Cobra's Market View

Gap up but within yesterday's range, so there're chances the gap will be filled today. Global ES is kind of in a key point, back test of the former Broadening Top support or something more bullish, we'll have to wait and see. I'll say 50.01 to 49.99 chances this is going to be a Double Top. Well, not much of the help ha, if I'd sure of every market movements, I'd be very rich now, but sadly I cannot...

Cobra wrote:Gap up but within yesterday's range, so there're chances the gap will be filled today. Global ES is kind of in a key point, back test of the former Broadening Top support or something more bullish, we'll have to wait and see. I'll say 50.01 to 49.99 chances this is going to be a Double Top. Well, not much of the help ha, if I'd sure of every market movements, I'd be very rich now, but sadly I cannot...

Cobra is rich

Cobra what do you think of Gold?

I vote for gold

Good Morning.

Honey...what about Switzerland?
EURUSD http://99ercharts.blogspot.com/2011/07/eurusd_8122.html
What...for a "Mulligan" in Basel?

Do they roast PIGS?
ES http://99ercharts.blogspot.com/2011/07/es_13.html

alvian33 wrote:Cobra what do you think of Gold?

bullish so far, but need clear the previous high decisively to eliminate the double top case.

Good Morning Cobra & Everyone,
What / where is the best source for getting the latest " Mutual Fund Cash to Assets ratio" please.
Thanks for all your help.

Love the board but since I'm new -- I guess I'm still catching on...

Cobra wrote yesterday:

"However, there’s one thing I’m a little certain: If indeed the market rebounds right away tomorrow, the rebound most likely is sell. The argument is a strong uptrend should never have 3 consecutive down days. The chart below should be clear enough, at least lower close ahead."

Today you wrote -- "Gap up but within yesterday's range, so there're chances the gap will be filled today. Global ES is kind of in a key point, back test of the former Broadening Top support or something more bullish, we'll have to wait and see. I'll say 50.01 to 49.99 chances this is going to be a Double Top."

When you mention a double-top, were you discussing a short-term top of yesterday or 3 days ago at 1356 or yesterday's top of 1327?

Does anyone have an explanation on why an inverted hammer at the "bottom" is bullish? I'd think a hammer at the "bottom" being bullish is a lot more intuitive. Likewise, why a hammer at the "top" is considered bearish? A shooting star marking the top is a lot more intuitive.

Trading GS: although shorting it was the best game in town, we might be close to a reversal.

the open.

Updates

Gold http://99ercharts.blogspot.com/2011/07/gold_13.html
Silver http://99ercharts.blogspot.com/2011/07/silver_13.html
Copper http://99ercharts.blogspot.com/2011/07/copper_13.html
Crude http://99ercharts.blogspot.com/2011/07/crude_13.html

Early today; going out for lunch.

IYR is weak today. Strange.

NFLX is fraudulently priced now and shell fall.

Oh no...
SPX http://99ercharts.blogspot.com/2011/07/spx_13.html
Not again.

Wait until prices hit the purple down channel

cheech wrote:IYR is weak today. Strange.

yes, I see the same, also financials, a move like today those guys should should be higher. ES maintain above it's 5dma but SPX is still under its 5dma, confusing time. SPY I am now neutral, sell the rally hasn't changed.

Strong support from two trend lines around 131

damn another crazy night i missed. i think the market is bullish. es need to hold 1314 to remain in continuous pattern. a break below 1310 could be trend reversal

line in the sand, SPY don't want to trade down under my orange line