Cobra's Market View

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lower high or not, wait and see.

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

Moad (Futures Trader 71) said in his premarket video today that yesterday it was all us day traders who were "in charge" of the market. He based that on the way daytrader mile posts were being observed in the morning by price as opposed to higher time frame money which really doesn't care about some of the stuff we watch. So an informed observer confirming that the big boys didn't play yesterday.

Small caps just moved 5 handles in five minutes (darn near straight up) or a big green candle for you who do 5 minute charts. I would say scalded cat but my two trading partners don't tolerate that kind of language.

In Renko view market is filling in through the hollow in Monday's distribution and getting ready to tackle the upper portion of that. Afterall yesterday was all FAKE NEWS from BLOOMBERG (According to the Chinese Government this morning) ramped up by Bill Gross and other major bond bears who piled in to talk their book.

Had me faked out because it seemed possible but I was questioning the end game.

RUT, TRANSports, COMPQ, INDU nATH... SPX NDX lag … VIX at HOD green

From a serious money management firm re-tweeted several times, showing the last time China stopped buying treasuries.

If you haven't been burdened with several semesters of economics China buying US Treasuries is how they officially offset the trade deficit to manage the relative value of the two currencies. In a free market(not managed) Chinese goods would become more expensive over time as they accumulated dollars they have no use for eventually stabilizing trade. Japan has the same problem with the US.

If daytraders running the show it should bounce here at VWAP & Midpoint for a second bit at that all time high.

Market didn't care about lines on my chart but the nearby opening print has meaning!

Market still filling in the hollow part of Monday's price profile. 2752.50 was the POC so it is an obvious downside target as it was within 1 tick already this morning and yesterday's high is just two ticks lower.

The three indexes on my charts have all flatlined here at today's highs.

One hour chart RTY Russell 2000 - looks like "blockchain" was added to the index ticker couple hours ago.
Maybe a bad idea but I had to go short here. At some point the area below has to fill at least a little

.

Trades with cats wrote:The three indexes on my charts have all flatlined here at today's highs.

and the two that have not.

ES VWAP at the overnight high two ticks below price. Looks like we are stuck between VWAP 2756.50 and the high at 2760. Something's gotta give!

Oil- here we are once again with the specs at record longs and the producers at record shorts. No hard news until tomorrow's rig count which shouldn't be negative for price (still dangerous cold in the Dakotas), then nothing till Wednesday night. So the longs are piling in making it look like a squeeze of those who shorted the high. As these higher prices are felt at the pump world wide we know exactly what the consumer will do, turn off their engine, so it is usually just a matter of time before the big traders trap the longs and buy their positions on the cheap in time for the summer run up. I have said for years that if you could come up with a good signal for reading this cycle you would have a nice annual income.

Flash to video of pit action in "Trading Places".

"Market Stronger Ahead of Martin Luther King Jr. Day than After"
http://jeffhirsch.tumblr.com/post/16955 ... er-king-jr