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 info@cobrasmarketview.com.

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

Guess the NFP has released the market is trying to decide where to go. For now, it's testing the previous high so 50% chances of double top here. The push up since May 4 has been strong so even a pullback here likely it'd be bought.

Gap up above the yesterday's high so could be a trend day either up or down.

SPY 15. After the strong finish, quiet overnight, up a bit.

$NYMO and $BPSPX both are bearish while we a re at ATH, something is not right and CPC bearish.

ES, selling 2x top, always.

ES

Interesting comment from Morad Askar this morning towards the end of his talk. https://www.youtube.com/watch?v=dgSdCd5-OzU

He pointed out with the volume profile that we have had a string of days with heavy selling in the ES during US hours and that he has never seen this behavior before. He speculated that it was large funds hedging. Then he went on to say it makes for difficult trading. At that point I said out loud to my cats A Men brother!

Friday, if you are right you will be right all day if wrong will be wrong all day also. at this bubliciously overbought FOMO will be the one to be wrong.

Non farm is very bad and unemployment is tick up, this is why market is up because the blank check from the Fed? haha

Dow 30. Balanced.

ES daily. Poking its nose above previous high.

Cem (Jam Croissant) lays it out as far as options flows around non-farm payrolls. Using Super Mario of course.

https://threadreaderapp.com/thread/1389 ... 34241.html

He tweeted an answer to a question on what times volatility hedging flows hit the markets (Vanna)-Vanna/Charm hedging usually approx 1am-3am again 7:30-9am and again 1pm-3:15 pm cst

He is again saying until the 20 day moving average is broken bears have to prove themselves (reminds me of Cobra ).

Some of the Dow stocks, having a good day.

ooopz, try again.

BullBear52x wrote:Non farm is very bad and unemployment is tick up, this is why market is up because the blank check from the Fed? haha

You nailed it, Bond market has changed it's mind on Fed tapering. Some claiming NFP shows two things today. First the usual problem of not enough people with the exact skill set employer's are looking for (and unwilling to train). Second unemployment benefits plus Federal stimulus keeping people out of the job hunt.

Personal observation, if I had been working at a restaurant and was getting by without working why would I want to send my kid back to day care and risk myself and my kid getting sick? Listened to Jim Cramer on the radio while running errands last night he was saying Fed unemployment runs out in 4 months and at that point wage increase pressures will end. Secretary of Education said kids will be back in school this fall. So clearly September October job reports will be informative.

Alternatives. All good except USO now flat and UUP down. Back later ...

Two views which are important to the market

Washington Post- The White House believes today's job reports illustrates the importance of providing robust unemployment support with millions of Americans still out of work, a senior administration official says

"U.S. CHAMBER OF COMMERCE SAYS CALLS FOR ENDING $300 WEEKLY SUPPLEMENTAL FEDERAL UNEMPLOYMENT BENEFIT TO ADDRESS U.S. LABOR SHORTAGE"

SPY 5. Small bars. No chop. Makes for easy trading. Back later ...

Breakout to the new day high in the next couple of bars with a good looking bull bar then it's an uptrend day.

Today could be a melt up day, last sell for me and will sit out if stopped.