Cobra's Market View

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Blue line the resistant. Breakout would be Double Bottom. Need exceed 1835.50 to confirm the double bottom, otherwise it'd be just measured move. Drop from here would be stuck in a range.

weekly stock picks are here: http://www.cobrasmarketview.com/2014/01 ... ock-picks/

members only update starts here: http://www.cobrasmarketview.com/2014/01 ... ay-update/

Hightower hijinx. glta.[attachment=2]Capture.PNG[/attachment][attachment=2]Capture.PNG[/attachment][attachment=0]gold.PNG[/attachment]

tagged upper red triangle... mind the morning gap.. SPX 5m

breaking bearish rising wedge....AAPL 60m

morning gap filled SPX 5m tagging lower red.

now we know it's in a range. one more touch of blue line below then likely we'll see a breakdown because the blue line has been tested many times.

GOLD
"The Swiss National Bank is canceling dividends to shareholders for the first time since its founding in 1907 after it booked a $16.6B loss on its gold holdings in 2013, swamping currency gains and the profit on a sale of former UBS assets. The bank will also not be making any payments to the 26 Swiss cantons (states) for the first time since 1991.
•The SNB held 1,040 metric tons of the yellow metal as of the end of 2012, and the big loss last year may (or may not) dent a movement which would require the central bank hold at least 20% of its assets in gold - a proposal the bank is strongly resisting.
•"Anyone who bought gold after 2010 is currently in the loss zone," says Bank Vontobel's Andreas Megg.
•After a big start to 2014, gold is flat on today's session at $1,240 per ounce."

morning hourly black bar.

Neutral.

My summation signal is up but starting to flirt with neutral.
My composite trend signal is up.

I am inclined to buy a dip if price reaches an attractive level and my signals hold up.

A rectangle and respective targets are visible on ES.

U.S. Non-Manufacturing PMI just came in red at 53.0 vs estimate of 54.5

VIX 15m... retesting orange "triangle" of sorts.. break both and downtrend... look out below for the SPX

Mr. BachNut wrote:Neutral.


A rectangle and respective targets are visible on ES.

Whoops. Looks like Cobra already noted the rectangle... nevermind... a little monday morning redundancy...

A primary element of this new faith is that the Fed can sustain any number of asset bubbles if it simply supplies enough air in the form of freshly minted QE cash and zero percent interest. It's as if the concept of "too big to fail" has evolved into the belief that some bubbles are too big to pop. The warnings delivered by those of us who still understand the negative consequences of such policy have been silenced by the triumphant Dow.


The proof of this shift in sentiment can be seen in the current gold market. If the conditions of 2013 (in which the Federal Government serially failed to control a runaway debt problem, while the Federal Reserve persisted with an $85 billion per month bond buying program and signaled zero interest rates for the foreseeable future)could have been described to a 2007 investor, their conclusions would have most likely been obvious: back up the truck and buy gold. Instead, gold tumbled more than 27% over the course of the year. And despite the fact that 2013 was the first down year for gold in 13 years, one would be hard pressed now to find any mainstream analyst who describes the current three year lows as a buying opportunity. Instead, gold is the redheaded stepchild of the investment world. ....but....
Peter Schiff http://www.investing.com/analysis/are-w ... sis-197685

QQQ weak

SPX 5m

INDEX 5m.. COMPQ trying to fill it's gap