Cobra's Market View

Well, here we go the decisively breakout. The gap is big, so generally I won't hope it could be filled today. As for Global ES, too bad for bears, it doesn't look like a 3 push up any more (as I originally thought), instead it's Right-Angled and Ascending Broadening Formation, the target, well, unbelievably at galaxy far far away. I really don't understand what justifies such a crazy rise, but we're traders not economists so reasons don't matter as long as we make sure we're on the right side. May the force be with you guys...

nowadays, robot trading, positive feedback loop. trend is fast and furious, snowballing for 2 weeks.

Thanks Cobra, we are on the right side for sure. Yesterday is really good chance to buy dip and hold.

I would say ' BULL TRAP'

Good Morning.

Coffee honey?
EURUSD http://99ercharts.blogspot.com/2011/07/eurusd_07.html
Expresso, please. Make it a double.

FYI...The NYSEBP is green giving the mkt an up trend for a few weeks or a 6% dn move which ever comes first.Uaually it takes a few weeks to change.Wait and see.

Fading the gap. Does not matter how high they take it, because the breakout point will be re-tested at 1300. Even if they go straight to 1400, fine, just buy puts several months out. VIX is so cheap right now! The great thing is that I never have to trade with fear because I have guarantees from the banks. Other retail traders don't understand it.

Honey, we don't have an expresso machine.
ES http://99ercharts.blogspot.com/2011/07/es_07.html
Let's borrow cougar's.

Or cheech's.

GM Cobra,
Yesterday the correlation between SPX and Euro was broken. Today, after the rate hike EURO is drifting lower but SPX futures are moving higher, while Gold & Silver is not going up.
Any explanation as to the anomalies in the behaviour of the "Risk On" trade or is it the process of topping out ?

wow. the number wasn't that great.. lowered expectations i suppose. according to my calculations if crude breaks 99.8, we are headed back into the 110's which will screw the economy .... wash, rinse, repeat.

cobra..your target around1386?

As I said yesterday, the market was waiting for the ADP data.
Here you goes, we get 157K, more than twice the estimate, so the breakout ...

the open.

Cobra, does this breakdown fulfill your firework prediction?

just checking in on cheech and my bear friends. i posted this chart a couple of days back warning this was a wave 4 consolidation and there would be another move higher before a meaningful pullback. might even test the previous high first

greenback wrote:Cobra, does this breakdown fulfill your firework prediction?

No, please read my Tuesday report again. I gave very detailed statistics, it should be enough.

Hmm, I see, we might have more up room in the intermediate time frame ...

So far SPX walks as if it is a strong labor data day, shoot high and slowly drift lower ...

Unfortunately EURO is not helping, and has a negative correlation with SPX so far ... but AUD/JPY looks promising ...

If the bears can break and hold under 1341 we may go lower short term.