Cobra's Market View

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We probably in a range here. Now trying to make to the range high. A sudden big bar must be Non Farm Payroll report, must be not good, otherwise it should go down.

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

SPY 15. Up from yesterday's close.

ES daily. Up off the EMA 20. Inside bar. Extending the base.

Dow 30. Quiet opening, mostly green.

QQQ 5 min. Stuff is flying off the shelf. Ha ha.

DIA IWM QQQ SPY.

Alternatives. Ups: DBC, IAU, SPYG, TLT, USO. Flat: IYR, SPYV, Downer: UUP.

SPYG doing well. Couple of scalps (ES, NQ) on my belt. Cleaned up a couple of overnight stock holdings. The markets are active so far. Time for a break ...

Gheez, NQ is shooting up. Hold that break.

JFR wrote:QQQ 5 min. Stuff is flying off the shelf. Ha ha.

Think I'm going to walk away for a few, hard to buy after something has already run up!! LOL!

te_fern wrote:

JFR wrote:QQQ 5 min. Stuff is flying off the shelf. Ha ha.

Think I'm going to walk away for a few, hard to buy after something has already run up!! LOL!

Wait for a mini pullback, pause. Taking a break.

Have to wait on the leveraged shorts to start moving up...... Watching LABD.

Watching the resistance line and would like the MA lines to move up...

Slowly moving higher....

https://www.washingtonpost.com/business ... -shortage/

Later ...

Bad part of playing the short side, you have to stay nimble, fell through support....

Gotta love Amazon Media. Expectations were for 675,000 jobs, so reality is a big miss but not the way they spun it. The gas lighting will continue until we all think the economy is great.

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

https://www.washingtonpost.com/business ... -shortage/

''The U.S. economy added 559,000 jobs in May, the latest sign of a strengthening recovery as vaccinations rise and covid restrictions ease nationwide.

The unemployment rate dropped slightly from 6.1 percent to 5.8 percent, according to the monthly report, from the Bureau of Labor Statistics.''

''Economists interviewed by The Washington Post characterized the report as a positive one, but cautioned that there were signs that a tight labor market was continuing to weigh on rehiring.

Drew Matus, chief market strategist for MetLife Investment Management, pointed to both the rising wages and the labor force participation rate, which ticked down 0.1 of a percentage point in May and remains well below its pre-pandemic level.''

''Andrew Hollenhorst, chief U.S. economist for Citi, echoed similar themes.

“The shortage story is coming through very clearly what you’re seeing in wages and participation,” he said. “That clearly is holding back hiring.”''

Bulls, Bears, Apes
Translation: Apes are the meme stonk traders (perjoratively described as “dumb money”), currently laser focused on a hopeful AMC squeeze TODAY … buying shares (and all talk about their stop loss), and/or long calls (OTM calls expiring today… all know their max loss is the premium paid). They are not talking at all about spy or the market; they are laser focused on one-minute charts of AMC, GME, BB etc…..

YESTERDAY: “Jefferies Prime Brokerage Suspends Short Sales In AMC, GameStop And MicroVision” [Bloomberg]
“Until further notice, Jefferies Prime Brokerage will no longer offer custody on naked options in GME, AMC and MVIS .... The firm will no longer allow the execution of short sells of those securities... other stocks may be added to that list.

TODAY: Ameritrade imposes restrictions…. I don’t have details...