Cobra's Market View

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Small gap down, within yesterday's range, so the gap might be filled. Usually the next day after a big up day is narrow range day.

Cold be an Ascending Triangle formed on the Global ES, so the bias for now is up.

members only update starts here: http://www.cobrasmarketview.com/2013/05 ... ay-update/

uempel is busy in the morning, he want's me to show you this chart. He says "It shows that if BPSPX tops this week the bears don't have good odds for making big money "

Cobra wrote:uempel is busy in the morning, he want's me to show you this chart. He says "It shows that if BPSPX tops this week the bears don't have good odds for making big money "

Cobra, you mean bears "have good odds" or "dont have good odds" ? The chart looks like if BPSPX peaks, there's important SPX corrections right after?

vikasrao wrote:

Cobra wrote:uempel is busy in the morning, he want's me to show you this chart. He says "It shows that if BPSPX tops this week the bears don't have good odds for making big money "

Cobra, you mean bears "have good odds" or "dont have good odds" ? The chart looks like if BPSPX peaks, there's important SPX corrections right after?

Check the chart vikasrao - bears don't have good odds for making big money (sent from my iPhone)

AAPL, GOOG, GS, NFLX and PCLN Update

uempel wrote:

vikasrao wrote:

Cobra wrote:uempel is busy in the morning, he want's me to show you this chart. He says "It shows that if BPSPX tops this week the bears don't have good odds for making big money "

Cobra, you mean bears "have good odds" or "dont have good odds" ? The chart looks like if BPSPX peaks, there's important SPX corrections right after?

Check the chart vikasrao - bears don't have good odds for making big money (sent from my iPhone)

Indeed, you are right. Thanks for pointing that out uempel

Long SCO @38.27, SL 36.50

USD/JPN just really slumped after that bad industrial production report and revision.

"CBO slashes deficit estimate. The federal deficit will narrow to $642B in the fiscal year ending in September, the CBO said Tuesday — a meaningful improvement from February's projection of $845B. The revision comes courtesy of higher tax receipts and dividend payments to the Treasury from Fannie (FNMA.OB) and Freddie (FMCC.OB). The government can now skirt the federal borrowing limit until October or November. The CBO sees a deficit of 3.4% in FY14 and 2.1% in FY15, before the figure begins to rise anew on increased spending."

Al_Dente wrote:"CBO slashes deficit estimate. The federal deficit will narrow to $642B in the fiscal year ending in September, the CBO said Tuesday — a meaningful improvement from February's projection of $845B. The revision comes courtesy of higher tax receipts and dividend payments to the Treasury from Fannie (FNMA.OB) and Freddie (FMCC.OB). The government can now skirt the federal borrowing limit until October or November. The CBO sees a deficit of 3.4% in FY14 and 2.1% in FY15, before the figure begins to rise anew on increased spending."

The Good News: Deficit falls because of Fannie Mae.

The Bad News: Deficit falls because of Fannie Mae.

GOOG 100% ascending triangle measure move has been reached, amazing bull train. Choo choo!

AAPL Target has been reached. If there's still no reversal candle confirmation near 435,
then expect 430 to be tested because of the continuation bearish pricing.
This is the tricky zone, don't get trapped.
Hourly RSI is at 20, so Fast and Furious Oversold Setup is ready to go

possible double bottom. (means the low was in)

Unique wrote:AAPL Target has been reached. If there's still no reversal candle confirmation near 435,
then expect 430 to be tested because of the continuation bearish pricing.
This is the tricky zone, don't get trapped.
Hourly RSI is at 20, so Fast and Furious Oversold Setup is ready to go

Pretty obvious now, still no reversal candle confirmation.

double bottom text book target if indeed breakout.

I don't think bears will see the light of day anytime soon, a support at 5dma on /es here seems to provide good support again.

Unique wrote:GOOG 100% ascending triangle measure move has been reached, amazing bull train. Choo choo!

GOOG Update

A/D line does not show the strength it had yesterday. It looks weak. 1077/1703