Cobra's Market View

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Looks like a small bull flag, so the bias is up.

members only update starts here: http://www.cobrasmarketview.com/2014/02 ... ay-update/

Vote the Cobra. glta

GDP reported red
2.4% vs forecast 2.5%

Chicago PMI at 9:45 ET and then Univ Michigan Consumer Confidence at 9:55 ET forecast is 81.3 (U Mich Sentiment is the only sentiment indicator in the famous “Ten Leading Economic Indicators”)… and then Pending Home Sales at 10:00 ET

AAPL annual shareholder meeting is today noon ET (I think)
Schaeffer’s sees bull AAPL:
“The most popular option so far today [edit: yesterday] is the equity's weekly 2/28 525-strike call, where more than 15,200 contracts have changed hands. A healthy majority of the calls crossed on the ask side, suggesting they were bought. Plus, volume has outstripped open interest at the strike, and implied volatility was last seen 4.8 percentage points higher -- both signs of newly opened positions.”

Welcome to wave 3?...lol

note some fresh green circles on the thirty min

Finally here is what I am watching in SPX http://i.imgur.com/ghnbgfA.png and in DAX http://i.imgur.com/5C57C0l.png

Al_Dente wrote:GDP reported red
2.4% vs forecast 2.5%

I wonder what it will be revised to next month?

this bull shall have legs.

KeiZai wrote:Finally here is what I am watching in SPX http://i.imgur.com/ghnbgfA.png and in DAX http://i.imgur.com/5C57C0l.png

1874 will be critical if it is abc of wave5

L_T wrote:

Al_Dente wrote:GDP reported red 2.4% vs forecast 2.5%

I wonder what it will be revised to next month?

OFF TOPIC: They’re running the stops on XIV

OFF TOPIC:
STUDY FINDS A DECADE OF GOLD MANIPULATION:
A draft research paper from Stern Professor Rosa Abrantes-Metz and Moody's Albert Metz finds from 2004 on, frequent spikes (usually down) in spot gold prices around the time of the 3 PM London time call to set the afternoon fix. These price movements weren't observed during the morning gold fix call, nor were they apparent prior to 2004.
“The structure of the benchmark is certainly conducive to collusion and manipulation, and the empirical data are consistent with price artificiality,” …
http://www.bloomberg.com/news/2014-02-2 ... ation.html

blue box target met already

SPX 60m

INDEX 60m.. VIX still not making new lows as SPX makes new highs ... yet..

Bull Trend Day
But trin bear, momo weak, tick bear diverg,
don’t chase alert, buy on pullback…..
pullback already on IWM/TNA

banks fas xlf are leading the pack (today only)
that hasn’t happened in a long time

I am my own best contrarian indicator, as soon as I say something, the opposite happens
That said, here is a weekly trend slope that the defines the rising resistance of the channel from the March 2009 low, coming in at 1870 (this week, 3.5 points higher next week), who thought we would reach it? (The weeks are dated from Mondays)

Also, an update to my price projection chart, a statistical creation, and given that there is only a sample of 6 for the Average gain (pivots circled) there is an uncalculated % uncertainty not defined. That said the Average projected forward = 1877. Time wise, we are in the window of the last 6 advances, but that window extends to 3/25. Turns, of course, can happen at any time.
I don't think the sky is the limit, but we are getting close, remember POMO will again be notched down in March (I think )
I think this pop is also related to FX, which I can't try to understand, someone please explain

15 minute Crude Short, stop 103.