[RICK LAKE]

vref120 This is going to cost you a first name. Start with Clois Harlan Great guy, knows alot about cobras and fixes. Lives in your town.
Your sound is air in the system. Is the master cylinder below the slave? We need to vacuum the system or manual bleed with 2 people. Does your slave have a bleeder valve or scharder?
Best why without a machine is too push rod at slave to full depress postion and crack valve. pump up pedal and repeat this about 6 times. Run a clear tube that will seal over the scharder valve and keep this in fluid after the first opening. Make sure the brake pedal stay compressed and valve is closed before releasing pedal.
Last note, what color is the fluid? I know the new fluid is clear but was the old fluid black? Gravity bleeding doesn't work on all systems. Pressure bleeds work most times. If you do this and have the same problem looking at a slave cylinder. The clear tube will tell you if your system has a sealing problem. 99% of the guys don't have this but having a pressure gauge in the line will help tell you if you have the correct pressure and the system is not bleeding down. Good luck. If my explaination is hard to under stand call me and I will walk you through this easy repair. Rick L. 732-254-3536.