Cobra's Market View

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I see nothing wrong the chart. Perhaps another push up to make another new high before a tiny pullback is possible?

members only update starts here: http://www.cobrasmarketview.com/2013/09 ... ay-update/

Happy Trading

mini bear attack on GDX, down 1.24%.

short at opening, will cover at the gap closing

simpletrader wrote:short at opening, will cover at the gap closing

close the shorts

SPY ... just a bit crazy ...

SPX 60m

Yesterday, SPX touched the 3 year rising resistance for the 6th time, and the 3rd time in the last 5 months. Which is not to say that price can't go higher. Even if this line is not breached on a closing basis, it is still rising at a 0.6 point/day pace. I did short resistance, which is not my practice, and not recommended, and so I'm placing a 1% stop in case euphoria reigns. I suspect we will see a consolidation pattern evolve over the next 2-3 weeks. It is always possible that price will accelerate in some kind of hyperbolic blow-off, but the negative divergences on the Daily breadth charts and weekly price chart cause me to doubt that. I will probably exit my short during the consolidation, and re-enter as a pattern develops. True confessions , I'm trying to get away from trading my convictions, because they are usually wrong (except on the long side!)
But, check out the precision of this rising resistance trend line : yesterdays HOD was 1629.44
The supercomputers are certainly aware of this line!

morning hourly black bar again.
http://stockcharts.com/public/1684859/c ... /286407830;

Cobra,

3 push up or no?

Regional banks not doing so well this morning.

Anyone see the Baltic Dry Index lately?

L_T wrote:Anyone see the Baltic Dry Index lately?

Yup.. broke major downtrend in early summer

my guess.

looks like a descending triangle here, so the bias is a little bit on the downside.

I guess big money managers werent expecting what happened yesterday.

Everybody still in shock, trying to figure it out....

Neutral.

My summation index signal is up.
My composite trend signal is up.

I closed long yesterday as the September future is expiring.
While I am feeling bearish, I intend to re-load the position in the December contract.
None of my exit criteria have triggered at this point. So, I want to remain aligned with my signals.
I am looking for a price below yesterday's close to opportunistically capture some spread.
If I end up chasing this thing, it will have been a bad move.