Cobra's Market View

any thing under 3175 is a sell, until bulls can break out, I would be very cautious on the bull side.

5min
Smalls are on the top panel attempting to double-bottom
SPX is higher low atm

Daniel wrote:QQQ is again above its daily pivot.

..and now again below, with IWM still struggling to stay green.

Heck wrote:Why Mr Market may enjoy rip your face off rally

Rob Hanna's post indicates that such a rally is probably in the cards quite soon. However, there really IS an element of "this time may be different" because of the difference btw true unknowns and "apparencies" of unknowns.

Most market moves reflect "apparencies of unknowns" which are really invisible "knowns", that are slowly (or quickly) surfacing--starting with insiders and radiating outward.

But the progess of a pandemic (in an age of just-in-time manufacturing and heavy indebtedness) is truly unknowable. So historical stats may need to be chucked this time.

McElligott chatter:
https://www.zerohedge.com/markets/nomur ... to+zero%29

McElligott sees the chances of a meaningful bounce in US stocks (on month-end pension rebalancing flows as well as some sentiment-shifts), but warns that should we fall just a little lower, CTAs will be triggered to "delever" and markets will flush 10-15% lower from here...

Markets YTD

Gold: 7.84%
US Dollar: 3.27%
Nasdaq-100: 3.19%
Bonds: 2.77%
US Total Market -1.48%

Sectors YTD

Utilities [6.2%]
REITs [4.2%]
Technology [2.8%]
Housing [1.3%]

I am pretty schocked that the rally couldn't squeeze higher
I expected more bears to cover, but evidently not yet ............

Dow YTD

Home Depot [9.8%]
Microsoft [9.4%]
McDonalds [8.2%]
IBM [7.2%]
Coca-Cola [5.3%]

Al_Dente wrote:I am pretty schocked that the rally couldn't squeeze higher
I expected more bears to cover, but evidently not yet ............

Today's COVID-19 Congress Hearings
and tonight's 6 PM ET Presser may encourage fact-finding over hysteria

Market still in shock

(You mean it goes down too ?)

SPX YTD

L Brands [29.5%]
T-Mobile US [21.5%]
SBA [21.2%]
Regeneron [21%]
ServiceNow [20.8%]

QQQ YTD

Tesla [90.4%]

IWM YTD

Aduro BioTech [188.6%]
Novavax [125.6%]
Community Health [92.1%]
Stamps.com [86.5%]
Consolidated [86%]
La Jolla [84.5%]

Daniel wrote:

Heck wrote:Why Mr Market may enjoy rip your face off rally

Rob Hanna's post indicates that such a rally is probably in the cards quite soon. However, there really IS an element of "this time may be different" because of the difference btw true unknowns and "apparencies" of unknowns.

Most market moves reflect "apparencies of unknowns" which are really invisible "knowns", that are slowly (or quickly) surfacing--starting with insiders and radiating outward.

But the progess of a pandemic (in an age of just-in-time manufacturing and heavy indebtedness) is truly unknowable. So historical stats may need to be chucked this time.

http://www.centerforhealthsecurity.org/event201/

'We are not now predicting that the nCoV-2019 outbreak will kill 65 million people'

IWM testing lod

“LEADERS” UPDATE:
Turns out the “LEADERS” divergences were precient, but you had to ignore the tech confirmation in order to get bearish. That was a hard ask…
Because tech confirmed, folks were willing to give the others more rope to recover their highs. They didn’t...
Daily chart:

ES 5. Lower and lower, pausing a bit in its decline.

Douglas Kass
@DougKass
·
18m
Added to trading long rentals in in $SPY at $313.60 and $QQQ at $217.30, respectively.

SPY RSI (2) 0.65 Doesn't Get Much More Oversold

https://stockcharts.com/public/1684859/ ... /533449494

$VIX RSI (2) 99.50 Doesn't Get Much More Overbought

https://stockcharts.com/public/1684859/ ... /533449495

UP and UP

BullBear52x wrote:last buy failed! selling to continue, I will sell the next sell setup. one last trade.

You're on fire

Hoorah