Cobra's Market View

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Small gap down below yesterday's low, so not sure if gap will be filled or not.

The Global ES is in a range, we'll have to wait until it breaks the blue lines either on the upside or downside. My wild-est-est-est guess, is, well, I don't know.

“I will spend my last dying breath if I need to, and I will spend every penny of Apple’s $40 billion in the bank, to right this wrong …
I’m going to destroy Android, because it’s a stolen product. I’m willing to go thermonuclear war on this.” [Steve Jobs]


% performance, majors, just 10 days

Great start to the morning already. Wolfe was busy in the morning.
Look what happens next.

good morning Boardies:
Swing trade looking for new lows to buy against divergence on macd, here is 2-1/2 hour bars of ES futures...

ha ha cobra you do now .. this market will never go down again .!!! HA HA never !

Good reading. http://wallstreetbean.com/the-mother-of ... revisited/

IWM strength is a bit of a surprise this morning!
I/T...10hour bar charts shows consolidation in ES, want to see it stay above hi-volume prices from Friday rally (guess about 1402+ futures?)

Al_Dente wrote:“I will spend my last dying breath if I need to, and I will spend every penny of Apple’s $40 billion in the bank, to right this wrong …
I’m going to destroy Android, because it’s a stolen product. I’m willing to go thermonuclear war on this.” [Steve Jobs]


% performance, majors, just 10 days

828MAJORS.PNG

The Google Nexus 7 is very nice. I might consider buying this tablet. I've never owned a tablet. I don't own a single AAPL product.

Break

MCP is gapping up for the 5th straight day. The big boys are buying it up overnight then slamming it intraday. I'm in REMX a little.

Momentum Block:
Momentum picture mixed, currencies and global markets Bearish, US markets in buy zone but ES is barely holding in the buy zone.

the open.

June home prices gain for fifth month in a row

http://www.reuters.com/article/2012/08/ ... ss+News%29

for next few days, was liking iwm BUT trans tend to have follow thru after large down days and they are just above the "NO SUPPLY ZONE" (thank DR AL), maybe not oversold yet,
GLTA

Gap closed (?) Maybe a bear raid to start the morning?

joe-gamma wrote:for next few days, was liking iwm BUT trans tend to have follow thru after large down days and they are just above the "NO SUPPLY ZONE" (thank DR AL), maybe not oversold yet,
GLTA

iwm829.png

CAVEAT
“volume by price” can be fickle
When u run it shorter time frame u get possibly distorted view of volume
Here u only get vol picture to mid july
Change time frame and it can surprise u

GM,
FDAX had two-sided action so far, with bulls fighting for 7000 and bears defending the downward sloping TL from 21/8 - 23/8 highs.
Near 08:30 had a small breakout to the downside but now is back inside range.

AMD is feeling the love

My indicators show today is another consolidation day for SPY.

Good luck everyone

IWM is very close to busting previous day's high

SPY

spoos are working a channel -- bull flag most likely.

decent risk/reward for a short at 1410ish (stop 1411.25). but i might be chicken in front of the 10am consumer conf data.