Cobra's Market View

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the pullback likely will be bought.

members only update starts here: http://www.cobrasmarketview.com/2017/07 ... ay-update/

only thing going up is fence sitters… http://www.aaii.com/sentimentsurvey/sent_results

fehro wrote:only thing going up is fence sitters…

Mike Burke of Investors Intelligence wrote quite a bit about "fence-sitters", "Neutral postures", "correction warning" and other 'tweener states.

Hardest zone to accurately define.

He and others always use actual-money sentiment indicators like the Rydex Bull/Bear ratio and such to ascertain what real money is doing.

qqq/iwm divergence continues today.

Smalls are into the Yellen gap.

Would be super ironic if they closed the gap while she is testifying to the senate.

Yellen
LIVE
https://www.youtube.com/watch?v=Ga3maNZ0x0w

Fehro, your best guess:
On the /ES ... which do we see first: 2,400 or 2,500?
Thanks!

QED wrote:Fehro, your best guess:
On the /ES ... which do we see first: 2,400 or 2,500?
Thanks!

Using SPX as a proxy.. as I prefer.. SPX 2466.64 (2008 666.79) not sure.. NDX/COMPQ lag.. no new ATH on them.. the 9 year rally is toast. Tag that level and reverse.. and hit the lower pink at Jackson Hole in AUG.. with no new ATH NDX/COMPQ .. all hell breaks loose in the fall .. sharp drop. fwiw

2yr target tagged -ish

Trades with cats wrote:Smalls are into the Yellen gap.

Would be super ironic if they closed the gap while she is testifying to the senate.

Small crapers want gap closure or do they keep running down

Smalls breaking down out of the range, clearly into the gap for now. ES into red, but a ways to go to reach the gap.

fehro wrote:

QED wrote:Fehro, your best guess:
On the /ES ... which do we see first: 2,400 or 2,500?
Thanks!

Using SPX as a proxy.. as I prefer.. SPX 2466.64 (2008 666.79) not sure.. NDX/COMPQ lag.. no new ATH on them.. the 9 year rally is toast. Tag that level and reverse.. and hit the lower pink at Jackson Hole in AUG.. with no new ATH NDX/COMPQ .. all hell breaks loose in the fall .. sharp drop. fwiw

2yr target tagged -ish

Or Today? top?

What did she say ?

Trades with cats wrote:What did she say ?

she saw my chart.

SPX pressing for open gap 2450-52 near ATH, June

SPX near ATH, and NYSE McClellan Oscillator is just barely positive-- nowhere near an overbought reading. Lots of overhead room.

A classic bull grinder. Boring, boring, boring... a wormhole to successive new highs, lots of low cost capital (aka 'cheap money') fueling it.

"We are flying at an altitude of 39,000 feet, Captain High at your service"
- Jefferson Airplane

Captain Fed, piloting 'TransLove Airways' to the stratosphere.

We need BB52's chart, showing the moon in the upper right hand corner.

20 days
Big five tech
Percentage

GM

Bull markets are so sick