Cobra's Market View

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Testing the Jan 20 low, could be a consolidation or rebound here first then we'll see.

members only update starts here: http://www.cobrasmarketview.com/2016/02 ... ay-update/

SPX mind the morning gap and next lower support red/green channels.

SPX500 - Tradingview CFD = /ES… key time.. uber bear.. look for the 2007 highs late fall Spring 2017

SPY moon chart.. fwiw.. KEY level.. at Red neckline.. for the über bear

/GC testing weekly channel.. actually popped over..

Darn, I sure wish I had the puts I sold at 2 yesterday..!

Gap down on ES, NQ and YM.

SPX - VIX into resistance… of sorts.. but has room

USDJPY wild move overnight. rebounded from 111 support. break down from recent channel.

Is Gold going to bounce back up?

hmmm, bear needs to keep selling pressure otherwise we may see big rebound in the morning. swing term still down, but we might see bottoming process.

/CL tags 26.50 multi year lows// 25.50 a tad lower.. seems it still may get tagged.. better support?

Gm

1835 ihs target ?

Time signal on the 60 min SPX in about 3 hours:

Oil, news last night was that Phillips 66 had dumped a large amount of inventory at Cushing for discounts of 2.25 to 2.50, and at least one other refiner was doing the same. They said Valero was cutting production at Memphis by 25% and that the crack spread in the upper midwest was going negative. So this is the scenario Goldman laid out where storage fills and prices are slashed because they can't just shut all this stuff down. The next phase will be widening defaults on junk bonds, and by the way the banks are behind the curve on loss reserves for this sector.

fehro wrote:SPX - VIX into resistance… of sorts.. but has room

fehro! cup handle official break! should be some good selling next couple of days!

morning hourly hollow red.

With the legendary JPY carry trade closing out fast selling should be relentless. The intervention this morning before the NY open could be just the first of many, unless the the Fed can co-ordinate a crisis intervention.