Cobra's Market View

USO ripping faces to the upside.

SPY $186.18 pBar hit.

SPX 2m.. open gap just above…. ascending triangle of sorts.. within a bearish rising wedge..

crude +3%... what the hell??

NVAX - it's a trader's dream.

What do you all make of the VIX still being so elevated? Even after today's rally so far?

AAPL gap fill on the big gap down today.

Looking like bears are "fading the fill", at least so far. Could portend lower for Naz.

On the other hand, Naz advancers at HOD usually portends imminent breakout...

I think a selloff around 1:30 would be appropriate.

TraderGirl wrote:5 waves down on SPY (right)

But if dow doesn't make a lower low below the beginning of wave (i) then could get a higher high than "a"?

Got abc flat correction...headed up higher than "a" on Dow....

champix wrote:crude +3%... what the hell??

Long time no see

Don't get too excited....p-bar on USO

XLE: If it holds, back to trendline. If not, something less than $79.

SPX 2m.. going for the gap fill

Out of Bounds wrote:I think a selloff around 1:30 would be appropriate.

why?

q2model wrote:

Out of Bounds wrote:I think a selloff around 1:30 would be appropriate.

why?

Pros like to adjust trades about 10:30 and 1:30 - it can take the wind out of a run like this. Just a hunch - not a rule.

alternative wedge..

Top holdings in QQQ, one month %
QQQ is in black for comparison
NFLX isn’t in the top ten QQQ; I don’t know what it is weighted
but the top ten represents almost 50% of Q

breakout as expected. I'd be happy with Fib 61.8% target.

Update:

Added to short SPY

Trading against the Cobra usually loses though