05/16/2019 Live Update

[Cobra]

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my guess is pullback from here and the overall rebound might be in danger as well. just a guess.

[Cobra]

members only update starts here: http://www.cobrasmarketview.com/2019/05 ... ay-update/

[BullBear52x]

Bull flag, Buy first for me.

[BullBear52x]

Take half off, morning bulls can not lose. good start today

[Trades with cats]

Morad's (FT 71) alternate for today was a fast run up to ES 2868 then a drop down to below ES 2850 and a close at flat more or less on the day.

[BullBear52x]

Looks like gap magnet.

[1der]

Last night and this morning SPY PBars
282.00 and 284.48. (Note: two 287.94 are still out there but not shown on this chart)

[Trades with cats]

Market sure is a gap getter!

[BullBear52x]

Sitting out. I am done today. Peace!

will be back for some update later. what a day, what a day. whooooohooo

[Cobra]

members only update at 10:00 am
http://www.cobrasmarketview.com/2019/05 ... ay-update/

[Trades with cats]

Read a couple of days ago that the stratigests at Nomura thought the sell off was setting the table for a short squeeze.

Reminds me of why Cobra tells us down markets are hard to trade. Or as I prefer to say those violent rip your face off short squeeze moves that end as fast as they start.

[te_fern]

Can it break this trendline???

[te_fern]

Semi's aren't participating this morning....

[Cobra]

so far looks like an uptrend day, at least this bull shall have legs.

[K447]

Semi's aren't participating this morning....

Why are you stuck on SOXL instead of SMH ?

SMH on 15 minute chart is 2 down, then compound 3, then 2-2-2 up.
Broadening formation and 2 up since 10:30

Outside bar reversal off the lows on 5 minute chart

And just now did inside 5 and up for another entry point. Which needs to stay up or reversal potential

[Mr. BachNut]

Another day another gap.

NYMO is making its first appearance above the zero line in a month.
The down cycle is probably over but we have to wait for a close or two for confirmation.

Price is testing the underside of a broken trendline now.
There is a big bolus of SPY calls and puts at 290 expiring tomorrow.
But for that option magnet, I would say the index could find some resistance up here.
I would like to see daily price closes > 2900 next week to believe a new up trend has begun.

I can imagine a number of scenarios from here.
My preference would be lower lows with a positive NYMO divergence.
My least favored is a grinding consolidation (Triangle?) through June.

I am still short runners in SPX and R2K with breakeven stops.
Profits were taken on scale-outs below.
I have long setups percolating but not fully baked yet.

[1der]

SPY high so far 288.88

8 is a lucky Chinese number - do you think they plan this?

[Al_Dente]

I don’t understand much of what McElligott writes about the “gamma profile” and other crap. I do understand his VIX analysis and this, which I posted on 5/10: …while global stocks can be expected to stage a rebound soon [like this week] as a sort of velocity adjustment, we would then expect another stock market retrenchment [decline] towards the end of the month…

And this, that I didn’t post on 5/13, summarized by zh: McElligott expects that ……..there is now the possibility of a sharp, market bounce over the coming days [like now].

So, in my book, McElligott is still hot, FWIW.

[BullBear52x]

One more trade today, sell here.

[K447]

SPY high so far 288.88

8 is a lucky Chinese number - do you think they plan this?

It was just another number, gone already.