Cobra's Market View

Market behaving. Last bounce was off overnight low to the tick.

The overnight high was reached at the end of the Asian session. So the lowest volume and frequently reversed. London/Frankfurt made a slightly lower double top 3857 and then sold off into the US open. Going to need some market moving big news item to take out that double top, not this slow grind.

Cem Karsen (Jam_crossiant) has announced on twitter that the window for a January sell off because of options positining has been closed by todays action.

CNBC, MSNBC, Fox and the others are all going to take a hit without Trump.

I think Netflix is up against two problems. Ist, when pandemic ends what will cancellations look like/ 2ND is the mouse. Given the Fed and it's desire to control the long end of the rate curve I do not see their ginormus debt load as the problem it would be in a rising rate environment.

rip your face off algo launch into the close to scream through 3800. Close below the century figure after being this close, growl!

Two legged advance measured move to3792 OR High

Aunt Janet is supposed to move the market up with her comments in the hearing. Must be off to a slow start.

Reaching measured move for 2 legged drop. Power hour starting with a bang.

Added high volume dots. Sure looks like the big guys finished this morning so they could sneak out at lunch for a long weekend.
Will find out during POWER HOUR

Public Service Announcement

Options ex today going into 3 day weekend. Do not be surprised by market going on wild ride last hour of trading

Broke below 76% retrace of Powell move, then failed at EMA and I said Dive Dive Dive and in slow motion, dive it did.

Not the big move BullBear is waiting for, but I kind of think they need to here Biden's proposal tonight.

Dive Dive Dive
Breakdown started, who will turn it this time.

Chair Powell does not buy groceries or he is an outstanding poker face as he comments on inflation.

Chair Powell saves the 3800 level, proves once again that interest rate suppression and money printing are what is driving this market.

Dollar short is the largest consensus trade on the books. Biden successfully jacked up 10 year rates last night by going for 2 trillion, which was more than what the market had priced in. Observers noted that even though Fed speakers walked back comments on tapering bond buying they were ignored. Ra...

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.

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 ne...

The theory. Tomorrow VIX options expire. VANNA pegging of the index goes away for a couple of weeks untill the big funds re-establish positions which of course forces the banks to start hedging. 4 d chess is knowing that the Fed and the major trading houses all are watching, and writing notes to cli...