Cobra's Market View

Riding short position. Added one layer to pilot position last week upon sell signal. Would have added two (for full short position) but my sell price did not get hit Friday. As this week is typically bullish, I figured I would have an opportunity to get my price if Friday didn't execute. Now I am not so sure.
Intermediate trend is down IMO. I had been concerned about strength in the non-SPY/QQQ stocks, but today may break that down.
Planning on a squeezy bounce at some point as short term oversold is near. The August plunge initiated from an oversold condition though, so I don't rule out the possibility of things unraveling.
We shall see. Followed 99er's suggestion and have put my skis on...

I'm out on a stoploss or at 1199...

YIKES!

99er wrote:Update

SPX http://99ercharts.blogspot.com/2011/11/spx_1209.html

Rock n' Roll!

Great day, eh?

Cobra,

Please setup a Paypal donation bucket so that I may show my appreciation for your work. Your site is very unique, and it causes me to make tons of money. I would like to share my good fortune with the causes. Thanks for your considerations and carry on.

jimme

jimme wrote:Cobra,

Please setup a Paypal donation bucket so that I may show my appreciation for your work. Your site is very unique, and it causes me to make tons of money. I would like to share my good fortune with the causes. Thanks for your considerations and carry on.

jimme

count me in !!!!!!!!!!!!!!!!!!!!!!!!!!

Cobra wrote:OR breakdown target, 80% chances, but I'm not sure. I just know the morning low will be revisited even we rebound from here and no turning back for the rest of the day.

I heard the Democrats and Republicans have agreed on a common plan. They are going to have a press conference to announce it in the next hour. We would see the market rebounding and no coming back

jimme wrote:Cobra,

Please setup a Paypal donation bucket so that I may show my appreciation for your work. Your site is very unique, and it causes me to make tons of money. I would like to share my good fortune with the causes. Thanks for your considerations and carry on.

jimme

I was just scouring the site looking for a donate button, no reason for you to bear any cost when we can all contribute!

been a nice run down from the top

no rebound, damn it

will it hold... or break .. with a quick tag of 1176ish... mid grey channel.. and blue triangle target.

alvian33 wrote:no rebound, damn it

patience grasshopper we're at the bottom of the channel. i would be very surprised if we don't have a bounce near these levels. first they might take out stops for the morning?

I wouldn't dip my fingers in just yet...

alvian33 wrote:no rebound, damn it

1150 may be next

fehro wrote:will it hold... or break .. with a quick tag of 1176ish... mid grey channel.. and blue triangle target.

long crude 95.55.. the 200 sma ... lets see if it holds.

soku wrote:1 more thing. i did some research on the correlation between es and gc. in extremely, they tend to go in the same direction. only cash is king. w/o downgrade risk, bonds the closest cousin of cash is fine too.

well, i really don't want to spread the panic, but rumor says US may be downgraded again. god bless

agnosia wrote:

alvian33 wrote:no rebound, damn it

patience grasshopper we're at the bottom of the channel. i would be very surprised if we don't have a bounce near these levels. first they might take out stops for the morning?

haha, I just got burned a bit this morning, but still holding my other half let's see...

50% retracement from Oct 4th rally. Who dares want to go long? I am so tempted but scared.

agnosia wrote:long crude 95.55.. the 200 sma ... lets see if it holds.

Thanks for the floor trader movie links, just finished it - very interesting.

whoever shorted from 1292 and hold it until now has become bill gates.

SPX a potential count