SHORT-TERM MODEL THINKS THE TREND IS UP, HOLDING LONG POSITION OVERNIGHT
The bottom line, more up ahead, but bulls may need take some profits if yet another up day tomorrow.
I don’t expect another huge up tomorrow if not red, because TICK closed above 1,000 today.
Cobra Impulse System thinks it’s time to buy, see table below for more details.
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October 10, 2011 at 5:13 pm
THX!!!
October 10, 2011 at 5:24 pm
thanks
October 10, 2011 at 5:28 pm
Cobra
SPX and Dow jones and Transports all closed above MA(50) on daily chart for the first time since the drop from July/August.
VIX on the other hand for the first time closed below MA(50) since the July/August bottom…
This should be very telling and good indication that a trend change is in place.
Potential inverted hs pattern targets 1265 on SPX
October 10, 2011 at 5:28 pm
Good post. And very nice favicon! 🙂
October 10, 2011 at 6:32 pm
Still working on the icon.
October 10, 2011 at 5:35 pm
To all those people who really laid into me with hate and mocking: You are now are being proven wrong (easily), why? Because they failed to understand the simplest indicator, TLT:TIP, which is far smarter than any market commentator I’ve found.
Sorry all those people were wrong. They have failed as traders. I have made tens of thousands upon thousands of dollars buying every dip, and you could have too.
Again the two scenarios I laid out are very likely as bearish forecasts fail. The most aggressive target was 1520 by March 2012. The less aggressive target was 1450 by the summer of 2012. The indicator works. Period. I don’t know if we’ll re-test those lows at 1080 again, or even breach them, but it doesn’t matter. The targets remain.
October 10, 2011 at 6:45 pm
Life ain’t about being right or wrong, nor is trading. A good trader adapts to new patterns, adjusts his positions. It’s not your ideas which get you mocked here, it’s your elitism and lack of humbleness which puts you in dire straits. Other readers might play big and make money – but they don’t brag, because they know that there is no such thing as a safe bet…
October 10, 2011 at 10:32 pm
you are hysterical
look Benny boy, you discussed that thing so many times since August that you had to resort to saying that it predicted a rally ……eventually, now here you are claiming victory on the multiple it has produced over your sample size of not big enough to be taken seriously
that you further lecture on the failure of traders after the last several months is priceless
any regular knows your deal by now…..thanks for the laugh
October 10, 2011 at 5:50 pm
thank you.
October 10, 2011 at 6:19 pm
A look at BB 13/1 in spring 2008 and October 2011:
October 10, 2011 at 6:34 pm
why does everyone compare this to 2008? look at the 1970s you will be surprised at the similarities.
October 10, 2011 at 6:53 pm
I guess you’ve got a good data provider, show your charts…
October 10, 2011 at 7:12 pm
Not sure if this is what nigapls is referring to but this one view I have. Check out The first INDU chart. 1970 had an expanding diagonal tri http://waveprinciple.blogspot.com/p/long-term-count.html
October 10, 2011 at 8:27 pm
Thanks.
October 10, 2011 at 7:03 pm
Uempel, if I am reading your charts correctly, Tuesday or Wednesday should be a short-term high. This weeks low could be 1172, followed by a pullback next week to the 1130-50 area, followed by rally to new highs above the 1230 high perhaps to the 200 DMA @ 1277.
October 10, 2011 at 7:22 pm
Active, it’s a comparison with spring 2008 and nothing else, should be taken with a grain of salt. The only thing I do know for sure: SPX will come down and bounce on (or even break) the upper BB 13/1 band. But because SPX closed above the last 13 candles today, the upper band should be moving up slowly this week and could be well above 1172 in a few days…
October 10, 2011 at 7:31 pm
Thanks for the clarification.
October 10, 2011 at 6:24 pm
the Monday ass rape was right on schedule! 🙂 Ouch! Whatca gonna do when stockmania runs wild on you!!!!
October 10, 2011 at 6:25 pm
BTW nice new site when you gonna start charging for subscriptions. This always leads to some type of monthly fee BS?
October 10, 2011 at 6:44 pm
I’d like to have millions of readers and forever charge nothing if I’m single. If you could solve my 24/7 hard working problem as well as family crisis, I’d like to offer everyone for free forever. Try my post for a few days, then you’ll know how much works I have to deal with everyday for the past 4 years, besides that, I have other works to do, I’m not professional writer here that other than writing blog, I have nothing else to do, so it’s not kidding I’ve been working 24/7 for the past 4 years. Anyway, if you can find a way to solve my problem, the site will be free forever. Otherwise, enjoy while you can, after all, I’ve been doing this for nothing for the past 4 years, at least be fair to me. 🙂
Also, if your solution is to buy me, then better forget it, I’ve got lots of offers, and I’ve turned down all of them. I mean people here should really appreciate what I’ve been doing in the past 4 years as if not because of me, it’s not free perhaps long long time ago.
October 10, 2011 at 6:59 pm
🙂
I know i am currently in deep **** because of todays rally when i doubled down last weekend and it is very easy to call yourself a hero when things work your way. But again, if trading were this easy, we would all be rich. Every trader trades in different hemisphere with his/her own style of thinking/trading.
When i stated 1060’s on ES, nobody believed me. We almost touched and rallied hard.
I was unable to capitalize on all of this hyperbolic move because of my bz sched, but did good.
If i state that by this weekend we will revisit the Oct lows, i would once again get hated. 🙂 I guess following Warren is much difficult than using his quotes. “Fear when everyone is… etc… “.
In any case, there is no point in stating who is right or wrong. If someone made 1000’s, good for them. Others may not have made 1000’s today, but they sure aren’t broke and know what they are doing. 🙂
BTW cobra, i like your new site man. Good work. I am not sure where do you find time to do all this. But we all wish you the very best man.
October 10, 2011 at 8:40 pm
Thanks Jason and good luck with your trade. We might see pullback within couple of days.
October 10, 2011 at 7:05 pm
Cobra , will there be a fee for nightly recaps or just intra-day? and when should it begin?
October 10, 2011 at 7:32 pm
only daily recap. Not sure when.
October 10, 2011 at 7:15 pm
为什么你做那些不是中国人这么多免费的工作？
October 10, 2011 at 7:30 pm
you better not comment like this. And I think you didn’t think twice when you asked such a question. Let’s don’t discuss this matter, thanks.
October 10, 2011 at 7:15 pm
为什么你做那些不是中国人这么多免费的工作？
October 10, 2011 at 7:39 pm
Cobra, in one your posts today you mentioned when ema 20 is 2.5% away thats the limit but that was on 60min. what is considered stretched on the daily for the SPX? any thought on the CHI OSC? tia
October 10, 2011 at 7:40 pm
20% above MA200. We’re far from it.
October 10, 2011 at 8:41 pm
wait for a pop to 1205 tomorrow then drop but i have a feeling we go higher so long as Europe don’t bring us down.
我恨股票
October 10, 2011 at 8:44 pm
Calm down. You’ll be fine. 🙂
October 10, 2011 at 9:31 pm
I am counting on the 76.4 Fib at SPY 119.73 and the upper trend line of the wedge around 120 to stop the rally. If not it’s going to be bloody bath for the bears (me included) at 200 MA.
BTW, no negative divergence on SPY 06 min but there is a positive divergence.