Cobra's Market View

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the pullback will be bought.

members only update starts here: http://www.cobrasmarketview.com/2018/01 ... ay-update/

note FB

Overnight action got us a strong up move on double the normal volume. Then the CPI and Retail stats came out at 8:30 NY time and the markets had a fit. Interest rates went straight up back to the China not buying fake news level of earlier in the week. Zero Hedge reported 2 years got to the level last seen when Leman went down.

Facebook face planting on a policy change. Wells Fargo showing the worst results for new mortgage loans in a year.

Don't know what it all means, just assuming we roll on as usual, looking for recapture of the overnight high and then on into the 2780 zone for today or Monday.

2017 was one of the least volatile years for the S&P 500 Index in history.


With only eight 1% daily changes, not a single 3% pullback, and the lowest average CBOE Volatility Index (VIX) for a full year ever - 2017 will go down in tranquility history.

https://www.zerohedge.com/news/2018-01- ... ride-ahead

Al_Dente wrote:note FB

https://www.zerohedge.com/news/2018-01- ... bles-after

And we're off to the races first thing this morning....

Renko chart shows a 5 point run from VWAP to the overnight high. So should see another before the day is over.

Small Caps are having a nice run from out of the box....

Gold Miners having a nice bounce on inflation concerns....

SPX almost to resistance pivot 2, see if it can hold it....

this bull shall have legs.

First attempt at RP2 was repulsed...

Overnight gap up on ES, NQ and YM.

NYSE TICK is not running that high.

If you haven't read it, PL has a nice write up today on why the term 'overextended' doesn't mean anything if you're relating it to the stock market.

http://www.pretzelcharts.com/

Attempt 2 looks like its being pushed back....

AD is weaker today than yesterday
BUT NY bull volume = 2x bear volume

put/call 0.49 equites 0.60 .. extreme once again