Cobra's Market View

Up 2 weeks in a row the next week has 76% chances to make a higher high so more up ahead, another (Already made all time new high today) all time new high the next week should be.

SPY daily. 3LineBreak. Big picture. Resistance at the top. Something has to give eventually, for a breakout or pullback. It is not full steam ahead at this time, imo. Another pullback, like the middle of May, needed? It's never easy, but this past year is about as easy as it gets for the bulls, imo. My short sell playbook is gathering dust. Ha ha. It is still there, but the focus has been on longs.

In my opinion.

Have a good weekend.

On Wealth Inequality:
“Everyone wealthy that I know is making a fortune … ‘cause this guy [Powell] is printing money like there’s no tomorrow. The kids in Harlem are not benefitting from money printing, but Stan Druckenmiller and all his wealthy friends are … the people that benefit are rich people who know how to navigate the markets …
How does this thing end? The asset bubble, which he’s blowing up to unbelievable proportions, busts before inflation really manifests itself…
There is no group who will be hurt more by a bust than poor people. They will be first in line to get screwed….”
[Source: whale Stan Druckenmiller, 5/15/21]

$AAII Bull - $AAII Bear shows retailers are getting excited, still some room to get high.

Al Brooks also think a breakout on the upside is a more likely.

https://www.cnbc.com/2021/06/05/g-7-nat ... eform.html

This seems problematic for Monday morning. Particularly mega caps. You guys have any thoughts?

Xian wrote:https://www.cnbc.com/2021/06/05/g-7-nat ... eform.html

This seems problematic for Monday morning. Particularly mega caps. You guys have any thoughts?

Gap down?

https://www.investors.com/news/stock-ma ... stocks-fly

From IBD. I subscribed with them at one time, and have read O'Neil's book (much good stuff). But their focus on growth stocks is not mine. I prefer value stocks, dividend ETFs and index futures.

From " It is what it is department" Always BUY/SELL the double. statistically buy 2x bottom is 78.55% success rate and where selling 2x top is 75.1% (Samuraitradingacademy) in TA world anything over 60% is a very reasonable to take a jap at it.
A look at 2x top today, May 7th/10th high of 4238ish and Last week was not quite a new high per SPX past data. so for counter trend trading setup on the double, we are in a sell zone. Monday spiked up to touch then the game is on for counter trending. Peace!

We've seen this chart before, proof that gains happen in the overnight markets
I'd like to see the stats on buying in the pre-market. I know the "problem" is that it's easy to identify the close, but what $number would you use for the pre-market? Maybe just lock in the number say 10minutes into the pre-market.
PS: does anyone on this board buy in the pre market?

Al_Dente wrote:We've seen this chart before, proof that gains happen in the overnight markets
I'd like to see the stats on buying in the pre-market. I know the "problem" is that it's easy to identify the close, but what $number would you use for the pre-market? Maybe just lock in the number say 10minutes into the pre-market.
PS: does anyone on this board buy in the pre market?

I buy or sell in the pre or post market for stocks occasionally. Almost business as usual, with some extra hoops to jump through on the order fill-ins (checking certain boxes, outside regular hours, etc.), depending on your broker. Not available for each and every stock or ETF, just the more heavily traded, etc.

I'd like to see the stats on buying in the pre-market. I know the "problem" is that it's easy to identify the close, but what $number would you use for the pre-market? Maybe just lock in the number say 10minutes into the pre-market.

Not sure how to address the issues raised in the above sentences of your post. So, generally speaking, for something like SPY, or perhaps AAPL, the spreads are reasonable, trades are happening, I put in the LMTs (MKT orders not available), etc., and push the button. And, generally speaking, having pre market trading available to the public allows us to buy or sell, as prices move up or down, before facing the gaps, evening the field a bit for the public.

This makes me think again of my interest in having the stock markets go 24/7, as I think that will happen eventually.

JFR wrote: ...
I buy or sell in the pre or post market for stocks occasionally. Almost business as usual, with some extra hoops to jump through on the order fill-ins (checking certain boxes, outside regular hours, etc.), depending on your broker. Not available for each and every stock or ETF, just the more heavily traded, etc.

I'd like to see the stats on buying in the pre-market. I know the "problem" is that it's easy to identify the close, but what $number would you use for the pre-market? Maybe just lock in the number say 10minutes into the pre-market.

Not sure how to address the issues raised in the above sentences of your post. So, generally speaking, for something like SPY, or perhaps AAPL, the spreads are reasonable, trades are happening, I put in the LMTs (MKT orders not available), etc., and push the button. And, generally speaking, having pre market trading available to the public allows us to buy or sell, as prices move up or down, before facing the gaps, evening the field a bit for the public.
This makes me think again of my interest in having the stock markets go 24/7, as I think that will happen eventually.

Thanks boss

ANYTHING BY MIKE WILSON IS REQIRED READING.
Michael Wilson, chief equity strategist of MS has been my lead guru only because he has been so right over the past year (compared to the other big bank “analysts”). When he’s wrong, we’ll send him to the shitcan.
His clients don’t agree that US equity valuations need to fall by another 15%, as he suggests.
SPOILER ALERT:
“ Our favorites remain staples over discretionary, healthcare over tech, and materials over industrials [infrastructure gains have already been priced into industrials]. We also continue to favor banks as the best way to play inflation and recommend avoiding early-cycle plays like semiconductors, many retailers, and homebuilders/improvement stocks. ...”
https://www.zerohedge.com/markets/morga ... to+zero%29