Cobra's Market View

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in range, probably a range day today.

members only update starts here: http://www.cobrasmarketview.com/2018/08 ... ay-update/

no...

Triple top makes me wonder if the market is going to test the pre-open lows before the Asian session (and overnight) highs since as you can see those Euro zone traders were all bear until the early New York traders started showing up.

Small caps weak.. TRAN INDU red… VIX tight near HOD yHOD

From Not Jim Cramer on twitter for what it is worth.

Wow so after 6 or so hits on ES 2902.75 it got through. Someone clearly wants to test yesterday's high.

It looks to me that the big board is getting a little head of itself...

Seems the VIX is moving a little higher this week versus last week....

the pullback likely will be bought. this bull shall have legs.

Low volume, low economic news and new highs. Could it be Goldman's buy back desk using up the current month's cash (if that is how it is allocated) to set up certain month end bench marks tied to executive stock compensation. Admittedly with the revised GDP numbers and Powells Jackson Hole comments and expected earnings it is all positive but I would have been going long after Powell, not after a revised GDP that went from very good to even better.

YESTERDAY
WORTH READING
"...we now have a US equity market that, to a trader’s eye at least, is essentially "unshortable" ...
https://www.zerohedge.com/news/2018-08- ... teve-cohen

Last night from Coolbiz.An elaboration on the call he made on August 15th (for new all time highs)
Sideways action in SPX for 10 points was consolidation a corrective Wave (iv) of [iii] action. After this a (v) of a Wave [iii] peak and a another Wave [iv] action and a Wave [v] of 5 of (5) of P[5] most likely to end near 2939-2950 (unless it extends higher,TBD)

1:12 PM - 28 Aug 2018
So I have to hand it to him, this action today certainly looks like a wave three up. But if he is correct that it is a 3 of a 5, well you know what follows a three.

Al_Dente wrote:YESTERDAY
WORTH READING
"...we now have a US equity market that, to a trader’s eye at least, is essentially "unshortable" ...
https://www.zerohedge.com/news/2018-08- ... teve-cohen

Very interesting, thanks!

the pullback will be bought again probably. surprisingly strong uptrend day.

te_fern wrote:Very interesting, thanks!

All we need is another roughly 470 points up on the dow to have a dow ATH (last ATH was Jan 26).
That would make the “Dow Theorists” STFU.

Coolbiz calling it in from California (West Coast Time, 3 hours behind Eastern)
Wave [iii] is over at 2915.23 (or slightly higher yet?) If so expecting a pull back to 2898-2888 area by tomorrow for a Wave[iv], a sideways grind?.

9:40 AM - 29 Aug 2018