Cobra's Market View

Just wondering if there is a chance of this July 27 chart repeating today. Or is the Fed really turning their back?

Here is today for comparison.

rebound shall have small legs.

big tech

Whale Ray Dalio, last night in a note to clients:
“If you don't have 5-10% of your assets in gold as a hedge, we'd suggest you relook at this."
“In Case Things Go Badly."
"If you do have an excellent analysis of why you shouldn't have such an allocation to gold, we'd appreciate you sharing it with us."

possible higher low, some chances the low was in for today.

Nope, Janet went back to the bathroom .

Not holding overnight, but I have to think the odds of this selloff lasting all night are pretty good.

Chair Yellen has had the troops out with very clear messaging that a sell off in the market is not something they are concerned about. And we are nowhere close to the magic 10%, but if this goes a little too far and the equal risk etc etc funds start dumping then the Fed's resolve could be tested. Not saying it will happen because they know that if it starts they will have a very hard time stopping it without a Dudley or somebody going out and saying just kidding, we really are going to intervene.

What a coincidence that Goldman announces "it's a correction" 35 minutes ago and the market promptly slides 6 handles.

well, guess that's it for today. Friday has been bull friendly recently. thank you guys, I'll see you tomorrow.

before the close, please take a little time to vote for me, thanks. https://stockcharts.com/public/1684859/tenpp

VIX near 6 month highs… 50d SMAs dropping like flies