Cobra's Market View

VIX nHOD +2.93% Indexes green, TLT green… VXX red…

sharp reversal VIX

...

An absolute classic bull grinder.

Flat McClellan Osc as Mr. Bachnut and Blufftrader have observed. Low volatility.

A big hunk of a bull, grazing on monetary liquidity and suppressed interest rates, and unlimited govt borrowing. Grazing its way up the hill....

try again.. SPY at upper channel 5m .. Short SPX 2517.00

ES at 20day ADR high 2514.75. On Wednesday, the Straw Man Tax Plan day it got 5 points above the ADR high but closed at it. I have seen that as typical on strong move days in both directions. But on Straw Man day it powered through on the way up, today it is crawling, or as Cobra correctly (as usual) said small legs.

Crude Oil It is really hard to be dripping sarcasm on the internet, so I won't. Baker Hughes rig count shows the biggest increase in several months.

Several years ago the experts made the point that shale oil was like a giant storage tank that could be opened and closed at will, relative to the time involved with conventional oil. They said this new large supply of oil that could be quickly brought into play and just as quickly drop (those wells gush for a year then really slow down) would change the dynamics of the crude market. After I had watched what shale gas did to the income on my wife's conventional natural gas wells I was in full agreement. It is crystal clear that above 50 the drillers drill. It is also clear that all opec can do is jawbone. They will never get the shale drillers to stop because they are just like Tesla or Amazon, it is all about the future and growth and you just never talk about the bottom line.

the pullback should be bought.

double bottom or double top, wait and see. key time.

Nice push in equities today, probably flat-lines to the close. Next week could see continuation of these Bull flags.

Have a good weekend everyone!

Three hours locked in the tractor beam,
testing my system filters
in this quarterly alternate Wall Street reality
Time for the real world
I'm going to go pick tomatoes!

well, guess that's it for today. Monday has been generally bull friendly. thank you guys, I'll see you in another thread soon.

please don't forget our weekly sentiment poll which will be posted right after the close.

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

Our weekly sentiment poll is here:
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