Cobra's Market View

any comments for this breakout? Corba

lqiantobe wrote:any comments for this breakout? Corba

weak

which means it turn to down side sooner?

Cobra wrote:

lqiantobe wrote:any comments for this breakout? Corba

weak

Draw a line from the 3/16 low to the 4/14 low and extend it. Wait for your breakout on that...if it happens. But I think FAIL!

All pullbacks are planned events in the US stock market. Believe me. It is an issue of "national security"...and profit.

now i see bulls panicking. lowered their ask to 1307.75.... now 1307.50... tons of supply above. i would very surprised if we get through here. on the other side we have tons of bids at 1306.

agnosia wrote:none of the big boys seem to be around.. they can't break through 3K contracts @ 1308. i imagine the bulls will show some weakness here to give the bears hope and then make them all cover... ???

it's a holiday after all.

It looks like GOOG is breaking down still. If so, next target will be double top neckline at 450 and then maybe a backtest of the breakdown...or not.

uempel,

Do you see a move up or a move down tomorrow? Thanks

It depends on the market's reaction to earnings, but I'm considering going short at one of these levels:

Uempel,

Thanks, that is what I see too...looks similar to 11/27/09 and 12/17/09 in terms of a pattern where you get a big down day after an up day, then the next day closes higher.

FJoe wrote:uempel,

Do you see a move up or a move down tomorrow? Thanks

No idea, I have no position into the close. I'm waiting for the reaction after the earnings today. I'll also check the bullish percentages. I'll post a comment later on on Cobra's blog. Enjoy a beer and wait for the market to make a mistake...

Interesting. The futures on ES are trading exactly where the news about the US debt outlook came out, and it's right at the phantom bar level.

well, guess that's it for today. we have to wait until tomorrow for the next chapter. for now it's still fighting the resistance. thank you guys, I'll see you tomorrow.

Volume surge pierces trendline but still a no go for Bulls.

Overnight should be interesting...thanks Cobra, have a nice day.

No volumn Dull market kill bear, it hurts

don't worry folks, that's what the after hours are for i imagine we will get through this resistance on a low volume ramp up... just hope japan + europe are up tonight...

Bears frustrated again.