I'm guessing the market makers need things to not drop until all those insurance puts go away worthless. Since CEO compensation buying has been once again primary source of cash (stock buybacks) should be seeing media narrative soon on earnings release black out period as reason for pullback, once it happens. As in Stay Calm this is normal message for Ma and Pa Kettle. Anyway it is a theory that does fit with Cobra's intermediate term stats.
SPX bull flag for a strong close.. close weak- near here ... then /ES 2150 range overnight will be very key… 'IF" the /ES is going to make a big move..expecting it overnight
indeed triangle is a reversal pattern. Now maybe, just maybe the low was in for today.
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StockCharts is showing a huge p-bar on TLT, indicating it ran up to fill the opening gap, and then back down again. No such thing happened. It is currently near its modest HOD.. and above the recent minor low on Tuesday at 139.60; 138.50 is the daily 20MA.
Meanwhile NAZ-vix (VXN) is at its LOD, and Russell 2K vix (RVX) is not, but is below its daily midrange.
Last edited by Daniel on Thu Jul 14, 2016 2:37 pm, edited 1 time in total.
MSCI ALL COUNTRY WORLD INDEX ISHARES BUILDS ON BULLISH BREAKOUT... Global stocks resumed their uptrend today in a replay of Tuesday's shift toward riskier assets. Chart 1 shows the MSCI All Country World Stock Index iShares (ACWI) building on its bullish breakout that took place on Tuesday when bond yields and sterling started to bounce. That global index of emerging and developed stock markets (which include the U.S.) has broken through a "neckline" drawn over its November/June highs and has completed a bullish basing pattern. At the same time, safe havens sold off as they did on Tuesday. Soverign bond yields are climbing again today in the US, Europe, and Japan. That's causing more profit-taking in bond prices along with other safe havens like gold and the Japanese yen. Rising yields are also causing profit-taking in rate-sensitive stocks like utilities and REITS. Rising bond yields, however, are giving another boost to financial stocks like banks, brokers, and life insurers. The decision by the Bank of England to leave rates unchanged pushed the British Pound sharply higher along with British bond yields. That also added to the move into riskier assets like stocks and commodities around the world.
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GLD,SLV, GDX, SIL all showing excellent resilience and RS today. Bouncing back from opening lows w vigor, in some cases already green...
IWM continues to be a laggard.
Daniel wrote:GLD,SLV, GDX, SIL all showing excellent resilience and RS today. Bouncing back from opening lows w vigor, in some cases already green...
IWM continues to be a laggard.
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Chart for the road: no LL to call to on short term so far all dips (see RSI) were bought and continue the push over night, will tonight be the same? 3rd reversal intraday trade so far but not sticking. Peace!
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