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Maybe the rebound would fail eventually?

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

IBB 52 week high!

From false breakdowns often come fast reversals.

Daniel wrote:IBB 52 week high!

From false breakdowns often come fast reversals.

mind the 16 month channel, possible bearish rising wedge weekly.. "should" it stall, head fake.. fwiw

morning hourly black bar.

triangle, bias is down but oil report may change it.

SPX LOD goes.. looking for gap fill 2434.. 2431.80 goes then 2429.7- 20d SMA next.

fehro wrote:

Daniel wrote:IBB 52 week high!

mind the 16 month channel.. head fake.. fwiw

I'm avoiding biotech/pharma entirely just now. Too much rumor and speculation over the Health Care bill. And we here on this Board can be sure of one thing--we are not at the front end of that info Food Chain...

ES second try at yesterday's close. Failed when Europe opened. Going to take some effort from all us colonials.

Daniel wrote:

fehro wrote:

Daniel wrote:IBB 52 week high!

mind the 16 month channel.. head fake.. fwiw

I'm avoiding biotech/pharma entirely just now. Too much rumor and speculation over the Health Care bill. And we here on this Board can be sure of one thing--we are not at the front end of that info Food Chain...

yup.. and also not a good sign, that bios - speculative stocks start to move near Indexes ATH… that never ends well

DOE inventory report being called pump and dump. Draw in CL and gasoline build in distillates. Draw of 2.45 million barrels when US production increased by 20,000 barrels a day.

Second try for ES to break green in 10 minutes. Smalls have been green since the opening dip.

fehro wrote:SPX LOD goes.. looking for gap fill 2434.. 2431.80 goes then 2429.7- 20d SMA next.

come to papa

And the smalls give up ten points in rapid order, back to yesterday's close. Clearly the energy inventory report was meaningful today, or the market was just looking for an excuse to sell. I will never know, that is for sure!

JNK keeps making new intraday lows, even tho bonds in genl are OK.

Maybe a bit of last year's OIL price worries starting to increase in the Hi Yld universe?

/CL 42.18 ish .. next Nov lows W/D/60m