Cobra's Market View

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no idea up or down from here, maybe up?

members only update starts here: http://www.cobrasmarketview.com/2018/08 ... ay-update/

The overnight action. Media reports said the Chinese market lead the way down. Then, for no obvious reason a major Euro zone buy program triggered. That clearly ended well before the official New York open.
Clear from the orderbook background on the chart that the overnight low is major support this morning.
Clear from the indicators I follow we could be headed for chop.

Major action at Friday's high. Lots of orders suddenly a point above as well.

Try number 2

Gartman: "We Were Clearly Wrong In Being Short Of The US Market"

TICKs look strong this morning.

Got a quick scalp this morning on the Bios. Was out of town last week and missed several set=ups!!

Twitter feed showing NASDAQ in a liner up move this morning. As Cramer says "Buy Buy Buy".
Goldman article this weekend (I only read headline) August is a big month for buybacks, 13% of the annual total.
Saw last week that 1st quarter buybacks annualized will mean over 1 trillion.
So if the market hits an all time high in low volume summer trading solely on buybacks isx it like scoring a goal on yourself?

Try 2 failed. Bounce on the open or lower to find ammo for try 3?

That failed breakout is making Friday's high look like tough resistance.

my guess, just a guess, is it's uptrend day, although do not expect up big.

third try working, overnight high 2 points away would be my first target.

What happened to Goldman's buyback desk

Jamie Dimon
"Prepare for 5% Yield"
[obviously not today ]

Biggest bid ask delta bar of the day as the bulls step up and cross over the bid ask line to make the overnight high. 6,500 hundred contracts at 2844.75 and 2845.0

TICKs still rising...

What I really find amazing is that Goldman only has to call a handful of CEO's to get the firepower to move the FAANGs and friends and drag the entire market, if they wish. The issue comes when the music stops. Continuing to cross the bid in a move up on zero news.

Steady Freddy marching higher....