Cobra's Market View

Consolidation, bias is up.

JANUARY 13, 2021 11:20 AM (Reuters)
President-elect Joe Biden intends to press Congress for immediate action on additional pandemic relief efforts when he takes office next week, including more direct payments to households...

In an appearance at Reuters Next, Brian Deese, who will head the National Economic Council in the new Democratic administration, said Biden will lay out a two-track economic plan, one focused first on a “rescue bucket” of funds to help Americans weather the COVID-19 downturn and a longer-term recovery effort that aims to deliver on the Build Back Better plan he laid out during the president campaign.

Biden will unveil the plan on Thursday.

SPY 5. A couple of good moves up. Catching its breath.

SPY 5 minutes. Point and Figure. In a base. Need a strong breakout. Slightly upwards bias.

SPY 5. Moving up.

Public Service Message

The firm that sells software to monitor computer trading programs from twitter-
HFTAlert " as is typical, on the FED report release, they just ran all the stops on both sides of price at the time... Monitor users saw the activity and it's soooo typical...why you should never have any stops in near price when FED news is reported."

Elsewhere on twitter claiming retail (I think that is code for Robinhood traders) buying a lot of index calls today.

Biden team to unveil economic recovery plans on Thursday. If I was a dollar trader I would be nervous. Not great news for t-bill market either I am guessing.

The closed today will be important to see if bulls can hold on, so far the buying was stronger all day over all, inside day sideways is anyone's guess. jut be nimble on both side. internals wise I don't see any improvement, so I am leaning bearish short term still. sell rips for me.

Well, guess that's it for today. Here's what Thursday tomorrow looks like: https://stockcharts.com/public/1684859/ ... /533449387

Thank you guys, I'll see you in another thread soon.

Before the close, please take a little time to vote for me, thanks: https://stockcharts.com/public/1684859/ ... /533449387