Cobra's Market View

SQQQ the 3x SHORT QQQ, is failing at the double top
Do they have enough energy to try again?
I don’t know
I can’t count on it; I need proof

BIG FIVE on the day
Not much red selling volume; check the volume EOD

ALMANAC REFRESHER:
Triple-Witching Friday: up nine of the last fourteen years, but weaker over the past 24 years, up thirteen, down eleven with an average loss of 0.24%.
The week after Triple-Witching Day is horrendous.

should be another push up then we'll see.

“Trump Preparing Executive Order On Drug Prices; Spec Pharma Stocks Slide To One Month Lows”
[JUICED Biotech is LABD, LABU; both horrendously volatile]
http://www.zerohedge.com/news/2017-06-1 ... month-lows

Al_Dente wrote:“Trump Preparing Executive Order On Drug Prices; Spec Pharma Stocks Slide To One Month Lows”
[JUICED Biotech is LABD, LABU; both horrendously volatile]
http://www.zerohedge.com/news/2017-06-1 ... month-lows

fwiw .. "possible" bearish rising wedge on IBB weekly.. mind the daily cyan channel break

3rd push up as expected. let's see how strong it is first.

2435 with gap close in extension ?

Refresher:
Vertical gray lines and gray boxes roughly mark the RATE HIKE days
(ignore the first gray line at the far left… that’s the election)
Daily

HAPPY HOUR

What was the ole wall street saying about go away after 3 rate hikes.....

Both ticks crossed their moving average lines about 1:00.... Crazy market.

bears dead again surely


Sent from my iPhone using Tapatalk

fehro wrote:

Al_Dente wrote:“Trump Preparing Executive Order On Drug Prices; Spec Pharma Stocks Slide To One Month Lows”

fwiw .. "possible" bearish rising wedge on IBB weekly.. mind daily channel break

IBB yesterday closed as a green Elder bar-- and at the lows today went red, and now is again blue (ca.293.30--50)
Many use this Larry Elder bar-code system to filter and fine tune short and long entries.

te_fern wrote:What was the ole wall street saying about go away after 3 rate hikes?

"Three steps and a stumble." It may have been early technican Edson Gould...

“The cheapest options on the board are slightly downside puts in Facebook, Amazon, Netflix, and Google.
There’s no skew.
Implieds are low.
The market is giving you free convexity, practically.
If one of these names has a 10% blowup, it’s a big winner.
It also has the advantage of being the dumbest trade imaginable. If you went on CNBC and said you were buying puts on FANG, you would get laughed off the set.
Which means it’s probably the right trade.”
http://www.zerohedge.com/news/2017-06-1 ... -fang-puts

pullback as expected. now might be not enough time for the 4th push up which should happen.

Coming into the close, only two of the key indexes (IWM, XLB) are below daily VWAP.
XLF and TLT are right at it.

well, guess that's it for today. Friday tomorrow has generally been bull friendly. thank you guys, I'll see you tomorrow.

before the close, please take a little time to vote for me, thanks. https://stockcharts.com/public/1684859/tenpp