Cobra's Market View

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Flat open, so any gap will be filled.

Don't want to say about global ES, it tested the previous low and held, spiked high but failed, now it shows no direction, so we have to wait. I assume it's still in a rising wedge.

members only update starts here: http://www.cobrasmarketview.com/2012/12 ... ay-update/

I think one more new high is very possible today before new corrective cycle will take place (despite my main target have been met yesterday) will keep an eye on rsi channel break that would be signal to me we are close to the cycle end

back to the past : viewtopic.php?f=2&t=755&p=107700#p107700

So now we're left to wonder whether or not we're going to get a Santa Claus rally and if so, from what level will it start.
The bounce pattern off the November 16th low, which looks like a correction to the October-November decline, may have completed today, in which case we could see the market start back down from here.
A Santa Claus rally (typically between Christmas and New Year's and the first few days of January) might start from a much lower level.
Key Levels for DOW:
-bullish above 13,400
-bearish below 13,100
An early bearish signal would be a drop below Monday afternoon's low near 13160.

There is an important Gann Square of Nine turn date this Friday, December 14th. If you're at all familiar with this chart, December 14th is 90 degrees in time from the September 14th high and on the same vector as SPX 1430. SPX 1430 also is 6 squares up from the March 2009 low and therefore from a Gann perspective, December 14th and SPX 1430 is a very important time/price square-out.
In addition to the December 14th Gann turn date there is a new moon today, December 13th.

SPX - The inability to hold above the price-level resistance zone at 1429-1434 for the past two days, along with Yesterday's gravestone doji, leaves one wondering if today's high was it.
A break much below 1420 would have one thinking we're not going to get a new high. Much above 1450 and I'd be thinking higher highs into January
Key Levels for SPX:
-bullish above 1435
-bearish below 1398

The banking index, BKX, came close to achieving the price projection at 50.29 for two equal legs up from November 16th, with a high of 50.18 today. It was unable to hold the break above its downtrend line from 2010-2011, currently near 49.84 (log price scale) and today's candle is a shooting star at resistance. As with the other indexes, a red candle on Thursday would be a confirmed reversal pattern. It has slightly more upside potential to the top of its up-channel, near 50.60. so even though it would be potentially bullish above 50.30 I'd be careful about a head-fake break to the upside.

Not my chart;

Garmin (GRMN) - Star candle with massive volume

TJ & Co. so far nothing new in NG, approaching to mentioned 3.30 area...will keep u updated what happens there

Thanks for the update

KeiZai wrote:TJ & Co. so far nothing new in NG, approaching to mentioned 3.30 area...will keep u updated what happens there

NG2.png

Silver futures taking it on the chin -3%
http://finviz.com/futures_charts.ashx?t=SI

KeiZai wrote:TJ & Co. so far nothing new in NG, approaching to mentioned 3.30 area...will keep u updated what happens there

NG2.png

Thanks for the chart KeiZai!

the open.

NOT for INTRADAY
My dash board still favors bulls on intermediate terms.

KeiZai wrote:TJ & Co. so far nothing new in NG, approaching to mentioned 3.30 area...will keep u updated what happens there

NG2.png

What do you see in Silver KeiZai? Thank you.

thought people might be interested in the following

http://cotbase.com/

http://www.youtube.com/user/COTBASE

(I am not affiliated with this - so I am not plugging it. I do think it is pretty interesting and thought people might be, too)

happy holidays.

Out 1/2 DSLV. Stop 31.80. Then 31.10, price of silver.

Speaker Boehner will speak today. Will he get things going to the downside?

SPY busted yesterday's low. Once IWM busts yesterday's low, we probably rally all day to challenge yesterday's highs.

relative strength

PS: Happy Holidaze Cobra Mighty Might Boarders and profit in the Year of the Snake. Ben's got your back, the floor will be maintained. http://www.youtube.com/watch?v=UV8x7H3DD8Y

Found the time, 11:00.

skittlesmds wrote:Speaker Boehner will speak today. Will he get things going to the downside?