Cobra's Market View

ECB Bond buying- when Reuters was used as a source it made the hair on the back of my neck stand up. Now over at Zero H---- they have the NANEX graph etc etc showing that the 12:30 candle was driven by a news report out of Frankfort that has now been retracted by Bloomberg. Once again proving you ca...

Saudi's said today that $60 is a reasonable price for oil. Over 20% of junk bonds are for the shale crowd. Drilling permits are off 40 %. I don't think they (the shale crowd) can survive $60 for long. Canadian Tar Sands are dead man walking at this price. Banks loan to the oil companies and are mark...

Martin Armstrong says sovereign debt crises will end this. So do many others. No country can borrow and print indefinitely. Just ask the Argentinians.
His models say next fall is when it starts.

TF (R2K) has now erased the entire ECB/PBOC surge. So 5 and a half hours if a major central bank cuts rates after a jaw boning event. Janet and Kuroda San are going to have to step to the mic.

TH has retraced 50% of the ECB/PBOC move, so any new up in the ES has to be new money buying the dip, not a short squeeze like yesterday morning.

Last time Super Mario jawboned the market up it only lasted an hour and a half. Of course this time is different, the Chinese contributed an action to go with his promise. Still Goldman has already said the Chinese cut isn't that big a deal, so who knows, but my guess is a reversal.

Compared to expectations PMI misses by most on record, then Philly Fed beats by 10 standard deviations. Waiting for someone to look at the raw numbers, all this stuff has a huge seasonal adjustment this time of year.

That last spike up had to be Philly Fed coming in way over expectations. They seem to have legalized hopieum in that region, given the Asian, European and US PMI's today. They succeeded in regaining most of the overnight sell off, if that was the goal.

TF Z (R2K) below last week. Is this rotation into defensive issues after the bad economic reports?

ES is trying to challenge the overnight high but the TH hasn't gotten close and is now rolling over. Is this going to be another one of those days where the S&P is the only up index? That seems to end in a rush down to catch the others lately. Whops, my bad typing, I mean the TF Russell 2000 E-M...

Several articles by "experts" explaining that ECB bond buying is in a too small market to have any effect. Also the Germans are really not for it, so all we get is talk. We saw yesterday talk is now good for a 90 minute round trip in the market. The era of the central bank will come to a c...

IWM There is a website that gets linked here regularly. This week they flashed the Bloomberg Chart for their "Most Shorted Stocks" index and had IWM on as well. It was a great proxie. It was also clear that last week was like so many other 'rally's' we have seen the last couple of years, a...

The Federal Deficit is too small for effective QE. They dare not moniterize 100% of the debt, Republicans would be angry! Also there isn't enough collateral left for the banks. I assume you follow the "special" reverse repo days at quarter end when the banks window dress the collateral the...

Did they have to evacuate the Marriner Eccles building?

Dollar is rising, our economy is more solid, why not invest in US as a safe haven. I see the same thing. What I don't know where to see a chart of capital flows.

Last week one of the big banks said the lack of liquidity was causing the high volatility. I guess today's POMO cured that problem!