05/18/2021 Live Update

[Cobra]

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Let's see whether bears can make a double top here. I guess not though, probably would be an ascending triangle.

Small gap up, so likely just a range day.

[1der]

hmmmm, so quiet this morning - something must be broken. Hope everyone is okay.

[te_fern]

Looks like Bio's are the big winner so far this morning....

[te_fern]

Been in Denver this past week visiting family, trying to get back into things on the east coast this morning...

[Cobra]

Members only update at 10:48 am
http://www.cobrasmarketview.com/2021/05 ... ay-update/

[Cobra]

Probably the range low was in, now seeking the range high.

[Al_Dente]

nasdaq up volume is 5x down volume
nyse up volume is 1.3x down volume

[Cobra]

Members only update at 12:15 pm
http://www.cobrasmarketview.com/2021/05 ... ay-update/

[Al_Dente]

(11:20ET): Colonial Pipeline issued a brief statement:

"Colonial is currently experiencing network issues impacting customers' ability to enter and update nominations.

Our internal IT department is aware of the situation and working diligently to restore service".

zh gets snarky: Can everyone please chip in for a gofundme campaign so Colonial can hire some tech support staff

[Al_Dente]

Billionaires are Offloading [SELLING] stocks
https://www.bloombergquint.com/business ... heir-stock

[Trades w 2 Cats]

Yesterday and today so far we are living in a scalpers world. Swing trading not getting it done. Thinking the market is acting like summer has started. Earnings season has certainly given some food for thought. Not seeing the love for $1,000 phones (half price or better with a line of service) but grocery stores and apparel knocking the cover off the ball. But no way Macie's is going to offer huge stock buybacks, oh but wait, their executive management compensation is not flooding the market with new shares.

Financial news (well, those who have a Bloomberg terminal and write about what they see) says the Hedge Funds are dumping the hedge fund hotel stocks (FAANGS) so I suppose Ma and Pa Kettle are loading up through their managed funds. Remember what Bob Farrell said about when the public buys and sells, one of his 10 rules. Not saying we are at a top but the market smells the fear in the FOMC and they don't see any mandate for the ginormous tax and spend plans from the Administration.

[Al_Dente]

"Triple Play" is a slang term for when a stock simultaneously beats analyst expectations for (1) revenue and (2) earnings, then also (3) raises earnings guidance for future quarters.

[Trades w 2 Cats]

Rut Row, second touch of 4150 area this afternoon and like last time NO CLEAR REJECTION.

[Al_Dente]

INTERNALS:
Chart proof that CALL BUYING really does signal bull-spy intraday .... but occasionally the options traders are wrong (or late) ... and have to flip

[Cobra]

My guess is a typical breakdown then reversal up here.

[Cobra]

Breakdown indeed, now let's see the reversal up part. Consolidation here instead of rebound would be bad for bulls.

[JFR]

ES 5. Pushing down against support.

[JFR]

ES daily. Sitting on the EMA 20. Extending sideways. Market unsure if it wants to move down.

[JFR]

Dow 30. Mostly in the red. WMT leading. CVX and DOW Holdings trailing.

[Cobra]

It's a valid breakdown so the rebound probably will be sold.