Cobra's Market View

Above $298 bears will go for a nap, all the way to $298.55 or so. Up:Down ratio has been bullish all day.

Cobra wrote:Wow, I thought only president Xi of China has this kind of power (since the developed countries don't recognize China as a country of market economy). Didn't know Trump has it either, wow.

Trump does NOT have the power to order any of this. He loves to think he does though. What a lunatic.

Cobra wrote:the pullback probably will be bought.

Come on weak sauce, strengthen thyself and move back up!!!

August manufacturing PMI comes in under 50, this is where recessions start (despite what Donald and plastic-puppet Kellyane say).

This may force Fed to cut the rate, it may be too late though.

Quiet in here today...

Put/Call ratio was sky-high going into FOMC, for sure they were going to get burned.

Al_Dente wrote:Boss, would you like to take back the reigns, and post POWER HOUR every day?
You used to be the King of POWER HOUR

It's open to everyone!!

Just busy these days my friend..

Al_Dente wrote:HAPPY HOUR

WEAK SAUCE MORNING

After the opening pop, S&P has been acting like a junkie crashing from a high.

Down volume was above Up volume since the open, European markets closing in 5 minutes, maybe we'll see some improvement after.

Cobra wrote:failed double bottom, breakout on the downside is more likely.

THE DREADED TRIPLE-BOTTOM FAILURE...................

Down:Up volume ratio now above 5:1.

So far Bears have had many opportunities to crush this, at a point the PPT will just smack them out of the way if they can't finish what they started.

BullBear52x wrote:I got a feeling we may closed higher today. I am buying on the north bound train now.

Be careful, Down:Up volume ratio is 4.50:1. Pressure to the downside so far.

Unless SPY regains $290 and gets above the 5-min 20ema (intraday) in short order. we'll give Monday to the Bears.

Note that in 5 minutes, European markets will close and that may change the path (maybe they are selling to the close).

Sometimes even old MrM gets lucky.

NYMO at -80, tariffs working great, Dow down 750.

SPX double-bottom or bust, drop could be severe as there isn't much support till 2840, then 2820. So very important point here.

NYMO down to -78, 90.8% Down volume day, Down:Up volume is near 10:1.