Back to www.cobrasmarketview.com

   

05/08/2018 Live Update

Re: 05/08/2018 Live Update

Postby fehro » Tue May 08, 2018 10:29 am

fehro wrote:SPX neckline / brick wall retest stalls here and LOD goes again look to 2645

/GC at 200d SMA DXY stalls after nHOD


need SPX to take out LOD /20d for H&S… another possible one forms pink.. lower target "IF" LOD /20d SMA go with conviction VIXes at HODs IWM/RUT holds us up
/CL diamond pattern 30m.. LOD goes.. look for a possible -$1.50 drop in oil

oil dumps = market dumps :roll:
Attachments
Screen Shot 2018-05-08 at 7.26.54 AM.png
fehro
 
Posts: 22321
Joined: Fri Sep 02, 2011 2:06 pm

Re: 05/08/2018 Live Update

Postby Trades with cats » Tue May 08, 2018 10:42 am

Overnight high ES 2672.25. Yesterday's close 2670, Opening hour high 2668.25, where will this up move stall out, all three look good to me.

Morning low at S1 pivot instead of two points lower at the 7 30 AM low must mean something about who is in control. No such tells to the upside as we are in such a tight little range waiting for the (insert favorite nick name for the POTUS) 2 PM Eastern presser.

I may go pull some more weeds for a while. ;)
Trades with cats
 
Posts: 5202
Joined: Sat Oct 11, 2014 4:40 pm

Re: 05/08/2018 Live Update

Postby fehro » Tue May 08, 2018 10:42 am

mind the 3 day H&S on SPY 5m.. SPY stalls in the 267ish range.. and takes out LOD/20d look to 263.65 -$2.25 drop
fehro
 
Posts: 22321
Joined: Fri Sep 02, 2011 2:06 pm

Re: 05/08/2018 Live Update

Postby Trades with cats » Tue May 08, 2018 10:51 am

10 minutes later and we are still stuck at the 1 hour Opening Range high. This market is looking pretty pathetic right now.
Trades with cats
 
Posts: 5202
Joined: Sat Oct 11, 2014 4:40 pm

Re: 05/08/2018 Live Update

Postby fehro » Tue May 08, 2018 11:02 am

Clueless wrote:With the pending announcement at 2pm ET, it is going to be very difficult finding buyers. I believe very move up will be sold until that time. But expect more selling pressure 30-60mins before the announcement.
Then expect the market to flush if Trump comes out of the deal because it will create great uncertainty for a long time for the following reasons:
1) What is the path forward?
2) How will Iran react?
3) How will Iran's allies react?
4) Will Israel now have the green light to attack the Iran nuclear sites - specifically the Natanz facility?
5) North Korea can totally reverse the "good" face it has been trying to put on lately.
6) What to make the the Trump-Kim Jong-un Summit? Will it even take place after that?
...

Just too many unknowns to be a calm bull. Get ready for a wild ride because the market is about to get very volatile?



WAG - non event.. Deal will be scrapped,(bad cop) but oil will flow without sanctions,(good cop) and Trump will say we will work to a better deal for the Iranian people, market tanks on /CL's drop.
overal calmness. The real story is in Europe, and the EURO and Europe banks, imo .. MInd that mighty DXY USdollar ;)
fehro
 
Posts: 22321
Joined: Fri Sep 02, 2011 2:06 pm

Re: 05/08/2018 Live Update

Postby Trades with cats » Tue May 08, 2018 11:05 am

Ugg, now we wait on the VWAP support. Which classic movie was it where they got the old famous actor to appear by giving him a really great death scene?

Promised upgrade to my software will include their version of those great Bookmap charts where you can really see the market action (in Futures). I am guessing would be helpful on a day like this! :)
Trades with cats
 
Posts: 5202
Joined: Sat Oct 11, 2014 4:40 pm

Re: 05/08/2018 Live Update

Postby Trades with cats » Tue May 08, 2018 11:07 am

Broke VWAP dabble short, probably just paying my dues for the markets upkeep. :(
Trades with cats
 
Posts: 5202
Joined: Sat Oct 11, 2014 4:40 pm

Re: 05/08/2018 Live Update

Postby brokebybernacke2 » Tue May 08, 2018 11:10 am

te_fern wrote:In a hole now. Will hold just a little longer before I cut my losses. Hate playing the short side!! :D


believe best shot for bears will be around the 2700 level when bulls might pile in a bit, and if its a fake break, otherwise after new highs, darn bear moves short lived of late...
Attachments
sc (1).png
brokebybernacke2
 
Posts: 1111
Joined: Wed Sep 21, 2011 10:10 am

Re: 05/08/2018 Live Update

Postby Wallstreetrader » Tue May 08, 2018 11:14 am

shorts covering ? will break up 80's maybe not today
Last edited by Wallstreetrader on Tue May 08, 2018 11:23 am, edited 1 time in total.
Bull Market No dought
Wallstreetrader
 
Posts: 912
Joined: Thu Mar 17, 2011 12:00 pm

Re: 05/08/2018 Live Update

Postby 1der » Tue May 08, 2018 11:16 am

fehro wrote: WAG - non event.. Deal will be scrapped,(bad cop) but oil will flow without sanctions,(good cop) and Trump will say we will work to a better deal for the Iranian people, market tanks on /CL's drop. overal calmness. The real story is in Europe, and the EURO and Europe banks, imo .. MInd that mighty DXY USdollar ;)


I am thinking there is the ARAMCO IPO that needs to be primed. Saudis want oil a bit higher, at some point. Bit o Conflict with Ira helps.
1der
 
Posts: 442
Joined: Thu Mar 24, 2011 4:03 pm

Re: 05/08/2018 Live Update

Postby fehro » Tue May 08, 2018 11:21 am

fehro wrote:
fehro wrote:SPX neckline / brick wall retest stalls here and LOD goes again look to 2645

/GC at 200d SMA DXY stalls after nHOD


need SPX to take out LOD /20d for H&S… another possible one forms pink.. lower target "IF" LOD /20d SMA go with conviction VIXes at HODs IWM/RUT holds us up
/CL diamond pattern 30m.. LOD goes.. look for a possible -$1.50 drop in oil

oil dumps = market dumps :roll:


/CL not quite there 67.35ish .. nice drop.. 20d SMA $68.00 tries to hold it here.. support 60m /CL dumps market pops .. on Transports lower oil… H&S SPY 5m at RS .. buckle up SPY stalls
down we go :roll:
Attachments
Screen Shot 2018-05-08 at 8.20.30 AM.png
fehro
 
Posts: 22321
Joined: Fri Sep 02, 2011 2:06 pm

Re: 05/08/2018 Live Update

Postby Trades with cats » Tue May 08, 2018 11:34 am

88 dollars a barrel is the widely reported magic number for Prince Give Me Your Money and his IPO. :)
Trades with cats
 
Posts: 5202
Joined: Sat Oct 11, 2014 4:40 pm

Re: 05/08/2018 Live Update

Postby Trades with cats » Tue May 08, 2018 11:35 am

88 a barrel this summer would just about guarantee a change of party in Washington. :o
Trades with cats
 
Posts: 5202
Joined: Sat Oct 11, 2014 4:40 pm

Re: 05/08/2018 Live Update

Postby Trades with cats » Tue May 08, 2018 11:36 am

London/Frankfurt closed, time for the mid day drift.
Trades with cats
 
Posts: 5202
Joined: Sat Oct 11, 2014 4:40 pm

Re: 05/08/2018 Live Update

Postby Cobra » Tue May 08, 2018 11:49 am


Like to read more of my commentaries? Please subscribe my Daily Market Report.
Subscribers can find all the members only posts HERE.
StockCharts members, please vote for me HERE, thanks.
User avatar
Cobra
Site Admin
 
Posts: 39607
Joined: Sat Feb 12, 2011 10:29 pm

Re: 05/08/2018 Live Update

Postby 1der » Tue May 08, 2018 11:51 am

PBar update:

SPY cleared both
AAPL cleared the lower at 184.16, 186.28 was missed by 6 cents, so still open.
1der
 
Posts: 442
Joined: Thu Mar 24, 2011 4:03 pm

Re: 05/08/2018 Live Update

Postby Cobra » Tue May 08, 2018 11:51 am

my guess. so far it's a range day, so even guess is right, not sure how far it can go.
Attachments
1.png

Like to read more of my commentaries? Please subscribe my Daily Market Report.
Subscribers can find all the members only posts HERE.
StockCharts members, please vote for me HERE, thanks.
User avatar
Cobra
Site Admin
 
Posts: 39607
Joined: Sat Feb 12, 2011 10:29 pm

Re: 05/08/2018 Live Update

Postby fehro » Tue May 08, 2018 11:51 am

Trades with cats wrote:88 dollars a barrel is the widely reported magic number for Prince Give Me Your Money and his IPO. :)


not so sure… .. breaks lower takes out $59 look to $40 oil by fall .. on DXY USdollar exploding up on EURO's fail
fehro
 
Posts: 22321
Joined: Fri Sep 02, 2011 2:06 pm

Re: 05/08/2018 Live Update

Postby fehro » Tue May 08, 2018 11:57 am

oil energy stocks USO dailies.. look damaged… 20d SMA holds.. so far
Attachments
Screen Shot 2018-05-08 at 8.56.55 AM.png
Screen Shot 2018-05-08 at 8.56.55 AM.png (20.86 KiB) Viewed 319 times
fehro
 
Posts: 22321
Joined: Fri Sep 02, 2011 2:06 pm

Re: 05/08/2018 Live Update

Postby Trades with cats » Tue May 08, 2018 11:58 am

fehro,
you are looking at reality, I am talking about the Unicorn number the Saudi's need to fund the grand plan. Trump needs 40 oil if people are to actually have any benefit from tax cuts before the November elections. Hedge funds are not adding to their longs, so you know they are nervous.
Trades with cats
 
Posts: 5202
Joined: Sat Oct 11, 2014 4:40 pm

PreviousNext

Return to Traders Lounge

Who is online

Users browsing this forum: Cobra and 23 guests