Cobra's Market View

Al_Dente wrote:6 day Rorschach
http://stockcharts.com/h-sc/ui?s=SPY&p= ... =243099753
one possibly interesting note, not on this chart, this week had more unchanged issues intraday, 144, 122, 149, 167 (this morn),
I don’t usually see so many “undecided” stocks intraday

You might know this already, but unless you make your charts public, if one is not a StockCharts subscriber just a few squiggles show-up.

Facebook maybe doing an IPO next week. They got to keep the market good.

SAN FRANCISCO (MarketWatch) — Facebook may file documents for an initial public offering on Wednesday, eyeing a valuation of $75 billion to $100 billion, the Wall Street Journal reported Friday.


Morgan Stanley is close to winning the IPO deal, while Goldman Sachs is expected to play a key role, according to the Journal, which cited an unnamed source. Read more on Facebook at WSJ.com.

Facebook could not immediately be reached for comment.

Cobra wrote:so far fits the plan. now let's see how my 2nd guess turns out.

Cobra, according to your principles, we Earth people always try twice, before the other direction is tested. So do not you think we have to test yesterday's high, before a meaningfull pullback starts?

Not looking good for bare bears

SWalsh wrote:

Al_Dente wrote:6 day Rorschach
http://stockcharts.com/h-sc/ui?s=SPY&p= ... =243099753
one possibly interesting note, not on this chart, this week had more unchanged issues intraday, 144, 122, 149, 167 (this morn),
I don’t usually see so many “undecided” stocks intraday

You might know this already, but unless you make your charts public, if one is not a StockCharts subscriber just a few squiggles show-up.

http://screencast.com/t/Uj6I2Dbuol6

johnnywa wrote:Not looking good for bare bears

Holy shit the dow gonna go green into the close

Market seems to be shrugging off all news. I can't see early next week being bad either. Low volatility and complacency is making shorting very challenging.

I see absolutely no reason to take a position either way. Look at the weekly candle on SPY. Next week could be pretty ho hum as well.

maintain the plan.

I wouldn't touch VXX until it reaches 2011 lows. That's where it looks to be heading.

SPX: It is corrective but I expect more downside action next week.
If the gap at 1318.43 is closed target of assumed wave (B) = 1320-1325

Is $TRAN just a few points away from a new high?

Cobra wrote:maintain the plan.

Interesting that the bears couldn't hold the gap over the machines...

Cobra, I really only see 1 leg down so far. Do you see it otherwise?

Cobra wrote:maintain the plan.

My plan is to go up to 1335, probably on Monday, before a real pull back starts.

SPY is green. I thought we would make a run higher to close but didn't think we would be green. This market is amazing.

And we're green....bear fail complete.

With the Facebook IPO frenzy going on today, end of month window redressing for the best Jan in decades, beginning of the month mutual funds coming in, and the presidential election year agenda, bears are against all odds. Bear are meant to suffer. http://wp.me/p269BP-35

I'm with Cobra and TWT, we could be in "B" wave up, next comes, "C" wave down. If you look at the "A" wave we had, that is 148 Dow points, so if c = a, then that could take us down to 12552...????

SPY is now at resistance ~132:

TraderGirl wrote:I'm with Cobra and TWT, we could be in "B" wave up, next comes, "C" wave down. If you look at the "A" wave we had, that is 148 Dow points, so if c = a, then that could take us down to 12552...????

in matter of days or weeks would your guess be ?