Back to www.cobrasmarketview.com

   

05/06/2020 Market Recap

05/06/2020 Market Recap

Postby Cobra » Thu May 06, 2021 5:03 pm

Very strong bull bar so after lots of hesitations (5 doji, remember?) the market decide to skyrocket high from here? I find hard to believe, I'll need see a strong follow through tomorrow first, because I've noticed lots of top bar was actually a strong bull bar so one strong bull bar doesn't mean anything.
Attachments
spy.png

Like to read more of my commentaries? Please subscribe my Daily Market Report.
Subscribers can find all the members only posts HERE.
StockCharts members, please vote for me HERE, thanks.
User avatar
Cobra
Site Admin
 
Posts: 49977
Joined: Sat Feb 12, 2011 10:29 pm

Re: 05/06/2020 Market Recap

Postby Cobra » Thu May 06, 2021 5:17 pm

5.png

Called the low in time and reiterated the up bias later. Didn't see the afternoon pullback all the way to the yesterday's close and didn't see huge up before the close (looks like a news).
viewtopic.php?f=2&t=4584&p=294276#p294276
viewtopic.php?f=2&t=4584&p=294282#p294282

DISCLAIMER:

The trading log above is meant for myself only which main purpose is to help improving my market sense.

    My blah blah about how the market would go in the next dozens of minutes everyday in this forum, is a way to force me to focus on the market, because by speaking loud, if the prediction is wrong, I'd be embarrassed, which of course I'd like to avoid as much as possible.
    Day trading is not my strongest point. Just for the same pattern, it can repeat frequently on the 5 min chart while on daily chart it may take months to appear once and another month to know whether the idea of trading such a pattern is right or wrong THIS time, so practicing on the 5 min chart is a fastest way to learn to trade.
    Day trading inevitably would have good days and bad days, it's a part of the game. If I always have good days, it means I'm either lying or already the richest person in the world (then why I'm still trading?), so please don't blame me for making any bad calls. The log is for myself only, not meant to be followed.

Like to read more of my commentaries? Please subscribe my Daily Market Report.
Subscribers can find all the members only posts HERE.
StockCharts members, please vote for me HERE, thanks.
User avatar
Cobra
Site Admin
 
Posts: 49977
Joined: Sat Feb 12, 2011 10:29 pm

Re: 05/06/2020 Market Recap

Postby JFR » Thu May 06, 2021 5:43 pm

Alternatives.


Screenshot_20210506_144236.jpg
User avatar
JFR
 
Posts: 5765
Joined: Sun Dec 02, 2012 7:24 pm

Re: 05/06/2020 Market Recap

Postby JFR » Thu May 06, 2021 5:47 pm

A good day for the Dow. Some leaders.


Screenshot_20210506_144720.jpg
User avatar
JFR
 
Posts: 5765
Joined: Sun Dec 02, 2012 7:24 pm

Re: 05/06/2020 Market Recap

Postby Cobra » Thu May 06, 2021 5:52 pm

JFR wrote:A good day for the Dow. Some leaders.


Screenshot_20210506_144720.jpg


Financials leading the charge. The close was suspicious, no apparent news. Is it because of a good NFP tomorrow? But a good NFP means no QE and rate hike, right?

Like to read more of my commentaries? Please subscribe my Daily Market Report.
Subscribers can find all the members only posts HERE.
StockCharts members, please vote for me HERE, thanks.
User avatar
Cobra
Site Admin
 
Posts: 49977
Joined: Sat Feb 12, 2011 10:29 pm

Re: 05/06/2020 Market Recap

Postby Cobra » Thu May 06, 2021 8:27 pm

I can easily find so many cases that a single strong bull bar doesn't guarantee a strong up the next day, in fact it's quite opposite in lots of cases. In the chart below, the red arrows point to strong bull bars recently and you can see all had a big red the next bar. So really, I need see a strong bull follow through tomorrow. I admit I don't believe the market could skyrocket high from here, that is I'm biased but at least the chart I show you proves what I said "a single strong bull bar doesn't mean anything" is true.
Attachments
spy.png

Like to read more of my commentaries? Please subscribe my Daily Market Report.
Subscribers can find all the members only posts HERE.
StockCharts members, please vote for me HERE, thanks.
User avatar
Cobra
Site Admin
 
Posts: 49977
Joined: Sat Feb 12, 2011 10:29 pm

Re: 05/06/2020 Market Recap

Postby JFR » Thu May 06, 2021 10:30 pm

Cobra wrote:
JFR wrote:A good day for the Dow. Some leaders.


The attachment Screenshot_20210506_144720.jpg is no longer available


Financials leading the charge. The close was suspicious, no apparent news. Is it because of a good NFP tomorrow? But a good NFP means no QE and rate hike, right?


Financials #1, but they are all somewhat quiet. As I have indicated on here, although Economics was a focus for me at university, I do not follow closely nor try to relate economic news or reports to the stock market. I read a few articles here and there, but for the most part, I get that info on here, from those that follow the events. For me, it all shows up in the charts soon enough for my interests. One trader I know has one "news play," but it is based on acquisitions. I might try it sometime but not now. I have enough to keep me busy.


2021-05-06_19-09-12.png


Yes, nice strong finish, with small bars all day, small shadows, a calm market; I like that. Looking forward to next morning.


2021-05-06_19-26-13.png
User avatar
JFR
 
Posts: 5765
Joined: Sun Dec 02, 2012 7:24 pm

Re: 05/06/2020 Market Recap

Postby JFR » Thu May 06, 2021 11:59 pm

https://www.investors.com/market-trend/ ... vulnerable

From IBD. I subscribed to them for a couple of years. Some good stuff, but I prefer value stocks to growth stocks.

Dow Jones Futures: Market Rally Masks Growth Woes; Roku, NET Stock Lead Earnings Movers As Fed Warns Asset Prices 'Vulnerable'


Dow Jones futures tilted higher late Thursday, along with S&P 500 futures and Nasdaq futures, after the major indexes rose Thursday while growth stocks continued to lag. Amid another rush of earnings from Cloudflare (NET), Roku stock and more, the Federal Reserve late Thursday that many asset prices are "elevated" and "vulnerable to significant declines."

The stock market rally showed gains across the major indexes Thursday, closing near session highs. The Dow Jones hit a record high while the Nasdaq rebounded for slim gains after tumbling below key levels intraday.

A big catalyst: German Chancellor Angela Merkel opposed President Biden's call to waive intellectual property rights for coronavirus vaccines from the likes of Moderna (MRNA) and partners Pfizer (PFE) and BioNTech (BNTX)



Once in a while, I check MarketWatch or IBD, etc. to get a read on the market, but not all that often.
User avatar
JFR
 
Posts: 5765
Joined: Sun Dec 02, 2012 7:24 pm

Re: 05/06/2020 Market Recap

Postby JFR » Fri May 07, 2021 12:42 am

I read that shareholders were expressing unhappiness to Buffett about returns on Berkshire stocks.

My gawd, methinks, give your head a shake.


Screenshot_20210506_214004.jpg


Screenshot_20210506_215334.jpg
User avatar
JFR
 
Posts: 5765
Joined: Sun Dec 02, 2012 7:24 pm


Return to Traders Lounge

Who is online

Users browsing this forum: No registered users and 8 guests