Cobra's Market View

Dax moving careful if you shoort.

Tried L3 short here

MSFT is supposed to announce layoffs today

SPY on the 50day. QQQ clinging to 136 support area.

ES can't get past VWAP, currently 2415.50 and declining. Yesterday's low is just sitting up there calling the market but that VWAP line is standing tough so far.

Just a thought, since according to the morning briefings Bloomberg is blaming the selling on the Bund and the majority of London/Frankfurt specs call in a day in about an hour I am wondering if that's when we get a serious attempt at a dip buy. When you look at the overnight the damage was done by about 6:30 New York time and we really haven't had an extended move since.

Al_Dente wrote:MSFT is supposed to announce layoffs today

Yes we are a couple of weeks away from earnings so the token sacrifice of the innocent I would guess to be followed by Nardella announcing yet more buybacks and talking about the blinding success of cloud computing while dodging all questions about pricing. Wonder if he will cut prices right after the announcement the way Bezos does?

Small Caps have made it into yesterday's price range, the ES above VWAP (finally) trying to match that feat. Problem is 2418 is where the Europeans bounced last night so one would assume this move up could unlock some action.

fehro wrote:

Wallstreetrader wrote:sorry but I will buy monkey again, + div pretty clear, still beleive in the bull

possible bounce area.. 50d.. soo close 2413.70ish.. just 4 points lower

bouncy bounce.. 2422 resistance.. then open gap.. then triangle restest.. it's all oils fault.. sure not tech

Well that was dismal. Have to wait for a second try at trading in yesterday's range.

Oil, I have a very hard time buying into the theme that July draws are going to get us where the bulls want us to be on inventory. But when the hedge funds have an extreme position then you know the really really large commodity trading firms are going to use the media like a sheepdog to move the market in an unnatural direction while they make some money. Is there anybody who doesn't have A and B on their charts with a C somewhere around 38 ish? But as they say when the whole market can see what is going to happen it doesn't.

smh, Trans, xlb HOD!

uup LOD

How is FAS down >0.5% today, while XLF is up a small amount? FAS is a leveraged derivative of XLF, is it not...? Odd.

bulls will have another push up.

It has been a half hour of working this auction range, you would think the supply on one side or the other would go away eventually. On the other hand who wants to go full bull with June payrolls staring us down and lots of Fed/ECB speakers on tap to rem ind everyone that they really mean it no matter what payrolls do.

Nice article this morning saying that the current Washington appointees to the FOMC are determined to clean up the mess they have made before the new administration replaces them, so bad data is meaningless, they want to set a course for normalization. We should see the test of that theory soon enough.

Trades with cats wrote:It has been a half hour of working this auction range, you would think the supply on one side or the other would go away eventually. On the other hand who wants to go full bull with June payrolls staring us down and lots of Fed/ECB speakers on tap to rem ind everyone that they really mean it no matter what payrolls do.

Nice article this morning saying that the current Washington appointees to the FOMC are determined to clean up the mess they have made before the new administration replaces them, so bad data is meaningless, they want to set a course for normalization. We should see the test of that theory soon enough.

Yep makes sense. Do you have a link to that article?

Bears keep losing traction,bring it down and boom bull push right back,more range bound

It was the extremely well connected in Washington John Maulden being quoted by Albert Edwards who was being recapped at ZeroHedge.
http://www.zerohedge.com/news/2017-07-0 ... erent-time

And an hour later we tip toe out of the range in the down direction.

Bounced on VWAP and headed back to yesterday's low. In the meantime the small caps are not moving.

Why I hate bears:
Because even on a strong bear-bias day, I get smacked upside the head