Cobra's Market View

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no sharp pullback allowed here otherwise it'd be lower high therefore the short term top was in.

members only update starts here: http://www.cobrasmarketview.com/2017/11 ... ay-update/

bonds spike up RUT very weak.. gaps down red.. IWM still very dangerous..

fehro wrote:bonds spike up RUT very weak.. gaps down red.. IWM still very dangerous..

147.25 key.. look for a fast move if it slips below it.

From the open:

Strong dogs: IBB, XHB

Weak dogs: SMH, XBD, EWZ

GLD, SLV lod

XLY, XLP and housing ETFs hod

fehro wrote:

fehro wrote:bonds spike up RUT very weak.. gaps down red.. IWM still very dangerous..

147.25 key.. look for a fast move if it slips below it.

Well then let's rip her down

Many sectors LOD here.. but IWM and esp. MDY starting to show some intraday RS.

SPX doing nothing, waiting to see if we get the sharp pullback Cobra warned us about....

Democrats are broke (according to Donna Brazile) and Republicans need a war chest. Every trade group in the known universe has to be descending on Washington with bags of money. So I just don't think this tax bill is going to move quickly. The longer things sit on the fence the longer the trade associations have to send out those special pleas to members for donations to 'save our way of life'.

So look out for continued small cap volatility.

Stuck at yesterday's close after Apple had a great up-beat earnings outlook doesn't seem right.

TICKs trying to turn back up!!

Perhaps a clue for the day, or maybe a theme, is that while QQQ was exploring the lower end of its first half-hour range, and even its LOD, its VIX ($VXN) was also hitting its LOD. And is making a fresh one as I write...

Right about then the Qs, and the market in general, began to rebound from the early weakness. Thus I'm keeping a close eye on VXN today.

RVX, however, has not done the same...

When you see the Bloomberg charts at the evil site it becomes so clear that the VIX and of course Yen are what controls the market over the short term.

I should add, unless you think that big fast moves reversing on a dime with no known catalyst or reason is normal.

"Helping small businesses has been a constant theme of the Republican sales pitch for tax cuts. But there was significant concern from rank-and-file lawmakers that rules meant to limit abuse of a new 25 percent rate for companies that aren’t organized as "C" corporations could end up limiting the boon for small businesses.
The tax bill draft has two formulas available for these closely held firms, which are known as pass-throughs, as well as restrictions on what kinds of companies would qualify.
The National Federation of Independent Business said Thursday that it couldn’t support the current draft, saying its provisions wouldn’t provide enough help to small businesses. The nonpartisan Tax Foundation said the pass-through rules may not have the intended effect.

https://www.bloomberg.com/news/articles ... -divisions

Two day VIX, doesn't look too worried right now...

The aggregate value of all cryptocurrencies hit a record high of over $200 billion on Wednesday, according to industry website Coinmarketcap, putting their reported market value at more than that of U.S. banking giant Citigroup….

The second-biggest cryptocurrency, ether - sometimes known as “Ethereum” after the project behind it - has a market cap of just below $30 billion, with another 1000 or so rival digital currencies making up the rest of the $200 billion.

If the cryptocurrency market were a company, its valuation would put it in the top 25 firms on the S&P 500 .SPX stock index.


http://www.reuters.com/article/us-globa ... SKBN1D31I6

https://www.cryptocompare.com/coins/btc/analysis/USD

te_fern wrote:Two day VIX, doesn't look too worried right now...

VXX holding green tho..