12/05/2016 Live Update

[Cobra]

we had bull flag breakout finally, the problem is too late, close is near.

[fehro]

SPX mind the daily candle.. inv hammer.. not bullish…. 20m to go.

[Trades with cats]

Today was the first installment on changing the common view on oil. As Daytrading ES pointed out lots of media narrative about record production levels. Also they have made it clear to everyone that the shale guys have been selling a big chunk of 2017 production at these prices.

This morning Genscape saying big Cushing build. Tomorrow afternoon good odds that API will confirm followed on Wednesday morning by EIA and then of course the Friday rig count, an avalanche of bad news. Don't forget it is winter blend for gasoline so the European refiner surplus can be sold anywhere in the US. Late last winter blend season they ran out of storage for New York Harbour RBOB. They already ran out of oil storage in Rotterdam this fall.

Point being you have to seed doubt into the minds of all the new oil longs then you can use what will undoubtedly be some horrifically bad inventory reports to start the panic selling. Rinse wash and repeat.

[Trades with cats]

Zerohedge has a super Mario Thursday preview up.

[Cobra]

members only update at 3:53 pm
http://www.cobrasmarketview.com/2016/12 ... ay-update/

[Cobra]

well, guess that's it for today. Tuesday tomorrow has been a little bit bull friendly recently. thank you guys, I'll see you tomorrow.

before the close, please take a little time to vote for me, thanks. https://stockcharts.com/public/1684859/tenpp

[ALdaytrade]

SPX mind the daily candle.. inv hammer.. not bullish…. 20m to go.

Except this looks like an IH&S with 2228 as its target.

[Al_Dente]

http://money.cnn.com/data/fear-and-greed/

[Al_Dente]

Dow new high today, while just THREE stocks in the dow 30 made new highs:
GS, BA and JPM