Cobra's Market View

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testing previous high, 40% chances of double top here.

members only update starts here: http://www.cobrasmarketview.com/2017/06 ... ay-update/

pre-market pre FOMC moves.. wholly DXY /GC and bonds

...

Smalls falling fast deep into the red, well ok 7 points, but still an ugly open.

Smalls through yesterday's low, ES is going to have to drop like a rock to catch up.

ugly banks on open also

don't worry just buy because they will press at any moment the buy button

Fixed

Well the pro's are saying the bond market is calling Fed policy error ( what a surprise, who could have possibly predicted a Fed policy error) which can't be good for banks on top of first derivative of loan growth going negative.

"island reversal gap" on XLF

Trades with cats wrote:Smalls falling fast deep into the red, well ok 7 points, but still an ugly open.

Probably no more than 1 hour pullback,than rally.In fact do we want to be down going ibto FOMC

Go down doesnt exists just up up !

key time on TLT ... at resistance daily.. but it breaks up. look to big open gaps 127.40ish to 130ihsh - HUGE

50% retrace of the opening move and it is flat lining. Looking like a boring morning of technical range trading. If nothing else they are betting the EIA oil report is less bad than API last night, If true and oil goes straight up watch the correlation bots move the market.

But really Cobra has commented in the past on the boring daily pattern of morning sell down followed by all day move up. I see it on a day like today as an invitation to sideline money by the market,"Hey hear is your chance before the great oracle speaks".

morning hourly black bar.

Double bottom or more selling, decision time.

Picture of the levered smalls....

johnnywa wrote:

Trades with cats wrote:Smalls falling fast deep into the red, well ok 7 points, but still an ugly open.

Probably no more than 1 hour pullback,than rally.In fact do we want to be down going ibto FOMC

Small caps moving back up ,not even 1 hour pullback

mixed bag short term.. key lines SPY QQQ IWM 5m