Cobra's Market View

EvilTrader wrote:Watchout folks....BTFD works....until it doesnt !

Looks like Bukowsky call yesterday was very wrong....

think he still has a little room....fwiw... http://thepatternsite.com/throwbacks.html ..... original call http://thepatternsite.com/Blog.html#P7

IBM up 3.07, only thing holding this market up. IBM starts to drop, this baby is cooked.

consolidation favors breakdown.

Cobra wrote:consolidation favors breakdown.

Ah jeez... more?

AA kicks off earnings season tomorrow
http://www.marketwatch.com/story/warnin ... 2014-04-06

“Earnings for the S&P 500 are forecast to decline 1.2% in the first quarter, which would mark the first year-over-year decline since the
third quarter of 2012...”

Al_Dente wrote:AA kicks off earnings season tomorrow

There are a lot of momentum stocks reporting in the next 2-3 weeks, this would be make-or-implode time for all markets.

$NDX is above the surpport?

MrMiyagi wrote:

Al_Dente wrote:AA kicks off earnings season tomorrow

There are a lot of momentum stocks reporting in the next 2-3 weeks, this would be make-or-implode time for all markets.

Bed Bath & Beyond and Family Dollar Stores report on Wednesday, and JPMorgan Chase and Wells Fargo report on Friday.

"The Estimize community is forecasting $1.44 EPS and $24.701 billion [in revenue] this quarter, which would represent year over declines of 9.4% and 1.7% respectively," says Leigh Drogen, founder and CEO of Estimize, a platform that crowdsources earnings estimates. "Throughout the quarter we have seen downward analyst revisions from both Wall Street and Estimize which can be a bearish indicator."

SPX 5m.. sitting on open gap.. SPX @ 50d 1839.12 now

SPX 60m... a little worried about the "thin air" low volume... thin up moves just below this pink channel.. could see a very very sharp down move to 1800ish..

VIX 15m... symmetrical move up... need to check 60m

VIX 60m

27 March low was 183.90, SPY printed about 145 million shares red volume on that day
SPY is just cents away from testing that level.
Bears would like to see equal or heavier red volume, NOT LIGHTER VOLUME SELLING.
Too soon to tell until the close

In addition, I believe there are now eleven hourly red bars in a row (not pictured here)
Hopefully Cobra will give us his views on that [?] Seems like too many contiguous red bars [?]

50% fib, 50 DMA, Lower BB, and historical line of support. well......dip buyers what's not to like, my take is expecting a bounce but not a buy. next rip will be sold.

Not bearish at all at HYG

SPX 5m..

kind of still 3 push down, so this rebound should be 2 legged. the 1st leg was just over.

STICK FORK INTO PIG !!!

MrMiyagi wrote:!!!! POWER HOUR !!!!