning. Here is a chart from Stocktiming on the BKX.

SPX testing resistance.. .. trying to print another hammer 60m ..5m to go

Still playing some biotechs and their nice little bounces.

I don't want to get whipsawed. Waiting to see how Cobra's plan goes. So far he is right on it.

this bull may have legs.

i don't really think it is a legit v once more. i feel more like a correction to os. me sitting on hand waiting for janet to deliver.

SPX.. possible neckline break… sloppy shallow RS.. (actually more bullish)..need VIX to break down..