Cobra's Market View

If you're StockCharts member, please do me a little favor by "vote" and the most importantly "follow" my public chart list HERE. You need "follow" only once but vote can be done everyday, so whenever you have time, please vote for me, thanks! If you're not StockCharts member, you can also help boosting my rank by clicking the link once everyday.

• Please, again, all my calls in the daily live update is for intra-day only, they're absolutely invalid when the closing bell rings. If you're interested in the forecast for days and weeks, Please subscribe my Daily Market Report.

• Personal attack on any board members won't be tolerated. Please limit your topic to trade related only.

• Please no direct link to your personal web site or blog. You must post rich contents here. You can, however, put link to your personal web site or blog as your signature.

• I'm very busy during the trading hour, so your question posted on board might not be answered. For a guaranteed answer to your question please send email to [email protected].

========================================================================================================================================================================

The up speed getting slower but not top pattern yet. Possible trend day, either up or down.

The members only update starts here: http://www.cobrasmarketview.com/2021/02 ... ay-update/

Never short an all time high, word of wisdom, well, my word is, Honey hole special, think day trade.

CPI number came in weak, deflation???? a little volatile but wait to sell.

Game plan. selling at MA resistance.

It's a morning hourly filled black bar.

Rob Hanna data:
what happens after the market moves up at least 5 days in a row to a 50-day high, and then pulls back.
https://quantifiableedges.com/persisten ... -abruptly/

Gap and no go, gap fill area as support next.

30 handles to papa for overnight move? take half first no mater right or wrong.

Mr. B reporting in...

The NYMO cycle is UP.
We are nearing the upper turn zone but not there yet.
Hitting the upper turn zone signals a potential change in character.
Sometimes it is reversal. Sometimes it is consolidation. Sometimes it just keeps trending.

One unusual aspect of this up cycle has been the smooth climb from the low.
Smooth up moves usually occur in the kick off of a new trend out of a significant low.
The January low was not severe enough to fit this bill. Hmmm.

Price wise, another day another gap. We are up to six downside gaps (almost everyday) this month.
Note that volume has been declining with the rise in price.
Seems like the kind of conditions where in one day all the month's gains could be erased in one swoop.
If only I knew what will happen!

It is important to note that we are now trading above the upper keltner band.
This is bullish and bearish. Prices above the band are strong trends that can continue for awhile.
However, all or substantially all gains above the band are given up eventually.
You can see some past episodes in the chart.

I am long SPX and R2K.
I have scaled out two profit units in R2K leaving a runner position with a BE stop.
I have scaled out one profit unit in SPX and still retain risk in the trade.
The SPX position was undersized (caution broke down dicipline).
I may add if we get a pre-OPEX low in the days ahead or just ride out what I have.

Looks like one gap closed while I was writing.

FYI. There is a gap in the ES future at 3884.75 from sunday night.
Looks like that wants to close.
It's about 4 handles below the morning low so far.

Oh boy, next one down is way.........down.

Last comment I promise...

NYMO intraday has turned down.
So, one scenario is a corrective move down to the zero line.
This could be consistent with the often enough pattern of a Thursday/Friday price low before OPEX week.
Just an idea. I don't know what will happen.

Bloomberg has a long Tim Cook profile today; it's paywalled.
Here are some interesting highlights:
https://9to5mac.com/2021/02/09/tim-cook-profile/

It's the bear's last chance here. Guess bears are over, it was just a news.

From twitter and zerohedge this morning.
Selloff being blamed on Elon for tweeting about buying Dodgecoin. Chart is compelling of Tesla and SPX diving together.
The people who sell you software to monitor the machines are saying after a week of almost no activity there were over 400 buy and sell programs run this morning. To which I say no kidding Sherlock.

Twitter being mocked for taking tuff stand for free speech against the Indian government. Telegram is now the most downloaded free app on the internet. Looking to me like Jack's part time gig is looking like a good short candidate. And not because of their arbitrary politics, advertising isn't effective. Sooner or later you have to monetarize the app and if you go out of favor before that happens then you will be a Friendster.

Don't forget everybody out of the pool for release of the text of Powell's speech at New York economic club lunch meeting.

Should add it is 3 stars for potential impact on my news service