On a dive with my Suunto D6 (same algorithm as the Cobra 2, I believe) to 110 feet, I was back at the ascent line with four minutes of no-deco time indicated. At the time, I wasn't aware of the technique chrpai mentioned above, where you ascend at 30 fpm to about half your max. depth, then 10 fpm from there to the surface. So at 110 feet I began ascending at around 10 fpm because the instructor I was diving with either was in no hurry to get back on the boat or just generally liked to do the whole ascent slowly. But sticking with the initial super-slow ascent rate wasn't causing my Suunto to increase the no-deco time, and I became concerned it was going to count down to the dreaded zero and put me into unplanned deco mode. When I sped up a bit to the normal 30 fpm, the indicated no-deco time indeed started increasing. So my advice with the Suunto is to not dawdle when it shows you no-deco time in the single digits; get on the line and start ascending.
I still advocate taking a Deep diver course or at least hiring a divemaster and going over a dive plan with him. You'll probably learn something. Dives like this, while hardly the Andrea Doria, still are not something to fly by the seat of your pants on if you haven't done them before.