Cobra's Market View

Big gap down below yesterday's low so chances are high that the gap won't be filled. If however, upon the open the market simply up and up to fill the gap then chances are high that the low was in. This we'll have to wait and see of course.

Good Morning.
Gee...look at what Europe's Troika* have done.
http://99ercharts.blogspot.com/2011/06/eurusd_6780.html
* aka The Three Stooges.

Cobra. You are RIDICULOUSSSSSSSS with ur callsss... HOOWWWW??????? u amaze me more and more EVERY SINGLE DAY! are u a god ??

ES
We have our idiots too!
http://99ercharts.blogspot.com/2011/06/es_9997.html

http://www.greedandmoney.com/?p=287

I believe this is the best count for now. Unless bulls decide to rally in this 100 YM point gap down.

Headlines:

* Today's S&P turns are at 10:30 EST and 1:15 EST
* Nat gas may be ready to bounce (but I'm not betting on it). We are now neutral on natural gas.
* Oil faces serious headwinds for the next few weeks, expecting more range trade or downside (but not betting on it).
* Gold could face weakness if this wedge breakdown and h&s targets are met, not sure what impact this implies on the broader markets, you'd think it means stronger dollar weaker stocks, though it's not a sure thing. I remain short gold but I wouldn't necessarily recommend the trade to anyone at this point. Convergences at GLD 145.

The NYSEBP and NYSE %BP are still moving down.The NYSI Index still moving down even though we had a green day yesterday.This does not bode well for the Mkt.With everyone thinking the Mkt will turn in 1250 area,the Mkt may just keep on going down.Unless the technicals get better quickly I think we will go much lower.It may take a week or two.It looks like the Mkt will take all gains back from the Bulls that bought in yesterday.Wait and see.Have good trading.

Hi Cobra

As yesterday I said markets could see the lows from last time , and we are pretty close. Lets see if we can get a waterfall next days to 1250, but wont be sure - possible markets will bounce early morning ? I dont know - but the euro looks ugly and the dollar breaking the neckline in inverted HS pattern

Cobra wrote:Big gap down below yesterday's low so chances are high that the gap won't be filled. If however, upon the open the market simply up and up to fill the gap then chances are high that the low was in. This we'll have to wait and see of course.

Good morning Cobra! Great call last night on the "bearish engulfing in the last hour"! Congratulation!
Staying long in freshly acquired IWM Jul 80 puts, at the MM 4/8 reversal :

Morning Cobra,

Could you please explain your comments "chances are high that the low was in"? What does that mean, I do not really understand.

Thanks,
Alan

I hate to junk this blog up with useless info , BUT , Cobra, that gap down call you made yesterday evening was insane ! An outstanding example of your trading acumen !

Copper
Risk off?
http://99ercharts.blogspot.com/2011/06/copper_15.html

Premarket vol. Has been going up.Might have a good volume day.

Cobra: when you say 'Low was in" do you mean the swing trade low?

alandon wrote:Morning Cobra,

Could you please explain your comments "chances are high that the low was in"? What does that mean, I do not really understand.

Thanks,
Alan

huge reversal today then most likely we can forget about there's word called "bear", the old day is back.

oldpigwang wrote:Cobra: when you say 'Low was in" do you mean the swing trade low?

yes.

ken d wrote:I hate to junk this blog up with useless info , BUT , Cobra, that gap down call you made yesterday evening was insane ! An outstanding example of your trading acumen !

Agreed. Cobra is God.

Discovered one cycle from March 09 that suggests this could be a turning point. Looks like a bottoming area if it works.

Down Down Down...Great call, ban zhang!!

the open.