Cobra's Market View

Are we in another box range on the R2000???

DXY mind the 'head fake" … DXY nears election spike lows 95.89…. "feel" this one very giant head fake .. mind gold.. should we bounce near here

ding ding /CL nears H&S target from late May

Well da boyz guessed wrong on the DOE inventory report. They were correct in that there was no build in crude, but they were wrong because gasoline had a large build which isn't supposed to happen at the beginning of vacation season. So down it went.
http://www.zerohedge.com/news/2017-06-1 ... ction-rise

By the way the Iraqis are trying to rebuild their country so according to Clipper Data they are increasing shipments to the US just as the Saudis reduce. Why does this matter to the S&P? Because a lot of large position money sits in dividend rich energy. With banking not doing so well, retail sick, Obama Care collapsing (and taking cash flow to health care with it) it looks like FAAMG is going to continue to be the only thing holding the market up this summer.

fehro wrote:ding ding /CL nears H&S target from late May

Hence USD/CAD bounce profit taking on CDN dollars huge move

Dash Dot color changing line is VWAP. You can see why all my little comments on how the small caps are not doing very well today. Not that the ES is exactly healthy. Bottom chart is the DX dollar index futures contract. All of these are RTH (old New York open outcry).

Al_Dente wrote:"island reversal gap" on XLF

here is the island on 5min

2431/2 key number ?

FOMC Crazy days no thank you

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

sloppy H&S SPY 5m.. not marked.. can see it in there..

SPX 5m FOMC firework levels.. mind Monday's open gap .. blue box . fwiw

Courtesy of RanSquawk

The FOMC is seen raising the Fed Funds Rate target by 25bps to 1.00-1.25% at 1400EDT, but the main focus will be on the hike trajectory
Updated economic projections will be published, and there will be a post-meeting press conference with Chair Janet Yellen
Analysts aren’t expecting any dramatic changes in the Fed’s updated forecasts and ‘dot-plots’
Traders will be looking out for details on how the Fed intends to begin shrinking its balance sheet
Rate decision announced at 1400EDT (1900BST) along with updated forecasts; press conference with Chair Yellen begins at 1430EDT


http://www.zerohedge.com/news/2017-06-1 ... ike-or-not

looks like bulls are in control now.

"Grandma was slow but she was old"

15m. to party begins ?

9 min to roller coaster show.

FED RAISES RATES, MAINTAINS FORECAST FOR ONE MORE HIKE IN 2017

only direction market knows is UP UP & UP....

Al_Dente wrote:FED RAISES RATES, MAINTAINS FORECAST FOR ONE MORE HIKE IN 2017

Get out of the way we are blasting up to new highs

Al_Dente wrote:FED RAISES RATES, MAINTAINS FORECAST FOR ONE MORE HIKE IN 2017

*FED SAYS IT'S `MONITORING INFLATION DEVELOPMENTS CLOSELY'
*FED SAYS KASHKARI DISSENTS IN FAVOR OF KEEPING RATES ON HOLD
*FED SAYS IT EXPECTS TO START SHRINKING BALANCE SHEET THIS YEAR
*FED MAINTAINS BALANCE SHEET REINVESTMENT, LAYS OUT UNWIND PLAN

fehro wrote:SPX 5m FOMC firework levels.. mind Monday's open gap .. blue box . fwiw

a non event … so far.. weird