01/07/2020 Live Update

[Trades with cats]

If you missed it this morning. NY Fed overnight repo Fed accepted 100% of bids $63.92 B
Then 14 day term repo Fed accepted $35B of the $41.12 B submitted, once again including mortgage backed. Pundits want you to know that this is the first oversubscribed since mid December but three existing term repos are maturing. Bottom line seems to be that the temporary program to get us past year end is not able to go away.

[Mr. BachNut]

The NYMO cycle is up, but it may be turning.
At the moment, we are negative intra-day for the first time in weeks.
I would like to see two negative closes to call the cycle down.
In any case, the December 19 NYMO high is looking pretty good.
Price has been divergent to NYMO since then.
I am inclined to anticipate that any NYMO rally from here would make a lower high.
We shall see.

Price is in a gap sandwich above the upper keltner band.
I think bears would like to see the upward price gaps close before a decline to get the lower gaps, but the market will do what it will do.
At the moment, today is forming an inside day. If it holds, perhaps that guides what is next.

A Pac-Man has appeared on my chart and he looks hungry.
I think he is going to munch a bunch of those down gaps. It could be swift, but I don't know.

You will see on the chart that a bunch of gap marks remain in 2019.
It is just a charting convention for me to leave behind prior year gaps that are below the 200 day moving average.
If price breaks the 200 MA, those gaps will be back on the radar.

I continue to hold long runners.
I used the recent drop to reload half positions I had taken off late last year.
Given the negative NYMO, I have put a breakeven stop on the reloads.
I have a short setup percolating on the R2K. So, this long runner may exit and reverse in the days ahead.

[Cobra]

It's the bear's last chance here but my guess is the low was in. It's just a range day though.

[brokebybernacke2]

The NYMO cycle is up, but it may be turning.
At the moment, we are negative intra-day for the first time in weeks.
I would like to see two negative closes to call the cycle down.
In any case, the December 19 NYMO high is looking pretty good.
Price has been divergent to NYMO since then.
I am inclined to anticipate that any NYMO rally from here would make a lower high.
We shall see.

Price is in a gap sandwich above the upper keltner band.
I think bears would like to see the upward price gaps close before a decline to get the lower gaps, but the market will do what it will do.
At the moment, today is forming an inside day. If it holds, perhaps that guides what is next.

A Pac-Man has appeared on my chart and he looks hungry.
I think he is going to munch a bunch of those down gaps. It could be swift, but I don't know.

You will see on the chart that a bunch of gap marks remain in 2019.
It is just a charting convention for me to leave behind prior year gaps that are below the 200 day moving average.
If price breaks the 200 MA, those gaps will be back on the radar.

I continue to hold long runners.
I used the recent drop to reload half positions I had taken off late last year.
Given the negative NYMO, I have put a breakeven stop on the reloads.
I have a short setup percolating on the R2K. So, this long runner may exit and reverse in the days ahead.

NYMO 010720.jpg

January made me shiver, with every paper I'd deliver. Bad news on the doorstep, I couldn't take one more step.

[Trades with cats]

January made me shiver, with every paper I'd deliver. Bad news on the doorstep, I couldn't take one more step.

Nicely done sir!

[Al_Dente]

RUMOR Berkshire wants Boeing. BRK never confirms rumors

[BullBear52x]

This will be last chance for intraday bears, no new LOD from here bears are doomed.

[BullBear52x]

SPX a breakout will see it as bull flag breakout, another victory for bulls. but of course.

[Trades with cats]

IF Fed keeps pumping 100 billion a month into the market along with 70 billion+ a month in buybacks (900 billion authorized 2019) kind of hard to see how this will have a big sell off without something ugly happening. The pros have a bead on ugly debt and zombie companies but with rates dropping it will take consumers stopping hard to "double tap" those zombies.

[Al_Dente]

The Buffett Indicator (the total U.S. stock market capitalization relative to U.S. GDP) Flashes Red For Stocks

https://www.ccn.com/buffett-indicator-w ... than-2008/

[Trades with cats]

Experts saying expected drop in quarterly earning of over 10%. Going to be an interesting earnings season for sure as they try to hold on to those multiples.

[BullBear52x]

Haha 2 for 2,

give it to papa

[Cobra]

Members only update at 12:05 pm
http://www.cobrasmarketview.com/2020/01 ... ay-update/

[BullBear52x]

SPX cash Fib, last support before a waterfall.

[BullBear52x]

/ES diamond top is forming.

[Heck]

Extreme Greed 89 Falling = DOWN
Undervalued C/P Long Opening Index PUTS 2.58 times Calls = DOWN

QQQ Below 216.16 ATH = DOWN
$NYAD = DOWN
https://stockcharts.com/public/1684859/ ... /585389789
$TRIN Target 9.1 = DOWN

[Cobra]

60% chances of double bottom here

[JFR]

ES five minutes. Riding the EMA 20.

[Al_Dente]

This is day four of contiguous sub-par internals, and that’s pretty unusual
The POTENTIAL H&S has wacky right shoulders and a neckline that is so low it’s pretty useless for day traders
(ignore vertical lines)
five minutes

[Cobra]

Double bottom then double top so still is a range.