Cobra's Market View

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Flat open, so any gap will be filled.

The Global ES looks fine, we had a very strong push up in the last couple of days so usually the very first meaningful pullback would be bought, i.e. this bull has legs.

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What would the C&H target be on this?? $28.50??

SPX: Follow up of the EWP from the Novemebr lows

From Jeffrey Saut: "The last time we saw back-to-back 90% Upside Days at the start of the New Year was 1987. That 2 day two-step lifted the DJIA over 4% setting the stage for a rally that would peak on April 7th after a 24.5% run."

TraderJoe wrote:What would the C&H target be on this?? $28.50??

25.79 - 23.55 + 27.79

the open.

Cobra wrote:

TraderJoe wrote:What would the C&H target be on this?? $28.50??

25.79 - 23.55 + 27.79

Cobra, Thank You and Happy Trading in the New Year

Weekly chart of GDX looks bullish in my opinion. Anyone else?

Since we stalled yesterday, today is the day to come back to 530-535 AAPL. SPY need to wait a few minutes

Cobra wrote:the open.

Cobra, Happy and Healthy New Year!
I hope youfeel better today! All the best!

EFA wrote:

Cobra wrote:the open.

Cobra, Happy and Healthy New Year!
I hope youfeel better today! All the best!

Yeah, thanks, much better now.

nothing to say, generally, I'd expect this pullback would be bought.

There may be a small bear flag on ES 5 minute targeting 1451 or lower. *** Just an opinion; not trading advice ***

Market Neutral.

Taking a break. Dreaming up trade possibilities for the coming year. Pondering charts today. Very exciting!

My composite trend signal is bullish. The last two days have effectively repaired prior technical damage.
My summation index signal looks like it will flip to bull today (maybe tomorrow).

Reviewing yesterday gave me a list of bullish outcomes.
My next move is likely to re-establish long equity positions.
However....Please mind the GAP!

Given overnight futures markets, people don't study gaps so much anymore, but I still find them helpful to consider.
Yesterday, we had big gaps in both cash and futures markets.
Reviewing my Edwards & Magee, yesterday could be either a continuation/measuring gap or an exhaustion gap. It is a little hard to tell at the moment.

If it is a measuring gap, we are in the middle of the move from the November low and the move should keep going (minor pullback allowed) with measured move targets in the SPY 150-154 neighborhood.
If it is an exhaustion gap, the gap should get closed in 2-5 days (by early next week). Were that to happen, it would signify the end of the uptrend from the November low.
The end of the uptrend wouldn't necessarily mean a downtrend, we could get some kind of consolidation followed by a new trend in either direction.

I think a measuring gap seems like the more likely scenario (and I would like to play for the implied target), but I am going to keep an open mind over the next few days.
Let's see what happens.

ClarkW wrote:From Jeffrey Saut: "The last time we saw back-to-back 90% Upside Days at the start of the New Year was 1987. That 2 day two-step lifted the DJIA over 4% setting the stage for a rally that would peak on April 7th after a 24.5% run."

except in 1987 it was the first two trading days of the new year. we've only had one full trading day so far this year; the other rally happened last year. if you say that's arbitrary, then why do we even bother delineating one year from the next?

i say that's interesting, but not comparable.

rc1269 wrote:

ClarkW wrote:From Jeffrey Saut: "The last time we saw back-to-back 90% Upside Days at the start of the New Year was 1987. That 2 day two-step lifted the DJIA over 4% setting the stage for a rally that would peak on April 7th after a 24.5% run."

except in 1987 it was the first two trading days of the new year. we've only had one full trading day so far this year; the other rally happened last year. if you say that's arbitrary, then why do we even bother delineating one year from the next?

i say that's interesting, but not comparable.

No, I agree with you completely.

Hugo Chavez dead

key time, since this is the 2nd test of the previous high. I don't see anything wrong though.