09/27/2017 Live Update

[Al_Dente]

when is he supposed to speak?

notable highlights of the tax plan
Death Tax: Eliminates "death tax" and generation-skipping transfer tax.
eliminates the AMT
Immediate expensing of CAPEX; corporations will like that

[Cobra]

sounds like 100% mm.

[fehro]

INDEXes dailies… mind EOQ rebalancing.. small caps very happy about taxes..

[Al_Dente]

holy crap
giant squeeze on smalls

[fehro]

XLF working hard today.. small caps banks

[Al_Dente]

there were 58,000+ views on that tax plan leak
so....there you go...

[Al_Dente]

volume OBV is helpful on smalls
5min

[Al_Dente]

This is the ETF heat map, including inverse ETFs
Greens are banks, smalls, short gold, etc
Compared to the regular S&P heat map wherein the big tech and big banks and etc just jump out at you and distract you
Personal preference I guess
Also, these heat maps auto-update which I like

[Trades with cats]

IF they cut corporate tax rates it will only help the smalls. So they should be up on this news.

Big guys pay almost no US taxes. We all know why. So any member of congress who gets up and says cutting rates for big corporations is immoral or what ever is a hypocrite because 'they' put all those loopholes in the code in the first place. Tell me why GE gets refunds and Apple and others run everything thru Ireland before you start talking about what is 'fair'.

Tax cut thing is really only for us day traders as Goldman made it clear it is going to be just like the new health care package in regard to passage. I think the timing has to be our Treasury Secretary doing a favor for his friends as this positive spin will save the market until the quarter ends. Because it won't be dead until next year they can use 'tax cuts' as a reason to up the estimates for holiday buying and viola the Trump rally survives the seasonal sell off on that historical 1st term chart. Sorry if I sound a bit cynical.

[Al_Dente]

dear daniel:
nevermind what i said about oil this morning

[Al_Dente]

It's safe to say that the smalls are “baking in” the tax proposal
RUT is roughly 2.5 standard-deviations above its 50ma
That’s nearing 3 std-dev above its 50ma which is considered “extreme”

[Trades with cats]

Oil Fun Fact- Kemp at Reuters has pointed out that the WTI to Brent spread is almost 6 bucks. If I remember correctly transport is around a 1.50 or so, anyway he expects to see US surplus inventory shipped to Europe with this large an incentive. So it will look bullish from the US point of view but it really isn't, as a lot of that will come back as gasoline this winter.

[Cobra]

this bull shall have legs.

[brokebybernacke2]

was personally expecting new highs soon and some sort of pull back, but see macd about to cross for a breather, maybe high is in as these bullish waves up all about 30 days in length, we are a bit beyond that for this move up, pullback in process?....regardless, awfully stubborn bull, will take a megasurprise to knock it off its feet..still plan to buy good pullbacks stops round 2450sp, wait mode...

well I correct myself....new highs here we come...now I be shorting we get passed 2510, if sp following smallies..

[Trades with cats]

I am thinking if we fail at the morning high Cobra may have a negative comment tonight!

So far it has been pretty classic, higher low than yesterday followed by a little double bottom as the market consolidated then buyers coming in with a push up, a consolidation then a stronger push. ADX shows buyers in firm control but I really wonder how deep their pockets are as we close in on the day's high.

[Shaishen]

IF they cut corporate tax rates it will only help the smalls. So they should be up on this news.

Big guys pay almost no US taxes. We all know why. So any member of congress who gets up and says cutting rates for big corporations is immoral or what ever is a hypocrite because 'they' put all those loopholes in the code in the first place. Tell me why GE gets refunds and Apple and others run everything thru Ireland before you start talking about what is 'fair'.

Tax cut thing is really only for us day traders as Goldman made it clear it is going to be just like the new health care package in regard to passage. I think the timing has to be our Treasury Secretary doing a favor for his friends as this positive spin will save the market until the quarter ends. Because it won't be dead until next year they can use 'tax cuts' as a reason to up the estimates for holiday buying and viola the Trump rally survives the seasonal sell off on that historical 1st term chart. Sorry if I sound a bit cynical.

Really appreciate your no nonsense political incorrect straightforward write ups.

[Al_Dente]

Dow up 0.25%
IWM up 2.0%
sheeesh

[Daniel]

dear daniel:
nevermind what i said about oil this morning

In the intraday timeframe all considerations other than price patterns are somewhat moot.

And I too prefer the FinViz ETF heatmap to that of the SP-500 stocks. It more quickly gives me that overview of emerging "themes" for the day.

[fehro]

for craziness.. mind IWM gap fill. Wed, peak week, eom, eoq. .be careful

[Al_Dente]

SPX all-time-high today
RSP equal-weight spy made an ATH yesterday which should have been a clue