Cobra's Market View

NFLX, after reporting great earnings and opening higher, is now down 2%. I see them reporting after the close today not prior to open. Sorry, thought I heard on Bloomberg radio that they reported, and price then spiked. Same point tho--this selloff today is taking down the 'darlings' as well as the...

Daniel wrote:IYR closed yest right at its 20day ema. Today it gapped down well below it. JNK too gapped down, and is barely staying above its 20day ema.

JNK has lost the 20day ema, as has XLF, EEM, EFA and other key etfs.

NFLX, after reporting great earnings and opening higher, is now down 2%.

Al_Dente wrote:SPY and Tech

As everyone on this Board knows, Vixen leads! ($VXN- vix for the QQQ/Naz)

QQQ was down nearly 4% at the low earlier. Surely at this point a test of the 50day MA, a bit lower around 203, is inevitable... esp since that would represent a major gap fill as well.

Al_Dente wrote:IYR chart......and the one Cobra tracks?

This one, in his chartbook: "1.M.0 IYR Daily"
https://stockcharts.com/public/1684859/ ... /585364111

IYR closed yest right at its 20day ema. Today it gapped down well below it, and is down about -1.5%. JNK too gapped down, and is lower by about the same amount. JNK is barely staying above its 20day ema. REITs and HiYield are two of the few areas where any shreds of income or yield can be found, and...

SPDR sector ETFs today ..including XLRE. AD have you ever checked the correlation btw this REIT etf and IYR--which is the most commonly tracked, and the one Cobra tracks? I think the commercial real estate sector is an interesting technical play right now. Nobody knows how much folks are going to w...

JFR wrote:Dow 30. A sea of red. Unanimous. IBM, CAT and DOW falling hardest. WMT the least.

According to Briefing.com, IBM's earnings announcement actually beat estimates on all actuals, but they completely pulled any future guidance, which sparked selling premarket.

No gap fill yet on the QQQ--super strong RS to the other sectors, clearly best in breed right now...

XLE is another etf to watch carefully. It too is barely holding onto yest's low.

Every day's a good day in the market if it's profitable. And days are profitable when it becomes clear early enuf whether it's a range day or a trend day or an A/B day where it switches partway thru. IWM has led to the upside in this rebound so it must be watched carefully on red days for potential ...

Daniel wrote:IWM is testing its (flat) 15min 200ema from above. Hasn't really been below it since 4/6.
Still trading within its (rather large) OR-15...

IWM took out that range--AND yest's low--with authority. Currently testing that low from below...

JFR wrote:Ya know, it always seems like Thursday in the stock market.

No it doesn't. You're losing it, JFR. Splash some cold water on your face.

IWM is testing its (flat) 15min 200ema from above. Hasn't really been below it since 4/6.

Still trading within its (rather large) OR-15...

IWM did give that mechanical sell signal and is hovering sideways, looking sickly while the other majors test new highs. RVX is closer to its hod than its low, but is currently backing away from that high...

IWM very close to a daytrade sell signal here.. not quite yet..

JFR wrote:ES 5. Big move down.

Okay, JFR. You can now, finally, permit yourself a pre-weekend YEE-HAW! (Previously frowned upon, but now, well-earned!)

GLTA

Daniel wrote:All 3 majors holding above their (upslope) 15min 20emas as they head twd the end of the week. A close anywhere around this level would have to be considered "bullish resilience".

..update: Violently rejected! Looking to close poorly. NO "bullish resilience".

Both SPY and QQQ are right near yest's high--except for that final 15min bar big extension ramp up into the close. IWM didn't have that huge a final spike. Coolbiz1 cites "Uncertain price action" that has his EW approach currently flat, after (very deftly) shorting, these past couple days....