Cobra's Market View

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no idea up or down here, need see more bars.

members only update starts here: http://www.cobrasmarketview.com/2017/01 ... ay-update/

SPX gapping up 2260 near some resistance. mind the 20d and the morning gap to the downside 2253ish

SPX

Art Cashin explains yesterday. Also he doesn't expect anything from Fed minutes today.
http://www.zerohedge.com/news/2017-01-0 ... et-session

SPX not ideal.. dabble sm short here.

Here is my January Turning Points Preview

http://www.cobrasmarketview.com/2017/01 ... ay-update/

With the MLK holiday during opex week, there is historically not as many interesting turns during Jan

We shall just have to see....

All the best!

-D

I had to laugh at this (below) . How desperate they are! Trying SO hard to spin it up. Then I open a CL chart and see a huge DROP - not rise DROP. Comical. Hits a double top and falls ... I guess MSM think most sheeple can't pull up a chart.
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Oil prices rise on expected drop in U.S. oil inventories
By Karolin Schaps

LONDON (Reuters) - Oil edged higher on Wednesday on expectations that U.S. crude oil inventories are falling and on signs that oil producers are willing to stick to agreed output cuts that came into effect this week.

Global benchmark Brent crude futures were up 49 cents at $55.96 a barrel by 0924 GMT (4:24 a.m. ET). The contract had reached a fresh 18-month high in the previous session, but a strong dollar has shaved off most of those gains since.

U.S. West Texas Intermediate (WTI) crude futures were trading at $52.82 per barrel, up 49 cents from the last settlement.

"Positive equities and gains in industrial metals this morning, as well as expectations that U.S. crude oil stocks will show a decline ... are ingredients helping to drive a slight gain in Brent crude this morning," said Bjarne Schieldrop, chief commodities analyst at SEB Markets in Oslo.

Weekly U.S. statistics on oil stocks are expected to show a 1.7 million barrel draw on Thursday, analysts polled by Reuters said. [EIA/S]

OPEC member Kuwait also lifted expectations that producers will stick to a deal to reduce oversupply by scaling back production after its state-owned oil producer said on Wednesday it would cut output in the first quarter.

Members of the Organization of the Petroleum Exporting Countries (OPEC) in November agreed their first output cut since 2008 in a bid to stabilize oil prices.

As part of the deal, Kuwait has to reduce output by 131,000 barrels per day (bpd).

Also reflecting a tightening market, traders are expecting top oil exporter Saudi Arabia to raise the official selling price (OSP) for its crude to Asia in February.

SPX still struggling here T-minus 3 hours to FOMC minutes @ 2:00pm /CL holds 20d SMA 52.29 near LOD.. it goes.. look to 50.85 weekly horiz support.

DXY weak into 20d SMA as well 102.55

sell the fed,
buy the pullback

SPX at the top of bull flag 60m.. either explosive up.. head fake FOMC? .. or not.. 5m bearish rising wedge..

Appears yesterday afternoon was the buy time. Waiting for a pullback.

Got this off another site.

INDEX days.. TRANSports flat ish.. USO into 20d SMA … TLT still green

cat wisdom

ES, new high