Cobra's Market View

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Small gap up within yesterday's range, so the gap might be filled.

I don't know what pattern is on the Global ES, maybe it's the 2nd test of the 01/04 high now so no failure allowed for bulls here, must be up and up and up to a decisive new high. I see a small Bull Flag, so the bias is a little bit on the upside for now.

members only update starts here: http://www.cobrasmarketview.com/2013/01 ... ay-update/

GM I see possible small inverse H&S on ES and on others

nasdaq looks like is flagging (4th wave)

Euro not bearish yet but not looking good now, the price obviously overlaps implying this is just a rebound.

At 0924 am, SPY is up .31 over last day. ES is up 2.75 points.

the open.

DAX wedge....looking to swing short after this push-up...same in US

COBRA, Your year begins February 10th 2013..

2013 is the year of the Snake, begins on February 10th shortly after the New moon in Aquarius. The Snake is the sixth sign of the Chinese Zodiac. It is the enigmatic, intuitive, introspective, refined and collected of the Animals Signs.

Ancient Chinese wisdom says a Snake in the house is a good omen.

Watch VIX, it may form hollow red bar today indicating a rebound is due.
https://stockcharts.com/public/1684859/ ... /122111957;

TraderJoe wrote:COBRA, Your year begins February 10th 2013..

2013 is the year of the Snake, begins on February 10th shortly after the New moon in Aquarius. The Snake is the sixth sign of the Chinese Zodiac. It is the enigmatic, intuitive, introspective, refined and collected of the Animals Signs.

Ancient Chinese wisdom says a Snake in the house is a good omen.

Really, snake in the house is a good omen? I don't know.

I was born in pig year actually.

Cobra wrote:Watch VIX, it may form hollow red bar today indicating a rebound is due.
https://stockcharts.com/public/1684859/ ... /122111957;

Funny I was going to post something asking about being long volatility here (probably through calls in the ETF VIXY). Anyone else thinking the same thing? My only worry is this looks like a consolidation phase before we keep going higher.

VIXies update posted in "intraday update" area for subscribers

Harapa wrote:VIXies update posted in "intraday update" area for subscribers

Thanks. Really appreciate!

next resistance.

this bull shall have legs. I think it needs consolidate or pullback here to let the EMA20 blue line catch up.

There's Going To Be A Blood Bath At Morgan Stanley On Monday

Charlie Gasparino reports that Morgan Stanley is in for some deep cuts on Monday.
Bloomberg is also reporting 1600 job cuts next week as well.
Morgan Stanley's CEO James Gorman has always made it clear that Wall Street had to downsize and that he wasn't afraid to have his own employees feel the pain.
That goes for compensation (down 9% since last year) and layoffs. The truly ugly year was 2011, when the firm was running layoff scenarios in the several thousands.
At the beginning of last year, Gasparino (again) was reporting that by June 5,000 more people would be gone.

Light long.
I tried to add a trading unit in yesterday's dip but was too stubborn on price. Could be an oops here.

My trend signal is still long.
My summation index signal needs an up close today or it is at risk of flipping down.

On Monday, I daydreamed about Mr. Market teasing bears into short positions and then squeezing to new highs late in the week (WFC earnings Friday).
It seems the first part of the dream may have played out. If Friday's highs get taken out, the second part could come true too.
The bulls should want to mount a charge on the SPX 1500 threshold.

I still don't like my long position. The rising $, the index against bollingers and the increasingly cheap VIX don't align well with continued bull progress.
While there is upside from here, the risk return ratio doesn't seem attractive to me.

Harapa, this is for you. Note that ellipses on SPX, BPSPX and BPNYA are all signalling the same message
N.B. This ain't exclusively for Harapa, but Harapa asked...

If you take a close look at this chart you can see the NAS could be setting up for a dn move which could take the rest of the mkt with it..All it needs is reduction in liquidity which is in the hi quadrant..Chart by Stocktiming