Cobra's Market View

te_fern wrote:Are you sure it wasn't because they were saying 'we finally suckered fern into going short'!! LOL!

There were rumors, unconfirmed, that the "finally suckering" of Te Fern indeed moved the market today.

Kidding aside, there is a prevailing tendency on Opex Fridays for the AM session to be weak, and the afternoon session to be neutral, or even recovering from the morning weakness.

QQQ, SPY, IWM clinging to tiny gains; RSP, MDY, XLI showing mild losses. Risk off vehicles are also fairly flatline.

Al_Dente wrote:Semiconductors often lead...Now there’s a bit of positive divergence

Today SMH is a stronger sector, up about 1/2 of 1%.

Daniel wrote:

te_fern wrote:Are you sure it wasn't because they were saying 'we finally suckered fern into going short'!! LOL!

There were rumors, unconfirmed, that the "finally suckering" of Te Fern indeed moved the market today.

Kidding aside, there is a prevailing tendency on Opex Fridays for the AM session to be weak, and the afternoon session to be neutral, or even recovering from the morning weakness.

Thank you for that. I was also worried that the market tends to go sideways in the afternoon, more often than not.....

If this is a fourth wave then it is supposed to confuse us about market direction. Considering the wave two lasted about a week and had a really nice retrace just seems reasonable that we jerk around with an upwards tilt towards the Jackson Hole speeches on Friday. Based on the past our financial Sovereign rulers tend to decree good things for the market at Jackson hole. If this a fourth wave they could be ready to make a Bernanke taper tantrum speech and send us on down.

Tin foil hat folks think the Fed is triggering a selloff because the Treasury needs money and massive profit taking means tax payments flooding in to help prolong the spending limit crisis. I would think they win on this one as the Fed has to be way more concerned with the threat of default than they are about a 10% overdue market correction.

USO is up 3.5% today, yet XLE is not even up 1%. Some divergence, there.

Looking at SPY, QQQ, IWM-- in the 15min timeframe, none of them has been able to get and hold above their 20ema.

te_fern wrote:Giving the downside trade a try. We'll see...

you didn't get stopped out yet [???]
you've got a higher low boss
it's a coin toss, may the force be with you (i don't mean the force index)

SPY volume today is already greater than all but 3 sessions of the past two months. Those 3 were all down days. Yesterday's elevated volume is being confirmed.

HAPPY HOUR Help me Obi-wan Kenobe, you're my only hope.png

Al_Dente wrote:

te_fern wrote:Giving the downside trade a try. We'll see...

you didn't get stopped out yet [???]
you've got a higher low boss
it's a coin toss, may the force be with you (i don't mean the force index)

Haha, no, I used your 400 min MA line as the stop point. So, it has kept me in the trade. One thing nice about TZA is that it doesn't move as fast as some as the other levered tickers! LOL!

lost

TZA can't seem to break 21....

Daily going into the close
Lower lows
Spinning top doji-ish
SPX
INDU
NDX

In bad need of a 3:30 ramp

Trades with cats wrote:In bad need of a 3:30 ramp

Let me have my ramp down first and then it can ramp up before the close! LOL!!

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So with this bad week how many longer time frame 401K index etf buyer types will be sitting down this weekend staring at a sell signal?

Wallstreetrader wrote:
Crystal ball say sell off close...

is that a camera or a gun?
please don't post guns on this board
thank you

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