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04/06/2017 Live Update

04/06/2017 Live Update

Postby Cobra » Thu Apr 06, 2017 9:21 am

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maybe the rebound would fail eventually?
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Re: 04/06/2017 Live Update

Postby Cobra » Thu Apr 06, 2017 9:24 am


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Re: 04/06/2017 Live Update

Postby uempel » Thu Apr 06, 2017 9:41 am

SPX hanging at the 38.2 Fib and not knowing what to do. In early morning CNBC Larry Fink (BlackRock) said market was highly priced. Quite unusual that somebody out of Wallstreet is not bullish :shock:

y<.png
SPX daily
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Re: 04/06/2017 Live Update

Postby Daniel » Thu Apr 06, 2017 9:47 am

Breadth weakening rapidly, esp on Naz, as SPY goes red.
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Re: 04/06/2017 Live Update

Postby Trades with cats » Thu Apr 06, 2017 9:54 am

Umpel, thanks, that adds to the slowly growing list of Investment Bank types that are saying "fully priced".

So the narrative is switching from if it sells off to when it sells off. Fed has made it clear that they are pulling their protective put. Certainly we have seen countless pieces saying this is the the topping euforia with super positive sentiment and the general public (dumb money) rushing in to buy at the top as insiders and funds show large and broad selling. It may not be a starters pistol or a bell but look at that slave whispering in the triumphant generals ear as he drives through Rome celebrating his glorious victories.
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Re: 04/06/2017 Live Update

Postby Cobra » Thu Apr 06, 2017 10:02 am


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Re: 04/06/2017 Live Update

Postby Daniel » Thu Apr 06, 2017 10:10 am

Note how once again IWM is not joining in, as the other majors have enjoyed an upthrust in the past 15-20 minutes...
:|
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Re: 04/06/2017 Live Update

Postby Trades with cats » Thu Apr 06, 2017 10:18 am

ES 06-17 (5 Min)  4_6_2017A.jpg
Old school floor pivots are above the action this morning. Looks like they ran out of rocket fuel before the RTH open. Of course it makes things look OK on this RTH chart.
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Re: 04/06/2017 Live Update

Postby Trades with cats » Thu Apr 06, 2017 10:33 am

ES 06-17 (1001 Tick) _ TF 06-17 (351 Tick)  4_6_2017A.jpg


I think the inability of the smalls to make a higher high the way the ES did could be because of a popular topic on this board. The major indexes have the fantastic 5 or FANGS plus friends or what ever you call them and the smalls are the only index that is not affected by those mega caps. It would be very informative if someone had a hedge fund hotel index to compare to. I wasn't that technical during the last two major tops but I would guess that the indexes were affected by who ever the hedge fund hotel favorite mega caps were during those days. I do remember a ridiculous spike in QualComm and AOL being at an absolutely stupid valuation with analysts claiming it was about subscribers not profits. Then it all blew up and we saw media narratives about bubbles and how it was easy to see the tech wreck coming if you had been looking at it the right way. It seems the right way is in a rear view mirror. :lol: :lol: :lol:
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Re: 04/06/2017 Live Update

Postby Trades with cats » Thu Apr 06, 2017 10:41 am

ES 06-17 (1000 Tick)  4_6_2017 A.jpg

Full disclosure, this is a 1,000 tick ES chart set for Globex trading hours. The same Average Daily Range indicator shows a much lower upper range target because of the overnight drop. The daily pivots are set to Fibonacci calculations because I think they work a little better. On the 5 minute RTH chart I use standard pivots because I want to see what most people are seeing. You know, the old 'common knowledge game'.
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Re: 04/06/2017 Live Update

Postby fehro » Thu Apr 06, 2017 11:02 am

4 day trading week next week.. closed Friday… expecting the "move" to be done by Wed? Thursday .. low vol, quiet.. as the big boys leave early -
https://www.nyse.com/markets/hours-calendars
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Re: 04/06/2017 Live Update

Postby uempel » Thu Apr 06, 2017 11:08 am

Trade with Cats:

I really like your quote in which you suggest Larry Fink is a modern version of a Roman slave, unusual because nobody considers Fink a slave :D :... look at that slave whispering in the triumphant generals ear as he drives through Rome celebrating his glorious victories.

I remember reading it in "100 days" by Admiral Sandy Woodward: Upon his triumphant return from the Falklands in 1982 he came home to get a severe reprimand from the Ministry of Defence because his expense account had an overdraft of 100 £ (or something like that, I don't recall the details). Whatever, Woodward felt that the reprimand was a modern version of what the Romans accomplished with slaves (a slave would continuously whisper ‘Remember you are mortal’ in the ears of victorious generals as they were paraded through the streets after coming home, triumphant, from battle).
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Re: 04/06/2017 Live Update

Postby fehro » Thu Apr 06, 2017 11:11 am

SPY QQQ bear flag looking 5m..mind the break.. SPY LOD goes.. look to 233.60ish .. may get a 20d SMA tag higher first
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Re: 04/06/2017 Live Update

Postby Trades with cats » Thu Apr 06, 2017 11:13 am

Of course we are going higher in 20 minutes, just have to get London and Frankfurt closed.
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Re: 04/06/2017 Live Update

Postby Trades with cats » Thu Apr 06, 2017 11:23 am

So FOMC Chair Yellen has decided to do a live broadcast from the Ford School at University of Michigan after the close on Monday, complete with twitter questions. This, according to Zerohedge, was not scheduled until today.
So 1. Just a trial balloon attempt at messaging with what should be an intelligent but unsophisticated audience who, unlike congress people, have no desire to hog the spotlight
2. As close as they dare come to a press release for added guidance on the Fed minutes because they did not expect to create a downdraft and this was the first possible opportunity.
3. Professor Yellen is polishing her resume as an exciting guest lecturer so she can cash in big time when she leaves her current position.
:D
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Re: 04/06/2017 Live Update

Postby Al_Dente » Thu Apr 06, 2017 11:25 am

Trades with cats wrote:
ES 06-17 (1001 Tick) _ TF 06-17 (351 Tick) 4_6_2017A.jpg


I think the inability of the smalls to make a higher high the way the ES did could be because of a popular topic on this board. The major indexes have the fantastic 5 or FANGS plus friends or what ever you call them and the smalls are the only index that is not affected by those mega caps. It would be very informative if someone had a hedge fund hotel index to compare to. I wasn't that technical during the last two major tops but I would guess that the indexes were affected by who ever the hedge fund hotel favorite mega caps were during those days. I do remember a ridiculous spike in QualComm and AOL being at an absolutely stupid valuation with analysts claiming it was about subscribers not profits. Then it all blew up and we saw media narratives about bubbles and how it was easy to see the tech wreck coming if you had been looking at it the right way. It seems the right way is in a rear view mirror. :lol: :lol: :lol:

good point boss
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Re: 04/06/2017 Live Update

Postby Trades with cats » Thu Apr 06, 2017 11:44 am

ES 06-17 (1001 Tick) _ TF 06-17 (351 Tick)  4_6_2017 B.jpg
Am guessing at some sort of derivative fat finger into the european close involving high beta because that was a real rocket blast in the small caps, a full point a minute for a five minute burn moon shot. ES didn't do nearly as much.
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Re: 04/06/2017 Live Update

Postby Trades with cats » Thu Apr 06, 2017 11:53 am

NY Fed now officially arguing with FOMC in public over start of balance sheet run off. Now we have an answer to the Chairs unscheduled little talk in Ann Arbor Michigan monday evening with the "innovation" of taking questions via twitter (because the hall is sold out so how do you let the media participate?).
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Re: 04/06/2017 Live Update

Postby uempel » Thu Apr 06, 2017 12:05 pm

Update:

huzt.png
SPX daily now at 2360.33 + 0.31%
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Re: 04/06/2017 Live Update

Postby Cobra » Thu Apr 06, 2017 12:06 pm


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