Cobra's Market View

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3rd test of range high, so likely we'll see a breakout on the upside.

members only update starts here: http://www.cobrasmarketview.com/2013/07 ... ay-update/

SPX 15m

SPX 5m lines fwiw.

Another gap up..

Actually it happened on 7/12 (on dividend adjusted hourly closing basis). Since then SPY tested the breakout zone and is now headed to the moon!

Initial jobless claims fall (bull)
334k on estimate 345k

SPX 5m

breakout as expected.

pBAR Reading
Cyan line remains the target of algo. If SPY just broke out of an ascending triangle vertical blue line is the target.
Sorry chart is a little messy

minor divergence, NAZ lagging, VIX lagging

tomorrow opex print? or perhaps later today..
170.46

SigmaEcho wrote:tomorrow opex print? or perhaps later today..
170.46

Funny, this is the target of ascending triangle breakout.

SPX 5m channel tag

7:10 AM 7/18/2013
Greece's Parliament approved austerity measures needed to release funds for the country's next installment of bailout loans. 153 Greek lawmakers voted for and 140 voted against the measures which put thousands of state workers on notice for possible dismissal. Passage of the austerity measures were needed for Eurozone officials and the IMF to sign off on the next disbursements from a 240 billion euro bailout.
http://www.barchart.com/newsletters/usmorningcall

Just imagine how that is going to go over. (riots?) Where will these people get jobs with so many unemployed already? It cuts their GDP numbers. If they had their own currency they could just print money and hire more workers. Bennie prints $80B for the banks each month - that's a lot of paychecks.

How many new millionaires would their be in the USA if all the stimulus money was distributed to the people as $1million gifts? Debt is up x trillions since 2009 divided by $1million = Y millionaires....

The dow made new highs so s&p follows?

Cobra wrote:breakout as expected.

Boss, Excellent call on the close yesterday!

Thanks,
PanamaJack

SigmaEcho wrote:tomorrow opex print? or perhaps later today..
170.46

I have a tail down to 168.03 on this current 5 min bar.