Cobra's Market View

SPX 5m... is that interday gap unfilled or was it filled?... fill during FOMC / Bullard speech if open...

from ZH just now:

WILLIAMS SAYS POLICY SHOULD TAKE MEDIUM TERM VIEW
FED’S WILLIAMS SAYS ECONOMY LOOKING ‘REALLY SOLID’ FOR THIS YR
Which means:

FED’S WILLIAMS: ‘HURDLE IS PRETTY HIGH’ FOR CHANGING TAPER PACE
FED’S WILLIAMS SAYS NOW IS TIME TO FOR PULLING BACK QE

TAPERTAPERTAPER

Should the market break south at 2:00 p.m. here are supports:

FED Bullard speaks in 5m at 1:00pm EST http://www.investing.com/economic-calendar/ FOMC 2:00pm

A/D line is barely negative. I'm watching the TICK for direction - it is starting to say DOWN - but it's only a whisper.

Wow.. an ususual day so far! to pop like we did early and then lose it all seems odd to me.

Problem with short positions here is that momentum is not falling apart and today's Bullish Percentages point upwards. See the stockcharts link:

http://stockcharts.com/freecharts/candl ... ,$BPINDU|B

As long as Bullish Percentages don't show weakness short positions don't make much sense to me (except for scalping)

potential fib turn around 10:15 am PST, 1:15 EST...we'll see??

technically not sure if the low was in or not. nowadays, most likely yes, though. lunch time, will be back.

VIX 15m.. not symmetrical invs H&S was that a RS? or now are we going to make one ( more symmetrical if that happens)

A/D is basically flat now. Tick and TRIN favor bulls.

VIX daily... 200d / 50d just a tad below 14.59 / 14.64

Cobra: Today's mkt action, touch previous high, huge down after, compare to Dec 31, 2013 spy chart,
can I say it hint us the up wave is done, if no higher high , we'll have down swing wave, for same lenth, 10~12 days ?

one thing bear camp missed. for market to come down we would have problem on liquidity side of thing, from M1 point of view it's far from lack of money supply. last weekly read is strongest of them all.

Where I got trapped (blue)
Why I got trapped (because I didn’t honor my volume-short signal, red circle)
Intraday scalping only

oldpigwang wrote:Cobra: Today's mkt action, touch previous high, huge down after, compare to Dec 31, 2013 spy chart,
can I say it hint us the up wave is done, if no higher high , we'll have down swing wave, for same lenth, 10~12 days ?

Liquidity up and Bullish Percentages strong - difficult for market to tank...

Vixies folks, they are about to cross bearish, keep the printing press in mind, big boys can not create jobs but they sure can create lot of money.

$VIX future is tell tale.

$SPX: What a menacing pattern !!!