Cobra's Market View

huge gap up above yesterday's high, so chances are high the gap won't be filled, although my statistics says don't chase the gap as the failure rate is a little little bit higher at the current stage.
Institutional actions from stocktiming.

The positive seasonality doesn't end until Next Tuesday. I wouldn't be shorting or even taking profits here. If dry powder exists, buy the dip if it comes.

hey cobra... greek austerity just passed... sell the news?

Good morning. Nowadays, the market seems to be driven much by event (as excuse). Just wonder: the Greece vote 'yes' should be a no surprise (if 'no' then would be a big mess ), how come people are so crazy to push up the market so much

Good Morning.

Honey, why are you staring in your tea cup?
ES http://99ercharts.blogspot.com/2011/06/es_1517.html
1228.

also, if the euro behaves + decent inventory release i think we'll see a move today to close the 95.36 gap. i still have a swing on. there is strong resistance near 96 though so i don't see it going much further. good luck all.

Good morning Cobra!
Nice and clear discussion last night on the market!
I’ll go with the 3rd solution…trying to insert myself slowly in this bullish trend, which is against my “logical nature”, right now.

barbaragull wrote:Good morning. Nowadays, the market seems to be driven much by event (as excuse). Just wonder: the Greece vote 'yes' should be a no surprise (if 'no' then would be a big mess ), how come people are so crazy to push up the market so much

good morning. to trade the market i have learned to not ask why. just follow cobra

good morning and good luck from Portugal

EURUSD
Do you see Paris in our future?
http://99ercharts.blogspot.com/2011/06/eurusd_9036.html

Lisbon?

agnosia wrote:hey cobra... greek austerity just passed... sell the news?

no idea, I just won't chase this gap. normally I'd chase every huge morning gaps but today's among a few exceptions. but again even exception has exception, so let's see how market unfolds.

Bullish on AAPL, which should have a strong support around 335.5
Twin Gann squares:

Cobra wrote:

agnosia wrote:hey cobra... greek austerity just passed... sell the news?

no idea, I just won't chase this gap. normally I'd chase every huge morning gaps but today's among a few exceptions. but again even exception has exception, so let's see how market unfolds.

yep gotcha, i guess back to back trend days and we probably shouldn't see another.. makes sense.

Someone yesterday wrote this: "I have been trading the RUT/IWM this week and practically EVERY indicator that I monitor says this thing
is due for a decent sell off imminently. Most likely a sell the news reaction. The things that I monitor have
a very high predictive value. I am a former options MM on the CBOE and have been using the same indicators
for years.
FWIW"

FWIW, my rebuttal. I track all the major indexes with my own proprietary system and the RUT went long TNA at $71.05. At the close yesterday it was up 11.02% in just a matter of days, and with this gap up this morning that will be closer to 15%. I'm gladly on the other side of that trade.

Cobra wrote:

agnosia wrote:hey cobra... greek austerity just passed... sell the news?

no idea, I just won't chase this gap. normally I'd chase every huge morning gaps but today's among a few exceptions. but again even exception has exception, so let's see how market unfolds.

there is already sell the news in futures, I agree that, this gap could get filled, need to see the first 30-60 mins

the open.

Several bearish Gartley's showing up on 4H charts.

The NYSEBP moved up .10% on Mon. and 1.29% on Tue.to reach 52.18% .The BP% must reach 58% befor turning bullish for an up trend for a few weeks.If another large move up (1 1/2- 2%) I would turn bullish with extreme care until 58% is reached.Until 58% is reached it can reverse sharp and quick to dn again.

NYSI turned up to + 37.79 very low positive....NYMO is getting high...Have good trading.

What settings are you using on the chart you posted?
Do you mind sharing?

Thanks

alphahorn wrote:Someone yesterday wrote this: "I have been trading the RUT/IWM this week and practically EVERY indicator that I monitor says this thing
is due for a decent sell off imminently. Most likely a sell the news reaction. The things that I monitor have
a very high predictive value. I am a former options MM on the CBOE and have been using the same indicators
for years.
FWIW"

FWIW, my rebuttal. I track all the major indexes with my own proprietary system and the RUT went long TNA at $71.05. At the close yesterday it was up 11.02% in just a matter of days, and with this gap up this morning that will be closer to 15%. I'm gladly on the other side of that trade.

Buy the dip

http://www.youtube.com/watch?v=jllJ-HeErjU