Cobra's Market View

BullBear52x wrote: lol, slightly obought? Nice trade yesterday bb.

$SPX over 2% gain I would said yes, a little over bought, day trade from here will be not much more up I would think, but power that be knows if they can not hold up here >122.5 all day, they will need more money (lots more) to push it up higher tomorrow if not tanking back down. we are still under 50/200dma, this makes it harder to stay up. let see I am like a kid in the candy store right now.[/quote]

kid in the candy store? Shop for the shorts?

I think we need to take some cue from /CL which is going gangbusters after being hugely muted over the past 2-3 days. /CL muted = equity markets being muted. /CL going gangbusters might bring Santa after all.

Internals anyone? Bull trend day or do we have a chance at a modest retrace of this move?

still too stretched, but looks like it want's to breakout.

I wouldn't bet on longs this high, look at the doji on the hourly /es, we're at lateral resistance too.

janez wrote:

BullBear52x wrote: lol, slightly obought? Nice trade yesterday bb.

$SPX over 2% gain I would said yes, a little over bought, day trade from here will be not much more up I would think, but power that be knows if they can not hold up here >122.5 all day, they will need more money (lots more) to push it up higher tomorrow if not tanking back down. we are still under 50/200dma, this makes it harder to stay up. let see I am like a kid in the candy store right now.

kid in the candy store? Shop for the shorts?[/quote]
Too stretch like Cobra mentioned not much up from here for daytrade scalp, and here we are right at resistance

The VIX is going further into contango and being pushed down since VIX options expire on Friday.

I'm in TNA this morning at 41.25. If this is the 3rd wave up then I'm hoping to see spx 1257 by Friday.

Looks like this will be a good time to take a day off..Wife wants to go into the big city of Seattle today..I will not take any positions today, to big pop up. Looking forward to having dinner at our favorite Chinese Rest. So lets see what tomorrow brings.

Some traders are called back by big boss to trade on this sentiment change. The bottom might be in.

This is upv:dnv I was talking about earlier, you see 11/28 turn? need to be higher here no?

FinancePhD wrote:Some traders are called back by big boss to trade on this sentiment change. The bottom might be in.

where are you getting this news?

Cobra wrote:still too stretched, but looks like it want's to breakout.

Agreed. ES could print around 1238 today. NY-TRIN is WAY under 50 all morning. Any pull back is going to get bought by the dippers and shorts covering. I wish it were not so. I don't hold overnight and find these 20 pt overnight gaps frustrating. Pullback to 1219 if really strong, 1214 if moderately strong is a gift buy today imho

I've got a signal on the 1 min chart in about 4 minutes, I guess it will push SPX up to 1350

The volume is thin because of the holidays. But as I said, when some traders are back in position by tomorrow, we will see some solid steady climb.

Me XMan wrote:Is this similar to Hope and Change?

cougar wrote:Good morning!
Three consecutive days with similar patterns.
It's time for a CHANGE!

Hope, yes... Change, temporary... but lots and lots of pray

I see more posts this morning, so maybe everyone get back from candlelight vigil after Santa funeral. Bull pray only going to work for so long because most already sold their bible. Maybe Santa answer pray from grave, give bull last chance to sell to have nice Bear Christmas dinner. But bull rode hard and put up wet so will not understand until bull eat Broke bull Christmas Dinner

Wet bull

in some TVIX. stop lod. hope they do not take my stop.

With this kind of momentum, "it won't be one legged".

Tick charts:

Now!

jarbo456 wrote:

FinancePhD wrote:Some traders are called back by big boss to trade on this sentiment change. The bottom might be in.

where are you getting this news?

Oh, my trader friend canceled our lunch appointment in the 2nd day of his vocation and went back to work. Is that enough to hint?

still, SPY leads the charge. But one thing I'd like your attention is: All the recent gap up then OR breakout were failed. So if later we had another breakout, I won't expect it to fail, we shall then have a very strong day today.