Cobra's Market View

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Gap up above yesterday's high so the gap might not be filled.

The Global ES may have another leg up at least. Let's see.

I still don't think DAX is good looking, the rebound is weak.

The Nikkei, Hang Seng, & India had decent rallies. I wanna see a rally.

Good morning

EIA Crude Inventories at 10:30 AM ET (prior was 2.213M…. no estimate for today)

FED Beige Book 2:00 PM ET

Mario Draghi speaking right now live :

http://www.ecb.int/press/tvservices/web ... 06.en.html

the open.

GM

Euro channel

Cobra, are we still on the first leg? Thanks!

The horizontal white resistance line coming out the right side of the rectangle is really a major resistance, it is the support/resistance for the beginning of the entire bear flag upmove.

Wow, even silver gapped
bouncing
Why?
Double bottom, three dojis, on the weekly
But the week hasn’t even closed yet
I know

Any opinions on Nat Gas?

Al_Dente wrote:Wow, even silver gapped
bouncing
Why?
Double bottom, three dojis, on the weekly
But the week hasn’t even closed yet
I know

66silver.png

Remember the turn on June 6th for Silver/Gold? And how I said astro's favor upside...

There is another turn for Silver/Gold on June 26th, I am assuming downside...

AAPL is relatively weak today -- a leading indicator???

stucap wrote:Any opinions on Nat Gas?

I have not traded Nat Gas for a long time but looking at it I don't think I would go long.....So that only leaves only a short swing trade of 3-4 wks.

For your reading pleasure. NOT NOW, it's too long, but may give insite to what da boyz are up to in new trading environment. Just bookmark to read after the close:
http://www.credit-suisse.com/us/asset.. ... _paper.jsp

Trader Girl,

There is strong resistance in GLD at 159ish and GOLD needs to get above 1640. Right now GLD is at the top of the bollinger band at 158.82 and GOLD touched 1640 but went down a bit.

Could it be that the June 6 turndate will take gold down ? I really would like to buy NUGT but I am concerned that GOLD needs to go over that 1640 price...

Does anyone have any clues on this? Thanks - Brandy (p.s. off to work after I take the kidos to school...)

Is this still leg #1 and we can expect another? This sure is a strong leg up.

louie wrote:For your reading pleasure. NOT NOW, it's too long, but may give insite to what da boyz are up to in new trading environment. Just bookmark to read after the close:
http://www.credit-suisse.com/us/asset.. ... _paper.jsp

just showing an error, nothing opening up

Spy block trades were -$800M yesterday. Unless this rally fails - block trades don't mean squat unless the volume & $$ are significantly above the norm

very strong up leg so normally should be another leg up. a consolidation here is good for bulls.