Cobra's Market View

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the pullback probably will be bought. likely a range day today.

members only update starts here: http://www.cobrasmarketview.com/2018/09 ... ay-update/

SPY is at a 5day high, QQQ is close, IWM continues to languish, nowhere near a 5day high.

Metals flat. GLD, SLV, GDXJ all unch on the day. (update: now weakening)

$TNX hit a 3% yield earlier this AM, currently just below.

SMH up 1%. Most sectors fairly flat, not much gain or loss. Hi Yield is flat. NYSE breadth is moderately neg, up/down volume is neutral.

it's morning hourly filled black bar.

AAPL down about -1/2% is holding back the major indexes.

According to STA, Sept triple witching is generally neutral for the Dow and S&P500 and bullish for the Naz.

TRAN
ATH
again

also XLV ATH

The E-commerce Index: $DJECOM represents the 40 largest and most actively traded stocks of U.S. companies in the internet industry (FAANG++).
Just to confirm, it tracks very closely with our little FDN (pink)
15min

qqq is down now so maybe the range high is here?

hello
huge spike oil
last hour

Daniel wrote:AAPL down about -1/2% is holding back the major indexes.

AAPL slowly grinding lower, down over 1%, and now XLK has gone from green to red.

IYT hits 209. Relentless uptrend. Despite USO being up 1%.

NYSE up/down volume has steadily improved all morning, despite price being rangebound.

bad news? guess it'll test yesterday's low.

FX Daily reports that President Trump has announced he wants to push forward with the $200 bln in new Chinese tariffs, despite talks. FXI now down 1% on the day.

And from Bloomberg: Trump has told aides to proceed with tariffs on about $200 billion more in Chinese products.

Overall Naz breadth is actually still moderately positive, adv/dec plurality of several hundred shares.

USO has lost all of its gain. Commodities are lower (DBC -1/2%); metals are lower. China (FXI) is now down -1.5%.

IWM soared to a multi-day high earlier in the session-- and has given up the entire gain.

testing yesterday's low as expected. now see whether it's breakdown then sharp rebound as usual.

Financials, semis, and transports are the only sectors I track which still have gains of 1/2 of 1% or greater. Energy has dropped off, along with the price of oil.

Weak dogs include XLY and XLU. TLT has pared its loss, now down only about -0.3%

no breakdown but indeed sharp rebound. now hard to call so will be quiet.

coolbiz, hour ago
SPX has not closed above 2905.30 yet? Tariff uncertainty is creating choppy action. Staying neutral for now (most bullish projections are on hold till further clarity) SPX now at 2899...

HAPPY HOUR