Cobra's Market View

still breakout more likely unless sharp pullback here.

HO SMALLS, COME TO MAMA

breakout coming.

Cobra wrote:breakout coming.

WE'RE OUT OF TIME CAPTAIN!!!!

I see a pretty big divergence between the smalls and the ES. Someone else pointed out on Twitter this morning that the majority of S&P 500 stocks are down in a moving average death cross but the index itself is fine because of a small number of large stocks. That violates one of Bob Farrell's 10 rules, the one about markets being weakest when strength is concentrated in a small number of names.

To illustrate my point that the ES, the top chart and the TF will never win synchronized swimming but they do agree on the major turns over the day.

well, guess that's it for today. Wednesday tomorrow has been overwhelmingly bull friendly. 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

Trades with cats wrote:................. never win synchronized swimming .......

nice charts, thanks boss

MrMiyagi wrote:

Cobra wrote:breakout coming.

WE'RE OUT OF TIME CAPTAIN!!!!

SPY market quietly stays open until 4:15 ...

K447 wrote:SPY market quietly stays open until 4:15 ...

Canadian brokers run out of their cubicles promptly at 16:00.

Urban Camel tweeting that today second lowest volume of the year. 49 M verses day after Christmas (Dec 27, 2016) at 43 M.

Not taking any political side here, nor commenting on being right or wrong, just observing that with all the stuff hitting the fan in Washington could be some are starting to have second thoughts about an economic turnaround that is dependent on politicians or for that matter Federal Reserve voting members. I think Chair Yellen is not looking forwards to her next required grilling on capitol hill! I do remember her dodging repeated questions about the leak investigation and why they were handling it internally. Real question that I assume would shake the markets is will congress scold or will they pass legislation.