Cobra's Market View

Gap up above Friday's high so chances are the gap won't be filled. Cannot believe exactly the same game repeated and repeated 3 times...

Key time for Global ES, because now it's the 2nd time to revisit the previous high, so no failure allowed for bulls here. Let's see.

Cobra,

I am noticing in the media an absolutely insatiable desire to own equities. It will never cease to amaze me how schizophrenic the market is which is why it is good to have a snake in my corner.


Well I said on Friday that I had dumped the majority of my TVIX, but was holding a token position just in case Greece was on fire Monday morning. Well Greece is on fire and TVIX down 10%. Glad I took some profits.

SB73 wrote:Cobra,

I am noticing in the media an absolutely insatiable desire to own equities. It will never cease to amaze me how schizophrenic the market is which is why it is good to have a snake in my corner.


Well I said on Friday that I had dumped the majority of my TVIX, but was holding a token position just in case Greece was on fire Monday morning. Well Greece is on fire and TVIX down 10%. Glad I took some profits.

I also dumped my TVIX which I had been holding for awhile...broke even on the trade.

The bad news is that this initially doesn't look like any follow through for bears, and could easily be seen as yet another bounce off the 10day MA.

The good news for bears is that should the bulls fail to make a new high today, it would be the start of a topping pattern (something Cobra has been looking for this entire run up). Technicals were indicative of a top, but the pattern was not - perhaps this is the start of such a pattern.

SB73 wrote:Glad I took some profits.

I'm glad I got some POT & XME. Next question is when to sell.

jarbo456 wrote:

SB73 wrote:Cobra, I am noticing in the media an absolutely insatiable desire to own equities. It will never cease to amaze me how schizophrenic the market is which is why it is good to have a snake in my corner.
Well I said on Friday that I had dumped the majority of my TVIX, but was holding a token position just in case Greece was on fire Monday morning. Well Greece is on fire and TVIX down 10%. Glad I took some profits.

I also dumped my TVIX which I had been holding for awhile...broke even on the trade.
The bad news is that this initially doesn't look like any follow through for bears, and could easily be seen as yet another bounce off the 10day MA.
The good news for bears is that should the bulls fail to make a new high today, it would be the start of a topping pattern (something Cobra has been looking for this entire run up). Technicals were indicative of a top, but the pattern was not - perhaps this is the start of such a pattern.

Bloomberg calls this “chop and churn,” okay then, good morning all.
Jarbo, please page me when/if u r available to field a dumb options question. Thanks, Al

jarbo456 wrote:

SB73 wrote:Cobra,

I am noticing in the media an absolutely insatiable desire to own equities. It will never cease to amaze me how schizophrenic the market is which is why it is good to have a snake in my corner.


Well I said on Friday that I had dumped the majority of my TVIX, but was holding a token position just in case Greece was on fire Monday morning. Well Greece is on fire and TVIX down 10%. Glad I took some profits.

I also dumped my TVIX which I had been holding for awhile...broke even on the trade.

The bad news is that this initially doesn't look like any follow through for bears, and could easily be seen as yet another bounce off the 10day MA.

The good news for bears is that should the bulls fail to make a new high today, it would be the start of a topping pattern (something Cobra has been looking for this entire run up). Technicals were indicative of a top, but the pattern was not - perhaps this is the start of such a pattern.

Time to watch the first 1/2 to 1 hour of trading to see what transpires. A quick reversal and bears are in business a rise / consolidation and we could be testing the 1370 mark quickly. Gotta stay nimble on this one.

the open.

Al_Dente wrote:

jarbo456 wrote:

SB73 wrote:Cobra, I am noticing in the media an absolutely insatiable desire to own equities. It will never cease to amaze me how schizophrenic the market is which is why it is good to have a snake in my corner.
Well I said on Friday that I had dumped the majority of my TVIX, but was holding a token position just in case Greece was on fire Monday morning. Well Greece is on fire and TVIX down 10%. Glad I took some profits.

I also dumped my TVIX which I had been holding for awhile...broke even on the trade.
The bad news is that this initially doesn't look like any follow through for bears, and could easily be seen as yet another bounce off the 10day MA.
The good news for bears is that should the bulls fail to make a new high today, it would be the start of a topping pattern (something Cobra has been looking for this entire run up). Technicals were indicative of a top, but the pattern was not - perhaps this is the start of such a pattern.

Bloomberg calls this “chop and churn,” okay then, good morning all.
Jarbo, please page me when/if u r available to field a dumb options question. Thanks, Al

ask away my friend.

PAGE JARBO
Two questions:
What does it mean when $VIX and $VXO pierce the upper bolinger band on daily, while $VXV does not pierce it?
http://stockcharts.com/h-sc/ui?s=$VIX&p ... =257252676

jarbo, u r on a desert island…you can only choose one:
1) VIX and all its brethren
2) put call ratios with all their permutations and variations
Choose ONLY one (this is not a joke)

Bear cub chart update
http://stockcharts.com/h-sc/ui?s=SPY&p= ... =244841848

Dr Al,

TVIX is paging me should I pick up?

I'm hoping downside is limited until Europe closes

WHR is starting to look good for a pull back..Look at the charts..If it starts to correct the dn move should be good..Wait and watch.

SB73 wrote:Dr Al, TVIX is paging me should I pick up?

no
I wont kno anything till 10:00ET at least
At the mom, nyadv is 2392
I cant trade against that

Al_Dente wrote:

SB73 wrote:Dr Al, TVIX is paging me should I pick up?

no
I wont kno anything till 10:00ET at least
At the mom, nyadv is 2392
I cant trade against that

I have him on hold. I think I will wait for a better setup.

again, here's all the 1st hourly black bar. All had pullback in the next bar or two but all the dips were bought. Let's see if today could be a little different.

Euro and AUDJPY are all sold. below the Sunday night opening level now.

1min
http://stockcharts.com/h-sc/ui?s=SPY&p= ... listNum=15

Cobra are you holding any longs ?

KENA wrote:WHR is starting to look good for a pull back..Look at the charts..If it starts to correct the dn move should be good..Wait and watch.

been watching it since before earnings. i disagree, this thing looks really strong. do you have a chart for your argument?

here is a simple one...looking bullish until further notice.

fade the gap ladies