05/08/2017 Live Update

[Cobra]

If you're StockCharts member, please do me a little favor by "vote" and the most importantly "follow" my public chart list HERE. You need "follow" only once but vote can be done everyday, so whenever you have time, please vote for me, thanks! If you're not StockCharts member, you can also help boosting my rank by clicking the link once everyday.

• Please, again, all my calls in the daily live update is for intra-day only, they're absolutely invalid when the closing bell rings. If you're interested in the forecast for days and weeks, Please subscribe my Daily Market Report.

• Personal attack on any board members won't be tolerated. Please limit your topic to trade related only.

• Please no direct link to your personal web site or blog. You must post rich contents here. You can, however, put link to your personal web site or blog as your signature.

• I'm very busy during the trading hour, so your question posted on board might not be answered. For a guaranteed answer to your question please send email to info@cobrasmarketview.com.

========================================================================================================================================================================

the pullback likely would be bought, probably around here.

[Cobra]

members only update starts here: http://www.cobrasmarketview.com/2017/05 ... ay-update/

[Cobra]

pullback probably would be bought around here.

[Cobra]

members only update at 10:03 am
http://www.cobrasmarketview.com/2017/05 ... ay-update/

[fehro]

http://www.zerohedge.com/news/2017-05-0 ... ecord-high

After the quietest 8 days in S&P history since 1964...

Hopefully we will start to move…. soon..

[te_fern]

As fehro just said, pretty boring so far this morning....

[te_fern]

Playing the gold market again. We'll see...

[Junior Buffett]

Market is in Red and VIX is down big...something is not right...Market should bounce solid during the day...we going to see 2500 soon! No reason to believe that this market is going down anytime soon...BULL runs continue till next year now...

[te_fern]

Moving Average lines about to go negative on the 1 minute......

[fehro]

VIX long long term.. 2006, 2005, and 1993, 1994 for VIX this low

[Junior Buffett]

VIX long long term.. 2006, 2005, and 1993, 1994 for VIX this low

Lets target 8.60...hope it doesn't break that level..if market has to go up from here..VIX below 9 is not if but when...

[Cobra]

members only update at 12:05 pm
http://www.cobrasmarketview.com/2017/05 ... ay-update/

[Cobra]

maybe the low was in for today or just one more small dip left.

[MrMiyagi]

VIX at 9.92, even complacency is in a coma.

[te_fern]

Exited a few minutes ago for coffee money, have to go run errands....

[Cobra]

some chances this is a pullback from range high to range low (assume day low for now), some chances...

[Al_Dente]

Sohn Conference
Live blog
http://blogs.marketwatch.com/thetell/20 ... top-picks/

[Trades with cats]

Worth Studying

https://pbs.twimg.com/media/C_UFSV-VwAA3u2h.jpg:large

[Trades with cats]

John Kemp Reuters chart

[Trades with cats]

So next OPEC move has to be to convince investors the bottom is in. Thus a propaganda puff piece from Bloomberg this morning in which they said:
1. Sell off was purely technical caused by oil dropping below the 200 day moving average which was also a Fib confluence implying the basic narrative that cuts will work eventually is still intact
2. Claimed that Hedge Funds all got out of the trade before the Thursday flash crash and are in a great position to get back in. (Kemps chart I just posted doesn't exactly show that).
3. OPEC is all in favor of extending the cuts which are working and will bring higher prices. ( Market is now in normal backwardation but some are claiming that another 2 million metric barrels a day need to go away to reach balance, citing US inventory as exhibit 1, US production and number of rigs drilling as exhibit 2 and inability of OPEC members outside of the arabian gulf to cut any production as exhibit 3)

So I expect we will be barraged with media pieces calling on the true believers to get back in the trade. I remember that July is the end of the big draw season and it is coming up pretty fast, so we will see.