Cobra's Market View

Treasury yields dip with 5-year rate hitting a record low ahead of Fed decision

EDV Target + 26 %
From 173.25 edit to 219
+ 1.9 % Zero Coupon Long Treasury

Cannot say the pullback would be bought as it could be a vacuum all the way to the range high and now sharp down to the range low as NA is down sharply now, will have to wait and see.

red close ?

TODAY:
Rep. Louie Gohmert, Texas, has tested positive for coronavirus.
Gohmert had been scheduled to fly aboard Air Force One with President Trump to Midland, Texas, where he is fundraising and touring an oil rig. He tested positive for coronavirus on Wednesday morning during a pre-flight screening at the White House. Because of the positive test, Gohmert is not traveling with the President.

Now the breakout is more likely and for real but still because of the roller coaster show at 2 pm, I'll pass.

BIG TECH testimony delayed to 1:00 ET
Will be LIVE here:
https://www.youtube.com/watch?v=id1BUAwrBMc

GLD Target + 31 %
From 182.39 to 238.94

SLV Target + 106 %
From 22.29 to 45.82

Can Gold Surpass The S&P 500 ?

Debt Default Deflation

UUP Target + 67 %
From 25.23 to 42

Bunch of bandits ?

Delayed High Tech Titan Hearing

https://www.youtube.com/watch?v=MiC-zSbC8K0

Velocity of Money Still Dropping From 1981

Approaching 1, meaning no net benefit

https://fred.stlouisfed.org/series/MZMV

Fed Chair Powell today cited a stat:

If you make $40K or under, you had a 40% chance of losing your job in May and June.

Whatever It Takes

Guess the show was over. FOMC day usually close weak though.

Small ascending triangle, bias is up.

Powell Q&A
https://www.youtube.com/watch?v=K3DSRATf7DA

Feds use withdrawal method on Portland and Seattle riots

Let the hot August nights games begin ?

Interesting answer from Powell:
“Blackrock is just our agent … we formulate the policy and give it to them to execute”

[ Cynic Pasta here: No mention of firewall, or whatever...]

Like clockwork, at precisely 2 pm:
Huge spike up in GDX intraday
You missed it
No, wait a minute… huge spike down now

see third time of rising wedge. good call Cobra that it will turn so I wait patiently, I thought they will push ES to 3260, not a bad entry above 3250ish,
Cas SPX here to show 3 rising wedge that should not hold.

GLD All Time High Today

BULLYA

When we have government intervention, it is hard to fight in term of trading, this is trading market, Buy and hold will get burnt shortly.