Cobra's Market View

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maybe it's a range.

SPX opening near 2203.. mind the morning gap.

members only update starts here: http://www.cobrasmarketview.com/2016/12 ... ay-update/

“History doesn't repeat itself but it often rhymes,”

Bears desperately need new LL.

Short term is bearish bias.

FB still no likey NDX gaps down Red

Clockworks, first thing first. until it fails......

December Preview is posted here:

http://www.cobrasmarketview.com/2016/12 ... ay-update/

Lets see if the pattern seen in the last 3 years with the bullish Novembers is followed again.

-D

SPX still looking for the previous ATH retest 2193ish

/ES 2097 is my pivot today, will sell only below that line.

SPX trying to hammer the hourly.. 10m to go.. form more downside.. need VIX to break out

TLT long bond ETF yearly return dropped into negative territory today
Meaning that all TLT gains for the last 52 weeks were wiped out
Today now TLT down -1.36%
Yesterday near exhaustion volume, and today… we’ll see at the close
Oy

Closing in on daily SPX:

30 more basis points down and we hit Goldmans estimate for when the risk parity funds start program selling equities. Sure hope the Fed is watching closely.

Bulls are no go again today. sell sell sell

Global bonds lost $1.7 trillion of value in November as they suffered through their worst month since at least 1990
[Bloomberg ]

fehro wrote:SPX still looking for the previous ATH retest 2193ish

come to papa.. . possible support near here

The ES overnight low just held. This is starting to look like a super ball bouncing down a staircase. Like the market is asking you to get on board as opposed to a serious sell off where you never get a chance.

"OPEC has agreed to an historic production cut," analysts at AB Bernstein said. "The cut of 1.2 million barrels per day (bpd) was at the upper end of expectations (0.7-1.2 million bpd). An additional cut of 0.6 million bpd from non-OPEC countries could significantly add to what has been announced by OPEC."

Benchmark Brent crude for February was up 20 cents at $52.04 a barrel by 0950 GMT (4:50 a.m. ET). On Wednesday, the expired January Brent contract ended up $4.09 or 8.8 percent at $50.47.

U.S. light crude oil rose back above $50 briefly before easing to $49.54 a barrel, up 10 cents on the day.

"OPEC has delivered an agreement," said Jason Gammel of U.S. investment bank Jefferies. "For the time being, oil prices have received a huge support."

The OPEC deal triggered frenzied trading, with Brent futures trading volumes for February and March, when the supply cut will start to be visible in the market, hitting record volumes.

The March 2017 Brent futures contract traded a record 783,000 lots of 1,000 barrels each on Wednesday, worth $39 billion and beating a previous record of just over 600,000 reached in September. That's more than eight times daily world crude oil consumption.

Despite the agreed deal, some doubts over the cut remained.

"Scepticism remains on individual countries' follow-through, which is keeping prices below year-to-date highs (of $53.73 per barrel in October) for now," Morgan Stanley analysts said.

Despite the jump in prices, they are still only at September-October levels - when plans for a cut were first announced - and prices are at less than half their mid-2014 levels, when the global glut started.

OPEC produces a third of global oil, or around 33.6 million bpd, and the deal aims to reduce output by 1.2 million bpd from January 2017, similar to January 2016 levels, when prices fell to 10-year lows amid ballooning oversupply.

Analysts said the cuts would leave the field open for other producers, especially U.S. shale drillers.

"We do not believe that oil prices can sustainably remain above $55 per barrel, with global production responding first and foremost in the U.S.," Goldman Sachs said.



(Additional reporting by Henning Gloystein and Keith Wallis in Singapore; Editing by David Evans)
Wed, 30 Nov 2016 21:34:00 -0500
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