Cobra's Market View

Gold is up today, and right in the middle of its short term range. GLD is currently resting right on, or just over, its fairly flat 200sma. It's on short term momentum-models buy signals.

Whither gold and gdx/j?

Always interesting work from Rob Hanna..

'A Rare “Inverse Zweig Breadth Collapse” Triggers'

https://quantifiableedges.com/a-rare-in ... -triggers/

QQQ down -2.7%. XBI up 2.5%. Hmmm. What's smallcap biotech so happy about? Not "risk on".

JNK, HYG are both failing to hold above their (downsloping) 50day sma.

Default risk is scaring them.

Impressive, resilient bull bars on SPY, QQQ, IWM today. But, of concern to bulls, is the relatively low level of Naz advancers, as compared to the three day kaboom! of last week. Along the same theme, note that RSP did not clear its high of last week. SPY did, easily. Also, Naz up/down volume was m...

Impressive, resilient bull bars on SPY, QQQ, IWM today. But, of concern to bulls, is the relatively low level of Naz advancers, as compared to the three day kaboom! of last week. Also, last week the junk bonds were even more explosive than stocks... and yet today JNK and HYG both retested the area o...

So far today IWC is up 1/2 of 1%--but well off the highs. If the smallcaps are about to take off, the micro-caps will probably lead. Focusing on the smallcaps because of IWM's mid-February RS, as illustrated in the STA chart posted by Al Dente a bit ago. They are showing RS against the majors today,...

UNG down sharply on Friday. Down another 8% today. Perhaps a commodity-market referendum on the question, quietly voting that Russia will not invade Ukraine..?

ccash04 wrote:credit this morning weak...

On Friday both HYG and JNK hit 9-month+ lows intraday. Today they are down slitely and currently price is mid-range, still within the long candle of Friday.
They aren't showing much correlation with the big indexes today. Mostly meandering on their own way.

QQQ closed over 360 at the end of last nite's afterhours. Might be a magnet.

Naz advancers HOD.

Daniel wrote:SPY just ticked a couple pennies from going green. Acting like it is shy about doing so. Maybe it's looking at the -1200 plurality of NYSE decliners at the moment.

SPY is again flat, but now those decliners are less by about 300, so price is same but breadth is better.

This market is going to test the Fed and find the Powell put, may take a while but it will break his will. April 2021 drinking game suggestion, made by trader G.Soloway, and retweeted by him today: "....Jerome Powell's press conf is at 2:30pm. Take a shot of your favorite alcohol every time 't...

SPY just ticked a couple pennies from going green. Acting like it is shy about doing so. Maybe it's looking at the -1200 plurality of NYSE decliners at the moment.

te_fern wrote:High yield is not helping the bulls!!

SJB is a 1X ETF that is short the high yield universe. Has decent volume.

HYG at its low today was less than $1 away from a 52-week low.

QQQ is testing but has not yet broken its OR-15 morning low. SPY and IWM have both done so, decisively.

10yr Treasury Yield, TNX, is 1.93% :shock: From Briefing.com: "The fed funds futures market was already factoring in five rate hikes this year, but now the Treasury market is catching up to these expectations. The 2-yr yield is up 11 basis points to 1.30%, and the 10-yr yield is up ten basis p...

Today is typical example. SPY currently up .70%, but there are >700 issues declining over advancing and up/down volume is about 2/3... big tech and marketweight skewing the averages. RSP is barely green. Earlier in the day, Briefing.com reported: "The Vanguard Mega Cap Growth ETF (MGK 227.29, +...

" If you only keep track of the S&P 500, you’re probably oblivious to the increasing number of U.S. listed stocks that have declined 50% or more from their 52-week highs.... that number currently exceeds 2,000. G.Soloway: "Incredible to see that Robinhood (HOOD) hit $85 after its IPO ...

JC Parets: "The bottom line is this: If the Nasdaq100 (QQQ) is below 350, there’s nothing to talk about from the long side."

-today's high so far has been about 349, so perhaps close to a decision time.

GLD has made a fast trip from upper bollyband to lower, just 3 days... back within it's interminable range, having generated a fresh MACD sell signal.