09/07/2018 Live Update

[Cobra]

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double bottom or not, wait and see. so far looks like another range day.

[Cobra]

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

[JFR]

Time for a bounce?

[Daniel]

Interesting open. IWM sold off sharply before abruptly rebounding-- whereas QQQ started recovering at once.

[Cobra]

members only update at 10:00 am
http://www.cobrasmarketview.com/2018/09 ... ay-update/

[te_fern]

TICKs haven't woken up yet this morning....

[Daniel]

Semis are particularly strong. And regional banks are outperforming the larger moneycenter banks. Note that XLI has cooled off from its recent strong RS.

[brokebybernacke2]

risky point here in markets. FANGS tech look ugly, tech a bit worried about potus /tariffs. nice weekend news with china, market up, not nice with china, market down. daily qqq bounce back test wedge break as we speak, need to get back in soon or not so good.

[Daniel]

From Briefing.com:

The August Employment Situation report showed a higher-than-expected increase in average hourly earnings (+0.4% actual vs +0.2% Briefing.com consensus), igniting fears that inflation might be picking up. Yields are higher across the curve. The yield on the Fed-sensitive 2-yr Treasury note is up four basis points at 2.68%, and the yield on the benchmark 10-yr Treasury note is up six basis points at 2.94%.

[Trades with cats]

Almost back to overnight high. About time for those Euro zone traders to deal with a giant V for the day like we have been on the Colonial side of the Pond.

[Daniel]

SPY has joined IWM and QQQ in a gap fill.

TLT still down a buck. EEM showing unusual RS today, recently has been a weak dog.

[te_fern]

Still in the megaphone....

[Trades with cats]

te-fern, thanks for that. Doesn't show up on my info overload charts.

[Al_Dente]

What’s inside SMALLS (top panel)
Small-cap energy (lime) is light-weighted but it has a heavy pull

[Al_Dente]

note AVGO
semis
part of the S&P 500

[Daniel]

Note on Al D's chart how the orange line (HEALTH) has risen to RS champ, just nipping INDUSTRIALS, whose RS is waning a bit (as noted earlier regarding XLI).

Much of the smallcap healthcare strength is coming from the small bios. XBI as a biotech fund is the closest proxy I track, altho it isn't purely smallcap. XBI is currently up a bit under 1%.

[te_fern]

te-fern, thanks for that. Doesn't show up on my info overload charts.

[te_fern]

I think Daniel mentioned Semi's earlier, they had a nice bounce. Are they tracking a new box??

[Daniel]

SPY flat on day. Up/down volume is back to 1.00. Yawn.

[Al_Dente]

TSLA
down -6%
he smoked weed on his live podcast
is trending on twitter
[add: is approaching double bottom with April]