Cobra's Market View

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Rising wedge, maybe pullback is due soon.

members only update starts here: http://www.cobrasmarketview.com/2018/01 ... ay-update/

DB's Jim Reid concludes the overnight wrap
The eyes of the holders of US equities continue to stream tears of joy at the moment, as yesterday marked the 5th up day out of 5 so far this year for the S&P (+2.77% so far). Since 1928 we’ve only seen the first 5 days of the year to be consecutively up 7 times and this is the first occurrence since 2010. When the first 5 days are up, the average price return for the year is +13.44%, with the low of +2.03% and high of 20.09%. Notably, the longest streak was in 1976 and 1987 when the S&P rose for 7 consecutive days at the start of the year.

Small Caps and Tech (NQ the NASDAQ Futures) are back inside of yesterday's range.

XLF, XLI hod

SMH EEM lod; QQQ gap fill to lod (right at 15min 20ema)

Sectors very mixed this AM, at the open--may indicate a range-and-rotation type of day.

Tech dropping steady, now red on the day. I think this makes it Deja Vu from yesterday. When Pasta Boss puts up his sector chart I think it won't look at all like the pre-tax cut version!

Major pullback today in GDX, GDXJ... wiping out all of 2018 gains to date.

IS GDX trouble tied to Yen Dollar upset?

Overnight gap up on YM, ES and NQ.

NQ filled and then some.

Trades with cats wrote:IS GDX trouble tied to Yen Dollar upset?

Whatever the cause, there is suddenly short-term overhead supply in the precious metals. About a week's worth of trapped bulls.

To me the obvious down trend targets start with 2746.75, yesterday's Point of Control and closing print, then 2743 has yesterday's midpoint as well as the overnight low. But it has to break yesterday's high first!

Coolbizone was tweeting about gold this morning, I will post his wave count later if it is fresh.

VIX green pushing up hard… NDX/COMPQ red.. buckle up

Semi's have had a major pullback today. It has been one of the leading sectors...

Up/down vol on NYSE is slightly bearish, dead even on Naz. Advancing issues are tepid on both, and well off the daily high.

Daniel wrote:

Trades with cats wrote:IS GDX trouble tied to Yen Dollar upset?

Whatever the cause, there is suddenly short-term overhead supply in the precious metals. About a week's worth of trapped bulls.

imo, buy the dip setup for possible shutdown next week. nice article how shutdown very short term really good for gold, longer term not very good at all!

https://seekingalpha.com/article/406451 ... ffect-gold

SPX bouncing at the blue MA line which has provided some support for the last several days....

No new gold chart. He is talking zig zag. He got stopped out an hour ago on his long and is now buying back at the lower price.

Saying lower price, buckle up we are back down at the low again!

TICKs appear to be rolling over some...